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Back Matter

Author(s):
Harold James
Published Date:
June 1996
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    Notes

    Archives mentioned in the notes below have been abbreviated as follows;

    BoE

    Bank of England Archive, London

    DB

    Deutsche Bundesbank Historical Archive, Frankfurt

    GRF

    Gerald R. Ford Library, Ann Arbor, Michigan

    IMFBW

    International Monetary Fund Bretton Woods Collection

    IMF CF

    International Monetary Fund Central Files

    IMF RD

    International Monetary Fund Records Depository

    ME

    Ministry of the Economy Archives, Paris

    NA

    United States National Archives, Washington, D.C.

    PU

    Princeton University Manuscript Collection, Princeton, New Jersey

    UB

    University of Basle, Manuscript Collection

    WES

    William Simon Papers, Lafayette College, Lafayette, Pennsylvania

    For the purpose of this history, the author was given full access to the Fund’s archives. Under its Articles of Agreement, the Fund has no obligation to open its archives; in practice, however, the Fund provides access to certain archival materials to researchers in connection with research projects that are deemed of interest to the Fund or where the Fund has judged that the research would promote better knowledge and understanding of the organization. In most such cases, access is granted to materials that are over 30 years old, subject to specific exceptions.

    Chapter 1. Interdependence in the World Economic System

    Bank for International Settlements report, cited in James Blitz, “London Consolidates Lead in Foreign Currency Trading,” Financial Times, April 1, 1993, p. 23. “Investors Retreating from Foreign Markets,” New York Times, December 16, 1987, pp. Al, D4.

    Vladimir Zhirinovsky, cited in Chrystia Freeland, “Blood, Sweat and Tears—For Others,” Financial Times, December 9, 1993, p. 2.

    W. Arthur Lewis, Growth and Fluctuations 1870–1913 (London: Allen and Unwin, 1978), p. 69. Alternative figures are given in Folke Hilgerdt, Industrialization and Foreign Trade (Geneva: League of Nations, 1945). The postwar figures are calculated from the United Nations Statistical Yearbook indices.

    W.S. Woytinsky and E.S, Woytinsky, World Commerce and Governments: Trends and Outlook (New York: Twentieth Century Fund, 1955), p. 43.

    See Margaret Kelly and others, issues and Developments in Inrernaiional Trade Policy, World Economic and Financial Surveys (Washington: International Monetary Fund, 1992), p. 9. International Monetary Fund, World Economic Outlook, May 1994: A Survey by the Staff of the international Monetary Fund, World Economic and Financial Surveys (Washington: International Monetary Fund, 1994), pp. 109, 134.

    There is a valuable survey of the litetature, as well as a new contribution, in Manuel Guitián, Rules and Discretion in International Economic Policy, IMF Occasional Paper No. 97 (Washington: International Monetary Fund, 1992), See also Joseph Gold, The Rule of Law in the International Monetary Fund, IMF Pamphlet Series, No. 32 (Washington: International Monetary Fund, 1980); Ronald I. McKinnon, “The Rules of the Game: International Money in Historical Perspective,” Journal of Economic Literature, Vol. 31 (March 1993), pp. 1–44.

    Jacob Viner, “Power Versus Plenty as Objectives of Foreign Policy in the Seventeenth and Eighteenth Centuries,” World Politics, Vol. 1 (October 1948), pp. 1–29. Robett Gilpin and Jean Gilpin, The Political Economy of International Relations (Princeton, New Jersey: Princeton University Press, 1987), pp. 32, 180–82.

    Lewis, Growth, p. 181. Imre Ferenczi and Walter F. Willcox, International Migrations, Vol. 1 (New York: National Bureau of Economic Research, 1929).

    Lewis, Growth, pp. 185–86.

    The effect of world capital mobility is to weaken the relationship between domestic investment in any country and the national saving rate. An analysis at the end of the 1970s concluded that international differences in domestic saving rates still corresponded very closely with domestic investment behavior. Martin Feldstein and Charles Horioka, “Domestic Saving and International Capital Flows,” Economic Journal, Vol. 90 (June 1980), pp. 314–29. See also Tamim Bayoumi, “Saving-Investment Correlations: Immobile Capital, Government Policy, or Endogenous Behavior?” Staff Papers, International Monetary Fund, Vol. 37 (June 1990), pp. 360–87. For evidence that national investment and saving are no longer so closely correlated, see Maurice Obstfeld, “International Capital Mobility in the 1990s,” in Understanding Interdependence: The Macroeconomics of the Open Economy, ed. by Peter B, Kenen (Princeton, New Jersey: Princeton University Press, 1995), pp. 201–61.

    André Piganiol, Histoire de Rome (Paris: Presses Universitaires de France, 1939; 5th ed., 1962, pp. 256, 606). Mortimer Wheeler, “Roman Contact with India, Pakistan and Afghanistan,” in Aspects of Archaeology in Britain arid Beyond, ed. by William Francis Grimes (London: H.W. Edwards, 1951), pp. 354, 359–67.

    John Whitney Hall, ed., The Cambridge History of Japan, Vol. 4, Early Modem Japan (Cambridge, England: Cambridge University Press, 1991), p. 61.

    Larry Neal, The Rise of Financial Capitalism: International Capital Markets in the Age of Reason (Cambridge, England: Cambridge University Press, 1990).

    John Maynard Keynes, The Economic Consequences of the Peace (New York: Harcourt, Brace and Howe, 1920), pp. 11–12.

    Sir Albert Feavearyear, The Pound Sterling: A History of English Money (Oxford: Oxford University Press, 2d ed., 1963), pp. 212–23.

    See Milton Friedman, “Bimetallism Revisited,” in Friedman, Money Mischief: Episodes in Monetary History (New York: Harcourt Brace Jovanovich, 1992), pp. 126–56.

    Theodore H. Von Laue, Sergei Witte and the Industrialization of Russia (New York: Columbia University Press, 1963), p. 27. (The quotation is sometimes also reproduced, less dramatically, as: “We must export even if we have to make out belts tighter,”) See also Clive Trebilcock, The Industrialization of the Continental Powers 1780–1914 (London: Methuen, 1981), p. 227.

    Youssef Cassis, Les Banquiers de la City á l’époque Edouardienne (Geneva: Librairie Dorz, 1984), pp. 346–47.

    John Maynard Keynes, A Treatise on Money, Vol. 2 (New York: Hareourt, Brace and Co., 1930), p. 306.

    Barry Eichengreen has emphasized the cooperative rather than hegemonic character of the prewar gold standard. Golden Fetters: The Gold Standard and the Great Depression, 1919–1939 (New York: Oxford University Press, 1992), pp. 30–32.

    The most explicit statement of this belief is Norman Angell, The Great Illusion: A Study of the Relation of Military Power in Nations to Their Economic and Social Advantage (New York: G.P. Putnam’s Sons, 1911).

    Marcello De Cecco, The International Gold Standard: Money and Empire (New York: St. Martin’s Press, 1984), p. 71.

    R.S. Savers, The Bank of England 1891–1944, Vol. 1 (Cambridge, England: Cambridge University Press, 1976), p. 59.

    See Gerald D. Feldman, The Great Disorder: Politics, Economics, and Society in the German Inflation 1914–1924 (New York: Oxford University Press, 1993). The Helfferich quotation is on p. 40.

    See Eichengreen, Golden Fetters, pp. 159 ff.

    Quoted in William Adams Brown, Jr., The International Gold Standard Reinterpreted 1914–1934 (New York: National Bureau of Economic Research, 1940), p. 749. In a more recent analysis, this criticism appears most explicitly in Melchior Palyi, The Twilight of Gold 1914–1936: Myths and Realities (Chicago: Henry Regnery, 1972), which restates many of the arguments Palyi made in the 1920s.

    See Peter B. Kenen, “The Coordination of Macroeconomic Policies,” in International Policy Coordination and Exchange Rate Fluctuations, ed. by William H. Branson, Jacob A. Frenkel, and Morris Goldstein (Chicago: University of Chicago Press, 1990), pp. 63–102.

    Stephen V.O. Clarke, The Reconstruction of the International Monetary System: The Attempts of 1922 and 1933, Princeton Studies in International Finance No. 33 (Princeton, New Jersey: Princeton University Press, 1973), pp. 14–15.

    BoE Gl/421, Strong to Norman, May 1, 1927.

    Clarke, Reconstruction, p. 15.

    Gustav Cassel, The Downfall of the Gold Standard (Oxford: Clarendon Press, 1936). Sir Henry Strakosch, The Crisis, Supplement to The Economist, January 9, 1932.

    H. Clark Johnson, “The Gold Deflation, France, and the Coming of the Depression 1919–1932” (doctoral dissertation, Yale University, 1994), p. 474.

    See lván T. Berend and Gytirgi Ránki, Economic Development in East-Central Europe in the 19th and 20th Centuries (New York: Columbia University Press, 1974), pp. 247–49.

    The most recent study is by Aurei Schubert, The Credit-Anstalt Crisis of 1931 (Cambridge, England: Cambridge University Press, 1991).

    See Charles P. Kindleberger, The World in Depression 1929–1939 (London: Allen Lane, 1973), pp. 296–97.

    See Barry Eichengreen and Jeffrey Sachs, “Exchange Rates and Economic Recovery in the 1930s,” Journal of Economic History, Vol. 45 (1985), pp. 925–46. Ben Bernanke and Harold James, “The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison,” in Financial Markets and Financial Crises, ed. by R. Glenn Hubbard (Chicago: University of Chicago Press, 1991), pp. 33–68.

    Roger Auboin, The Bank for International Settlements,1930–1955, Essays in International Finance No. 22 (Princeton, New Jersey: Princeton University Press, 1955), p. 3.

    Harold James, The Reichsbank and Public Finance in Germany 1924–1933: A Study of the Politics of Economics During the Great Depression (Frankfurt: Fritz: Knapp, 1985), p. 92.

    Eckhard Wandel, Hans Schäffer: Steuermann in wirtschaftlichen und politischen Krisen (Stuttgart: Deutsche Verlags-Anstalt, 1974), p. 217.

    The Public Papers and Addresses of Franklin D. Roosevelt, Vol. 2, The Year of Crisis 1933 (New York: Random House, 1938), pp. 264–65.

    Susan Strange, Sterling and British Policy: A Political Study of an International Currency in Decline (London: Oxford University Press, 1971), pp. 54–55. Stephen V.O. Clarke, Exchange-Rate Stabilization in the Mid-1930s: Negotiating the Tripartite Agreement, Princeton Studies in International Finance No. 41 (Princeton, New Jersey: Princeton University Press, 1977). But see Ian M. Drummond, London, Washington, and the Management of the Franc, 1936–1939, Princeton Studies in International Finance No. 45 (Princeton, New Jersey: Princeton University Press, 1979), p. 5.

    Drummond, London, Washington, pp. 45–46.

    W. Arthur Lewis, Economic Survey 1919–1939 (London: Allen & Unwin, 1949; reprint 1953).

    See Joseph M. Jones, Tariff Retaliation; Repercussions of the Hawley-Smoot Bill (Philadelphia: University of Pennsylvania Press, 1934).

    Howard S, Ellis, Exchange Control in Central Europe (Cambridge, Massachusetts: Harvard University Press, 1941). Albert O. Hirschman, National Power and the Structure of Foreign Trade (Berkeley: University of California Press, 1945). Alan S. Milward, “The Reichsmark Bloc and the International Economy,” in Der “Führerstaat”: Mythos und Realität: Studien zur Struktur und Politik des Dritten Reiches, ed. by Gerhard Hirschfeld and Lothar Kettenacker (Stuttgart: Klett-Cotta, 1981), pp. 377–413. Larry Neal, “The Economics and Finance of Bilateral Clearing Agreements: Germany, 1934–8,” Economic History Review, Vol. 32 (August 1979), pp. 391–404. David E. Kaiser, Economic Diplomacy and the Origins of the Second World War: Germany, Britain, France, and Eastern Europe 1930–1939 (Princeton, New Jersey: Princeton University Press, 1980).

    Chapter 2. “Prosperity Has No Fixed Limits”

    See Patricia Cavin, “The World Economic Conference 1933: The Failure of British Internationalism,” Journal of European Economic History, Vol. 20, No. 3 (Winter 1991), pp. 489–527.

    League of Nations archive, Geneva (United Nations), R2672, Second Meeting of Monetary Subcommittee, November 1, 1932; R2671, Third Meeting of Preparatory Committee, November 7, 1932.

    Cited in Robert Skidelsky, John Maynard Keynes; The Economist as Saviour (London: Macmillan, 1992), p. 482.

    Cordell Hull papers, Yale University, microfilm reel 11, Dodd to Hull, May 19, 1934.

    Walther Funk, The Economic Future of Europe (Berlin: Terramare Office, 1940), p.9.

    Funk, Economic Future, p. 11.

    Armand Van Dormael, Bretton Woods: Birth of a Monetary System (New York: Holmes and Meier, 1978), pp. 6–7. Joseph Gold, Legal and Institutional Aspects of the International Monetary System; Selected Essays, Vol. 2 (Washington: International Monetary Fund, 1984), p. 19. Donald Moggridge, Maynard Keynes: An Economist’s Biography (London: Routledge, 1992), p. 654.

    Foreign Relations of the United States, Diplomatic Papers 1941, Vol. 3 (Washington: U.S. Government Printing Office, 1959), p. 15.

    Foreign Relations, Vol. 1 (1958), p. 368.

    Moggridge, Maynard Keynes, p. 672.

    PU, Harry Dexter White papers, 8/24e, Phillipps to White, August 28, 1942.

    J. Keith Horsefield, The International Monetary Fund 1945–1965: Twenty Years of International Monetary Cooperation, Vol. 3 (Washington: International Monetary Fund, 1969), p. 6.

    Samuel Brittan, A Restatement of Economic Liberalism (London: Macmillan, 1988), p. 87.

    Horsefield, International Monetary Fund, Vol. 3, pp. 13, 15, 14, 18.

    Ragnar Nurkse, International Currency Experience: Lessons from the Inter-War Period (Geneva: League of Nations, 1944), pp. 220, 222, 188.

    Horsefield, International Monetary Fund, Vol. 3, p. 31. See also Moggridge, Maynard Keynes, p. 673.

    BoE OV38/49, Sit Hubert Henderson note of August 1, 1944.

    Horsefield, International Monetary Fund, Vol. 3, p. 64.

    Richard N. Gardner, Sterling-Dollar Diplomacy: The Origins and the Prospects of Our Internationai Economic Order (New York: McGraw-Hill, 1969), p. 76.

    Robert W. Oliver, Early Plans for a World Bank, Princeton Studies in International Finance No. 29 (Princeton, New Jersey: Princeton University Press, 1971), pp. 26–27.

    April 1947 U.K. White Paper: National Income and Expenditure of the United Kingdom 1938–1946.

    Horsefield, International Monetary Fund, Vol. 3, p. 55.

    Horsefield, International Monetary Fund, Vol. 3, pp. 62, 68.

    Horsefield, International Monetary Fund, Vol. 3, p. 57.

    Roy F. Harrod, The Life of John Maynard Keynes (Harmondsworth, England: Penguin, 1972), p. 675.

    John Maynard Keynes, The Collected Writings of John Maynard Keynes, Vol. 25, Actiuities 1940–1944: Shaping the Post-War World, The Clearing Union, ed. by Donald Moggridge (London: Macmillan, 1980), p. 404. See also Sidney Dell, On Being Grandmotherly; The Evolution of IMF Conditionality, Essays in International Finance No. 144 (Princeton, New Jersey: Princeton University Press, 1981), p. 1.

    IMF RW, Fund Plan, interdepartmental meetings, October 9, 1942.

    John Morton Blum, From the Morgenthau Diaries, Vol, 3, Years of War 1941–1945 (Boston: Houghton Mifflin, 1967), p. 240.

    IMF BW, Fund Plan, interdepartmental meetings, May 30, 1942.

    The plan is reproduced in Horsefield, International Monetary Fund, Vol. 3, pp. 97–102.

    “Post-War Financing for World Proposed by French Economists,” New York Times, May 9, 1943.

    French Archives Nationales, NM1433, April 1943, Problèmes monétaires d’aprèsguerre: Monnaie internationale et contrôle des changes; August 1, 1944, Rapport sur l’organisation de l’économie de paix.

    ME 44.833, Rapport fait par M. de Largentaye, Inspecteur des Finances, sur la conférence de Bretton Woods, August 1945.

    A.F.W. Plumptre, Three Decades of Decision: Canada and the World Monetary System 1944–75 (Toronto: McClelland and Stewart, 1977), p. 40. The text of the plan is reproduced in Horsefield, International Monetar; Fund, Vol. 3, pp. 103–18.

    J.L. Granatstein, The Ottawa Men: The Civil Service Mandarins, 1935–1957 (Toronto: Oxford University Press, 1982), pp. 141–49. Louis Rasminsky, “Canadian Views,” in Bretton Woods Revisited, ed. by A.L.K. Acheson, J.F. Chant, and M.F.J. Prachowny (Toronto: University of Toronto Press, 1972), pp. 34–37.

    Erin E. Jacobsson, A Life for Sound Money: Per Jacobosson, His Biography (Oxford: Clarendon Press, 1979), pp. 178–82.

    A recent commentator speaks of the existence of a “primitive epistemic community” of expert economic opinion-makers: G. John Ikenberry, “A World Economy Restored: Expert Consensus and the Anglo-American Postwar Settlement,” International Organization, Vol. 46, No. 1 (Winter 1992), p. 293.

    Horsefield, International Monetary Fund, Vol. 3, p. 21.

    Harrod, Keynes, pp. 644–45.

    Moggridge, Maynard Keynes, p. 691.

    Blum, Morgenthau, p. 239.

    IMF BW, meetings of June 26, 1944.

    Proceedings and Documents of the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1–22, 1944, Vol. 1 (Washington: U.S. Government Printing Office, 1948), pp. 23–24, Alternatives C and G.

    IMF BW, meeting of February 3, 1944.

    Harrod, Keynes, p. 685.

    Raymond F. Mikesell, The Bretton Woods Debates: A Memoir, Essays in International Finance No. 192 (Princeton, New Jersey: Princeton University Press, 1994), pp. 21–22, 35, 38.

    Blum, Morgenthau, p. 261.

    Mikesell, Bretton Woods, p. 37.

    Charles Kindleberger, comments to author, April 25, 1994.

    Proceedings and Documents, Vol. 1, p. 1095.

    Van Dormael, Bretton Woods, pp. 200, 202.

    PU, White papers 10/241, memorandum attached to Opie letter to White, April 20, 1944.

    John Maynard Keynes, The Collected Writings of John Maynard Keynes, Vol. 26, Activities 1941–1946: Shaping the Post-War World, Bretton Woods and Reparations, ed. by Donald Moggridge (London: Macmillan, 1980), pp. 48, 52–53.

    Keynes, Collected Writings, Vol 26, p. 188, February 15, 1945 Notes for the Chancellor on Bretton Woods.

    See Clair Wilcox, A Charter for World Trade (New York; Macmillan, 1949).

    Harrod, Keynes, p. 688.

    Moggridge, Maynard Keynes, p. 740.

    Van Dormael, Bretton Woods, p. 200.

    Blum, Morgenthau, p. 248.

    IMF BW, Fund Plan, interdepartmental meetings, April 1, 1944

    Moggridge, Maynard Keynes, p. 740. Harrod, Keynes, pp. 644, 743, 664.

    NA RG56/33, NAC Doc. 674, April 23, 1948 brief: Policy with Regard to Use of Resources of the Fund.

    John H. Williams, Postwar Monetary Plans, and Other Essays (New York: A.A. Knopf, 1947), p. lxxxii.

    Keynes, Collected Writings, Vol. 26, pp. 114–17.

    See L.S. Pressnell, External Economic Policy Since the War, Vol. 1, The Post-War Financial Settlement (London: H.M. Stationery Office, 1986), pp. 170–79.

    IMF BW, Alice Boumeuf memorandum, Federal Reserve Bank of New York (FRBNY), June 28, 1944.

    NA RG56/33, NAC Doc. 674, April 23, 1948 brief: Policy with Regard to Use of Resources of the Fund.

    See “Address by the Honorable Henry Morgenthau, Jr., at the Inaugural Plenary Session July 1, 1944,” in United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1 to July 22, 1944: Final Act and Related Documents (Washington: U.S. Government Printing Office, 1944).

    See Frank Costigliola, “The Other Side of Isolationism: The Establishment of the First World Bank 1929–1930,” Journal of American History, Vol. 59 (December 1972), pp. 602–20.

    Chapter 3. The Compromise Unravels

    Armand Van Dormael, Bretton Woods: Birth of a Monetary System (New York: Holmes and Meier, 1978), pp. 200–203, 211.

    L.S. Pressnell, External Economic Policy Since the War, Vol. 1, The Post-War Financial Settlement (London: H.M. Stationery Office, 1986), pp. 141–42.

    William Y. Elliott, The Political Economy of American Foreign Policy; Its Concepts, Strategy, and Limits (New York: Henry Holt, 1955), p. 209.

    NA RG56/33, NAC Doc. 581, Managing Director to Executive Board, Decermber 24, 1947.

    See Eric Roll, “Behind Bretton Woods—The Climate Then and Today,” in International Capital Movements, Debt and Monetary System, ed. by Wolfram Engels, Armin Gutowski, and Henry C. Wallich (Mainz: v. Hase& Koehler, 1984), p. 311: “It should be frankly acknowledged that Bretton Woods was essentially an Anglo-American creation, accepted by the allies and others, because these two countries alone had at the time the political, material and moral resources to produce and realize a plan of this magnitude.”

    PU, White papers 7/22d, meeting in the office of Chancellor of the Exchequer, August 11, 1944.

    Donald Moggridge, Maynard Keynes: An Economist’s Biography (London: Routledge, 1992), p. 764. Keynes, “Our Overseas Financial Prospects,” in Collected Writings of John Maynard Keynes, Vol. 24, Activities 1944–1946: The Transition to Peace, ed. by Donald Moggridge (London; Macmillan, 1979), p. 400.

    John Morton Blum, From the Morgenthau Diaries, Vol. 3, Years of War 1941–1945 (Boston: Houghton Mifflin, 1967), p. 253.

    Edwin W. Kemmerer, “The Road to Bretton Woods,” Financial Chronicle, April 19, 1945.

    American Bankers Association, Association of Reserve City Bankers, and Bankers Association for Foreign Trade, in “Bankers’ Associations Report on Bretton Woods Plans,” Financial Chronicle, February 8, 1945.

    Randall Bennett Woods, A Changing of the Guard: Anglo-American Relations, 1941–1946 (Chapel Hill: University of North Carolina Press, 1990), pp. 230–32.

    Williams had used the term “key countries” as early as the debates of 1932–33 and the concept may even date back to 1922. See Charles P. Kindleberger, The World in Depression 1929–1939 (Berkeley: University of California Press, 1986), p. 203 (footnote 16).

    John H. Williams, Postwar Monetary Plans, and Other Essays (New York: A.A. Knopf, 1947), p. 257.

    Williams, Postwar, p. xc.

    IMF BW, Fund Plan, interdepartmental meetings, August 11, 1943.

    Williams, Postwar, p. ci.

    Harry G. Johnson, Economic Policies Toward Developing Countries (Washington: Brookings Institution, 1967), pp. 16–17.

    Pressnell, External Economic Policy, pp. 262–341.

    PU, White papers 11/26c, script of radio talk with Senator Kilgore, April 10, 1946.

    Moggridge, Maynard Keynes, p, 797.

    Paul Einzig, “Bretton Woods and the Gold Standard,” Financial News, October 19, 1944.

    Moggridge, Maynard Keynes, p. 817.

    Roy F. Harrod, The Life of John Maynard Keynes (Harmondsworth, England: Penguin, 1972), p. 721.

    PU. White papers 7/23d, November 30, 1945 note of H.D. White.

    PU, White papers 7/23a, March 7, 1944, “Proposed U.S. Loan to the U.S.S.R.” See, in general, Christopher Andrew and Oleg Gordievsky, KGB: The Inside Story of Its Foreign Operations from Lenin to Gorbachev (New York: HarperCollins, 1990), pp. 280–82. David Rees, Harry Dexter White: A Study in Paradox (New York: Coward, McCann & Geoghegan, 1973).

    PU, White papers 7/23c, January 10, 1945 memorandum for the President.

    A recent authoritative book on the KGB describes White as a “leading Soviet agent”: Andrew and Gordievsky, KGB, p, 280. According to Henry Morgenthau’s son, “my father was never able to resolve the question of White’s Communist affiliations in his own mind”: Henry Morgenthau 111, Mostly Morgenthaus: A Family History (New York: Ticknor & Fields, 1991), p. 427. Mikesell comments that White “believed in free markets and capitalism,” but was “oblivious to the ideologies of his associates and was quite willing to deal with Communist officials to achieve his objectives”: Raymond F. Mikesell, The Bretton Woods Debates: A Memoir, Essays in International Finance No. 192 (Princeton, New Jersey: Princeton University Press, 1994), pp. 56–57.

    Russian Foreign Ministry, Collection of Molotov, December 27, 1945 memorandum (V. Gerashchenko, Finance Ministry).

    Alan Bullock, Hitler and Stalin: Parallel Lives (New York: A.A. Knopf, 1992), pp. 912–13,917.

    Russian Foreign Ministry: Collection of Molotov, December 29,1945 memorandum (signature illegible).

    George F. Kennan, Memoirs 1925–1950 (Boston: Little Brown, 1967), p. 293.

    Kennan, Memoirs, pp. 553, 547: telegraphic message from Moscow, February 22, 1946.

    J. Keith Horsefield, The International Monetary Fund 1945–1965: Twenty Years of International Monetary Cooperation, Vol. 1 (Washington: International Monetary Fund, 1969), p. 123. Harrod, Keynes, p. 632.

    John Maynard Keynes, The Collected Writings of John Maynard Keynes, Vol. 26, Activities 1941–1946: Shaping the Post-War World, Bretton Woods and Reparations, ed. by Donald Moggridge (London: Macmillan, 1980), p. 225.

    Keynes, Collected Writings, Vol. 26, pp. 228, 229, March 27, 1946 Note for Chancellor.

    ME B44.833, August 1945, Rapport fait par M. de Largentaye, Inspecteur des Finances, sur la conférence de Bretton Woods, pp. 100–103, 116–17. This document is also reproduced in part in Comité pour l’histoire économique de la France, Études et documents, Vol. 5 (Paris, 1993), pp. 559–84.

    Gérard Bossuat, La France, l’aide américaine et la construction européenne 1944–1954 (Paris: Comité pour l’histoire économique et financière, 1992), pp. 71–72.

    Charles P. Kindleberger, A Financial History of Western Europe (New York: Oxford University Press, 1993), p. 419.

    World Bank, The International Bank for Reconstruction and Development, 1946–1953 (Baltimore: Johns Hopkins Press, 1954), pp. 68–71.

    Alan S. Milward, The Reconstruction of Western Europe, 1945–51 (London: Methuen, 1984), p. 45.

    Milward, Reconstruction, pp. 48 ff.

    Organization for European Economic Cooperation, Statistical Bulletin of Foreign Trade (various issues). William Adams Brown, Jr. and Redvers Opie, American Foreign Assistance (Washington: Brookings Institution, 1953), p. 247.

    Michael J. Hogan, The Marshall Plan; America, Britain, and the Reconstruction of Western Europe, 1947–1952 (Cambridge, England: Cambridge University Press, 1987), p. 410.

    See Peter J. Katzenstein, Small States in World Markets: Industrial Policy in Europe (Ithaca, New York: Cornell University Press, 1985), pp. 39–79.

    John Gimbel, The Origins of the Marshall Plan (Stanford, California: Stanford University Press, 1976), p. 78.

    Hogan, Marshall Plan, p. 38.

    Under-Secretary of State Robert A. Lovett, quoted in Hogan, Marshall Plan, p. 127.

    Robert Triffin, Europe and the Money Muddle: From Bilateralism to Near-Convertibility, 1947–1956 (New Haven, Connecticut: Yale University Press, 1957), p. 163.

    Agreement for the Establishment of a European Payments Union of the 19th September 1950, Preamble, Sec, in general, Jacob J. Kaplan and Günther Schleiminger, The European Payments Union: Financial Diplomacy in the 1950s (Oxford: Clarendon Press, 1989).

    See William Diebold, Jr.,Trade and Payments in Western Europe: A Study in Economic Cooperation, 1947–51 (New York: Harper, 1952), pp. 37–50. Richard N. Cooper, The Economics of Interdependence: Economic Policy in the Atlantic Community (New York: McGraw-Hill, 1968), pp. 209–10.

    IMF CF, Managing Director files, Andrew Overby to Gutt, August 28, 1950, adding the additional comment: “It looks as if, unless we watch the matter closely and get sufficient support to stop it, EPU will continue to build its empire.”

    John Fforde, The Bank of England and Public Policy 1941–1958 (Cambridge, England: Cambridge University Press, 1992), p. 209.

    Horsefield, International Monetary Fund, Vol. I, p. 258.

    IMF CF, C/Poland/000, J. Winiewicz (Ambassador of Poland) to Managing Director of IMF, March 13, 1950.

    IMF CF, EBM/53/81, November 4, 1953.

    Joseph Gold, Membership and Nonmembership in the International Monetary Fund: A Study in International Law and Organization (Washington: International Monetary Fund, 1974), pp. 342–72.

    NA RG56/33, NAC Doc. 581, Overby to Board, January 5, 1948.

    NA RG56/33, NAC Doc. 674, NAC memorandum: Policy with Regard to Use of Resources of the Fund, April 23, 1948.

    NA RG56/33, November 9, 1950, staff memorandum 468 (May 2, 1948).

    BoE OV38/27, J.W. Beyen, November 20, 1950, Will the International Monetary Fund Come to Life at Last?

    ME B344.834, report of de Largentaye, January 11, 1949. IMF RD, AN70/41, Box 2, SN164, letter of Sir George Bolton to Keith Horsefield, February 21, 1967.

    NA RG56/33, NAC Doc. 473, Southard to Secretary of NAC, November 9, 1950.

    NARG56/33, NAC Doc. 1208, Southard to Secretary of NAC, October 25, 1951.

    Horsefield, International Monetary Fund, Vol. 1, p, 555.

    Sidney S. Alexander, “Effects of a Devaluation on a Trade Balance,” Staff Papers, International Monetary Fund, Vol. 2 (April 1952), pp. 263–78.

    Robert A. Mundell, “The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability,” Staff Papers, International Monetary Fund, Vol. 9 (March 1962), pp. 70–79. J. Marcus Fleming, “Domestic Financial Policies Under Fixed and Under Floating Exchange Rates,” Staff Papers, International Monetary Fund, Vol. 9 (November 1962), pp. 369–80.

    BoE OV37/27, Gutt to Bolton, November 14, 1950.

    Frank Southard, remarks in The Caravan (IMF Retirees Association newsletter), January 1989, p. 8.

    IMF RD, AN70/41, Box 2, SN164, O.L. Altman interview with Camille Gutt, November 5, 1963. Ivar Rooth, Rikbankschef 1929–1948; En autobiografi, Intalad för och utskriven av Gösta Rooth (Oslo: private printing, Gösta Rooth, 1988), pp. 110–11.

    Chapter 4. Richesse Oblige: The Establishment of Convertibility

    F.E. Aschinger, “The Future of Convertibility,” Swiss Review of World Affairs, Vol. 4, No. 8 (November 1954), pp. 1–3.

    See the brief historical account in Charles P. Kindleberger, The Dollar Shortage (Cambridge, Massachusetts: MIT Press, 1950), pp. 3–5. Hal B. Lary and others, The United States in the World Economy; The International Transactions of the United States During the Interwar Period (Washington: U.S. Government Printing Office, 1943). Charles P. Kindleberger, “International Monetary Stabilization,” in Postwar Economic Problems, ed. by S.E. Harris (New York: McGraw-Hill, 1943), p. 375. Alvin H. Hansen, America’s Role in the World Economy (New York: W.W. Norton, 1945), p. 135. Keynes in the House of Lords, December 18, 1945, reproduced in The Collected Writings of John Maynard Keynes, Vol. 24, Activities 1944–1946: The Transition to Peace, ed. by Donald Moggridge (London: Macmillan, 1979), p. 622.

    Roy F. Harrod, Are these Hardships Necessary? (London: Rupert Hart-Davis, 1947), pp. 42–43.

    ME B44832, Gouvernement provisoire de la République française, 1945, Résumé d’une conversation avec J.M. Keynes, J. Robinson, N. Kaldor.

    Harrod, Hardships, pp. 134, 137, 138. G. Haberler, “Review of Harrod, Are these Hardships Necessary?” Review of Economics and Statistici, Vol. 30 (May 1948), pp. 141–43. Thomas Balogh, The Dollar Crisis: Causes and Cure. A Report to the Fabian Society (Oxford: Basil Blackwell, 1949), p. vii.

    Kindleberger, Dollar Shortage, p. 245.

    Erik Hoffmeyer, Dollar Shortage and the Structure of U.S. Foreign Trade (Copenhagen: Ejnar Munksgaard, 1958), p. 212.

    IMF CF, C/UK/110, July 1954 memorandum: The Convertibility of Sterling.

    Susan Strange, Sterling and British Policy: A Political Study of an International Currency in Decline (London: Oxford University Press, 1971). Kenneth W. Dam, The Rules of the Game: Reform and Evolution in the International Monetary System (Chicago: University of Chicago Press, 1982), pp. 179–81.

    Michael J. Hogan, The Marshall Plan: America. Britain, and the Reconstruction of Western Europe. 1947–1952 (Cambridge, England: Cambridge University Press, 1987), p. 276.

    L.S. Pressnell, External Economic Policy Since the War, Vol. 1, The Post-War Financial Settlement (London: H.M. Stationery Office, 1986), pp. 216–20.

    BoE OV38/49, February 28, 1956 note.

    International Monetary Fund, Summary Proceedings, Second Annual Meeting of the Board of Governors (Washington: International Monetary Fund, 1947), p. 10.

    International Monetary Fund, Annual Report, 1949 (Washington: International Monetary Fund, 1949), p. 2.

    See Gutt’s address, “The Practical Problem of Exchange Rates,” to Littauer School of Public Administration, Harvard University, February 13, 1948.

    Alan S. Milward, The Reconstruction of Western Europe 1945–51 (London: Methuen, 1984), p. 45. Bank for International Settlements, Nineteenth Annual Report (Basle: Bank for International Settlements, June 1949), p. 1 33. Estimates for capital flight from France alone in 1948 ranged from $150 million to $500 million.

    Michael L. Hoffman, “Europe Feels Drop in Capital Flight,” New York Times, July 25, 1953, p. 5.

    International Monetary Fund, Annual Report, 1948, p. 23.

    BoE OV38/19, April 26, 1948, Bolton to Siepmann.

    BoE OV38/19, June 15, 1948, Oliver Franks (Washington) to Foreign Office.

    BoE OV 38/19, April 4, 1948, British Embassy (Washington) to Foreign Office.

    Alec Cairncross and Barry Eichengreen, Sterling in Decline. The Devaluations of 1931, 1949 and 1967 (Oxford: Basil Blackwell, 1983), pp. 117–18. Hogan, Marshall Plan, p. 210.

    U.S. Congress, Senate, Hearings Before the Committee on Foreign Relations, on S.833, A Bill to Amend the Economic Cooperation Act of 1948, February 16, 1949, 81st Congress, 1st Session (Washington: U.S. Government Printing Office, 1949), pp. 388–89.

    ME 44833, April 7, 1949, de Largentaye letter to Guindey.

    ME B25415, May 19, 1949, Southard: Policy with Regard to Fund Drawings, and May 23, 1949, letter of de Margerie to Guindey. BoE OV35/21, May 23, 1949, Bolton note.

    ME Z10060, July 6–7, 1949, Résumé des conversations entre experts Français et Américains.

    BoE Gl/108, June 28, 1949, Report of Managing Director to Board.

    See Etienne Deshormes, “Camille Gutt—Premier Direeteur Général du Fonds Monétaire International 1946–1951,” Revue de la Banque, Vol. 50, Supplément historique (July 1986), pp. 38–41.

    ME B25415, August 19, 1949, de Margerie to Guindey.

    BoE OV35/21, April 1, 1949, A.P.G.S. [Grafftey-Smith] note.

    Caimcross and Eichengreen, Sterling, pp. 122, 133.

    See Barry Eichengreen, “A Payments Mechanism for the Former Soviet Union: Is the EPU a Relevant Precedent?” Economic Policy, Vol. 17 (October 193), pp. 309–45.

    BoE OV38/27, November 14, 1950, Gutt to Bolton.

    See Hogan, Marshall Plan, p. 297 for U.S. views on the EPU. IMF CF, S1812.2, June 16, 1950, memorandum: The outcome of the EPU negotiations, and S1811.1, July 2, 1951, Irving S. Friedman: Notes on discussions with Mr. Tenenbaum (ECA).

    See, in general, Milward, Reconstruction. Jacob J. Kaplan and Günther Schleiminger, The European Payments Union: financial Diplomacy in the 1950s (Oxford: Clarendon Press, 1989), p. 102.

    Erin E. Jacobsson, A Life for Sound Money: Per Jacobsson, His Biography (Oxford: Clarendon Press, 1979), pp. 242–43

    Jacobsson, Life, p. 239.

    See Christoph Buchheim, Die Wiedereingliederung Westdeutschlands in die Welt-wirtschaft 1945–1958 (Munich: Oldenbourg, 1990).

    Kaplan and Schlci minger, European Payments Union, pp. 158–59,

    International Monetary Fund, Annual Report, 1952, p. 1.

    J. Keith Horsefield, The International Monetary Fund 1945–1965: Twenty Years of International Monetary Cooperation, Vol. 1 (Washington: International Monetary Fund, 1969), p. 314.

    See Joseph Gold, The Stand-By Arrangements of the International Monetary Fund: A Commentary on Their Formal, Legal, and Financial Aspects (Washington: International Monetary Fund, 1970).

    IMF CF, C/Belgium/1760, March 17, 1952, Visit of Maurice Frère; June 17, 1952, Maurice Frère to Managing Director of IMF.

    DB B330/1058, May 26, 1954, O.R. Donner to Finance Ministry.

    Horsefield, International Monetary Fund, Vol. 1, pp. 273–74. A.F.W, Plumptre, Three Decades of Decision: Canada and the World Monetary System, 1944–75 (Toronto: McClelland and Stewart, 1977), pp. 147–49. Paul Wonnacott, The Floating Canadian Dollar: Exchange Flexibility and Monetary independence (Washington: American Enterprise Institute, 1972).

    Alan S. Milward (with George Brennan and Federico Romero), The European Rescue of the Nation-State (London: Routledge, 1992), p. 347.

    Kaplan and Schleiminger, European Payments Union, p. 164. For the struggle about Robot within British policymaking circles, see Alec Cairncross and Nita Watts, The Economic Section 1939–1961: A Study in Economic Advising (London: Routledge, 1989), pp. 302–22.

    John Fforde, The Bank of England and Public Policy 1941–1958 (Cambridge, England: Cambridge University Press, 1992), p. 590.

    Milward, European Rescue, p. 355. See also Frederick C. Dirks, “Monetary Policy in the U.S., Canada, and the U.K.,” in The Revival of Monetary Policy: Texts and Charts of an Informal Discussion at the Eighth Annual Meeting of the Board of Governors, International Monetary Fund, September 11, 1953 (Washington: International Monetary Fund, 1953), pp. 6–7.

    IMF CF, C/UK/110, July 22, 1952, Rooth to Cobbold.

    Susan Strange, Sterling, pp. 66–67. See also Judd Polk, Sterling: Its Meaning in World Finance (New York: Harper, 1956).

    BoE OV38/27, November 20, 1950, Beyen note.

    Match 23, 1953. See also Richard Maudling, “Freeing Trade, Currency Is Two-Way Business,” Journal of Commerce, November 18, 1953.

    Kaplan and Schleiminger, European Payments Union, p. 207.

    IMF CF, C/UK/110, July 1954 memorandum: The Convertibility of Sterling; September 13, 1954, Sterling Convertibility.

    “London Talks on Convertibility: Preparations for July Conference,” Financial Times, June 9, 1954, p. 1.

    BoE OV38/48, October 30, 1955, Sir Roger Makins cable.

    “Is Sterling Convertibility Still Far Off?” The Statist, July 19, 1952, p. 80.

    Milton Friedman, Essays in Positive Economics (Chicago: University of Chicago Press, 1953).

    Otmar Emminger, “Internationa1er Währungsfonds mid Wechsclkurspolitik,” in Zeitschrift für dos Gesamte Kreditiwesen, Vol. 10 (September 1957), pp. 732–36.

    Lombard, “Should Fund Give Money Back?” Financial Times, April 24, 1956, p. 3. “Le Fonds monétaire international se réformera-t-il pour survivre?” Le Monde, October 7, 1956.

    IMF RD, AN70/41, Box 2, SN164, November 14–16,1963, CL. Altman interview with Ivar Rooth.

    See Diane B. Kunz, The Economic Diplomacy of the Suez Crisis (Chapel Hill: University of North Carolina Press, 1991), pp. 133–38.

    Frank Southard, remarks in The Caravan (IMF Retirees Association newsletter), January 1989, p. 9. IMF CF, C/UK/1760, U.K. Request for a Drawing, December 5, 1956.

    UB, Jacobsson diary, 1959 I, January 24, 1959.

    ME B44834, December 19, 1947, Report of de Largentaye.

    Jean-Pierre Patat and Michel Lutfalla, Histoire Monétaire de la France au XXe siècle (Paris: Economica, 1986), pp. 128–29. Gérard Bossuat, La France, l’aide américaine et la construction européenne 1944–1954 (Paris: Comité pour l’histoire économique et financière, 1992), pp. 272–73.

    Claude Pierre-Brossolette, “Les relations monétaires extérieures de 1958 à 1964,” in De Gaulle en son siècle, Vol. 3, Moderniser la France (Paris: Plon, 1992), p. 144.

    Patat and Lutfalla, Histoire Monétaire, p. 157.

    IMF CF, C/France/420, December 23, 1957, Pfeifer note for Jacobsson.

    Cited in Milward, European Rescue, p. 215.

    Jaques Rueff, Combats pour l’ordre financier: Mémoires et documents pour servir à l’Histoire du dernier demi-siècle (Parts: Plon, 1972), p. 154.

    UB, Jacobsson diary, 1958.

    Sec Rueff, Combats, particularly pp. 287–448.

    ME Z10061, April 18, 1959, Alphand cable (on views of the U.S. and Canadian Executive Directors, Southard and Rasminsky).

    DB B330/1058, letter of Hallstein to Erhard, July 23, 1959; memorandum of EEC Commission General Economic and Financial Directorate, July 27, 1959.

    DB B330/148, 38th Central Bank Council Meeting, January 8–9, 1959.

    Committee on the Working of the Monetary System (Radcliffe Committee), Report, Cmnd. 827 (London: H.M. Stationery Office, August 1959), p. 252.

    Manuel Varela, “El Plan de Estabilización como yo lo recuerdo,” Información Comercial Española, Nos. 676–77, December 1989–January 1990, p. 45.

    Varela, “Plan,” p. 48.

    IMF CF, C/Spain/810, June 23, 1959, television interview.

    IMF CF, C/Spain/1760, Mariano Navarro Rubio and Alberto Ullastres, “Memorandum from the Spanish Government to the IMF and OEEC,” June 30, 1959.

    Alberto Ullastres, “Plan de Estabilización: Discurso del Ministro de Comercio a las Cortes” (July 28, 1959), Información Comercial Española, Boletín Semanal, No. 643, July 30, 1959.

    Varela, “Plan,” p. 52.

    Joscp Fontana and Jordi Nadal, “Spain 1914–1970,” in The Fontana Economic History of Europe: Contemporary Economies, Vol. 2, ed. by Carlo M. Cipolla (Glasgow: Collins, 1976), p. 522.

    Luís Angel Rojo, “Panorama económico,” España Perspectiva, 1969, reprinted in Trece economistas españoles ante la economía española, ed. by Jacinto Ros Hombravella (Barcelona: Oikos-tau, 1975) p. 178. See also Nancy Bermeo and José García-Duran, “Spain: Dual Transition Implemented by Two Parties,” in Voting for Reform: Democracy, Political Liberalization, and Economic Adjustment, ed. by Stephan Haggard and Steven B. Webb (New York: Oxford University Press, 1994), pp. 89–127.

    UB, Jacobsson diary 1959 1, February 6, 1959.

    Deutsche Bundesbank, Deutsches Geld-und Bankwesen in Zahlen 1876–1975 (Frankfurt: Fritz Knapp, 1976), p. 339.

    Herbert Giersch, Karl-Heinz Paqué, Holger Schmieding, The Fading Miracle: Four Decades of Market Economy in Germany (Cambridge, England: Cambridge University Press, 1992), p. 110.

    DB B330/1087, June 14, 1957. Emminger to Vocke, John F Kennedy Library, Harvard University, Personal Office, Box 117a, U.S. Aide Mémoire on the Balance of Payments Situation, Chancellor Adenauer’s Visit, April 12–13, 1961.

    Christoph Buchheim “Das Londoner Schuldenabkommen,” in Westdeutschland 1945–1955: Unterwerfung, Kontrolle, Integration, ed. by Ludolf Herbst (Munich: Oldenbourg, 1986) p. 228.

    International Monetary Fund, International Financial Statistics, 1964/65 Supplement, pp. 80–81.

    DB Emminger papers: 1956 DM Aufwertung; November 10, 1956, Deutsche Überschussposition und Wechselkurspolitik.

    DB B330/133, Protocol of 3rd Central Bank Council meeting, August 21–22, 1957.

    Emminger, “Internationaler Währungsfonds und Wechselkurspolitik.” UB, Jacobsson diary 120, May 1957.

    DB Emminger papers, September 1, 1960, Emminger to Guth.

    DB Emminger papers, August 20, 1960, Memorandum: Juristische und technische Überlegungen zur Wechselkurspolitik.

    See the influential article by Germany’s leading banker, Hermann J. Abs, “Der Wechselkurs: Kein Feld für Experimente,” Frankfurter Allgemeine Zetrtung, June 11, 1960.

    See the report in DB B330/170, 81st Central Bank Council meeting, October 27, 1960.

    UB, Jacobsson diary 168,1960 II, November 1960 lunch with William McChesney Martin.

    The text of the aide-mémoire is reproduced in “U.S. Aide-Mémoire on Balance of Payments,” U.S. Department of State, Bulletin, Vol. 44 (Match 1961), p. 370. The aide-mémoire was first made public in the New York Times, “Text of U.S. Note on Sharing Aid and Defense Costs,” February 21, 1961.

    DB B330/175 II, 89th meeting of Central Bank Council. Also DB Emminger papers, September 1, 1960, Emminger to Guth.

    Otmar Emminger, D-Mark, Dollar, Währungskrisen: Erinnerungen eines ehemaligen Bundesbankpräsidenten (Stuttgart: Deutsche Velags-Anstalt, 1986), p. 123.

    DB B330/175 I, February 25, 1961, meeting of Central Bank Council.

    DB B330/175 II, 89th meeting of Central Bank Council.

    Emminger, D-Mark, p. 128.

    Lombard, “Revaluation That ‘Went Wrong,” Financial Times, September 5, 1961, p. 3.

    “Talks with U.S. Federal Reserve in Basle,” The Times (London), June 13, 1961.

    IMF CF, C/Japan/820, June 18, 1957, Per Jacobsson note (Conversation with Mr. Watanabe); November 30, 1962, Irving S. Friedman memorandum: 1962 Article XIV Consultations with Japan.

    IMF CF, C/Japan/820, November 30, 1962, Irving S. Friedman memorandum: 1962 Article XIV Consultations with Japan. See also Chalmers Johnson, MITI and the Japanese Miracle: The Growth of Industrial Policy 1925–1975 (Stanford, California: Stanford University Press, 1982), pp. 259–63.

    September 16, 1958 IMF paper on “International Reserves and Liquidity,” reproduced in Horsefield, International Monetary Fund, Vol. 3, pp. 349–420.

    See the discussion in Executive Board Meeting, March 21–22, 1961, IMF CF, EBM/61/12.

    Robert Triffin, “The European Monetary System: Tombstone or Cornerstone?” in Federal Reserve Bank of Boston, The International Monetary System: Forty Years After Bretton Woods, Conference Series, No. 28 (Boston: Federal Reserve Bank of Boston, 1984), p. 151.

    International Monetary Fund, Annual Report, 1952, p. 6.

    Chapter 5. Development and Bretton Woods

    Joseph Gold, “Uniformity as a Legal Principle of the Fund,” in Gold, Legal and Institutional Aspects of the International Monetary System: Selected Essays, Vol. 1 (Washington: International Monetary Fund, 1979), p. 478. M. Narasimham, Bretton Woods—Forty Years On (Bombay: Forum of Free Enterprise, 1984), p. 9.

    See Anne O. Krueger, Political Economy of Policy Reform in Developing Countries (Cambridge, Massachusetts: MIT Press, 1993), p. 39.

    M.A.G. van Meerhaeghe, International Economic Institutions (London: Longman, 1971), pp. 113–14.

    Patrick Low, Trading Free: The GATT and U.S. Trade Policy (New York: Twentieth Century Fund, 1993), p. 26.

    For a critique see Gottfried Haberler, “Terms of Trade and Economic Development,” in Economic Development for Latin America: Proceedings of a Conference Held by the International Economic Association, ed. by Howard S. Ellis (New York: St. Martin’s Press, 1961), pp. 275–97.

    See W. Arthur Lewis, Economic Survey 1919–1939 (London: Allen & Unwin, 1949; reprint 1953), pp. 59–60.

    Hans W. Singer, “Economic Progress in Under-Developed Countries,” Social Research, Vol. 16 (March 1949), pp. 1–11. United Nations Economic Commission for Latin America, The Economic Development of Latin America and Its Principal Problems (Lake Success, 1950). Raúl Prebisch, “Commercial Policy in Underdeveloped Countries,” American Economic Review, Papers and Proceedings, Vol. 49 (May 1959), pp. 251–73.

    There is a classic statement in Celso Furtado, The Economic Growth of Brazil: A Survey from Colonial to Modern Times, translated by Ricardo W. de Aguiar and Eric Charles Drysdale (Berkeley: University of California Press, 1963), pp. 252–53.

    Henry J. Bruton, Inflation in a Growing Economy, Series in Monetary and International Economics, No. 2 (Bombay: Bombay University Press, 1961), p. 57. There were also powerful criticisms of this view of inflation in some developing countries. See Alexandre Kafka, “The Theoretical Interpretation of Latin American Development,” pp. 1–25, and Roberto de Oliveira Campos, “Inflation and Balanced Growth,” pp. 82–106, in Ellis, ed., Economic Development.

    Rudiger Dornbusch and Sebastian Edwards, “The Macroeconomics of Populism,” in The Macroeconomics of Populism in Latin America, ed. by Rudiger Dornbusch and Sebastian Edwards (Chicago: University of Chicago Press, 1991), p. 9.

    Opening of discussion of the UN Economic and Social Council on the World Economic Situation, Press Release ECOSOC/1168 (Geneva: European Office of the United Nations, July 6, 1959).

    International Monetary Fund, Annual Report, 1959 (Washington: International Monetary Fund, 1959), pp. 70, 73.

    International Monetary Fund, Annual Report, 1962, p. 42.

    U Tun Wai, “The Relation Between inflation and Economic Development: A Statistical Inductive Study,” Staff Papers, International Monetary Fund, Vol. 7 (October 1959), pp. 302–17. Graeme S. Dorrance, “The Effect of Inflation on Economic Development,” Staff Papers, International Monetary Fund, Vol. 10 (March 1963), pp. 1–47.

    Dorrance, “Effect of Inflation,” p. 30.

    Richard N. Cooper, The Economics of Interdependence: Economic Policy in the Atlantic Community (New York: McCraw Hill, 1968), p. 90.

    Alexandre Kafka, “Theoretical Interpretation,” p. 21, in Ellis, ed., Economic Development.

    Carlos F. Díaz-Alejandro, Exchange-Rate Devaluation in a Semi-industrialized Country: The Experience of Argentina 1955–1961 (Cambridge, Massachusetts: MIT Press, 1965), p. 146. International Monetary Fund, Summary Proceedings of the Sixteenth Annual Meeting of the Board of Governors, 1961 (Washington: International Monetary Fund, 1961), p. 45.

    H.B. Chenery and A.M. Strout, “Foreign Assistance and Economic Development,” American Economic Review, Vol. 56 (September 1966), pp. 679–733, lays out the model of the “two gaps.”

    See Robert Tignor, The Struggle for the Private Sector: Egypt, Nigeria, and Kenya in the Age of Decolonization (forthcoming).

    Celso Furtado, “Post-National Capitalism,” in Latin American Research Unit, Studies, Vol. 2, No. 2 (February 1978), p. 6.

    W.W. Rostow, The Stages of Economic Growth: A Non-Communist Manifesto (Cambridge, England: Cambridge University Press, 1971), p. 166.

    Edward S. Mason and Robert E. Asher, The World Bank Since Bretton Woods (Washington: Brookings Institution, 1973), p. 397.

    African Development Bank, Report by the Board of Directors of the African Development Bank, 1964–65 (Abidjan: African Development Bank, 1966), p. 1. African Development Bank, Report, 1966, p. 21.

    Po-Wen Huang, Jr., The Asian Development Bank: Diplomacy and Development in Asia (New York: Vantage Press, 1975).

    Mason and Asher, World Bank, p. 578. See also (intr.) J. Branger, Les Banques de développement dans le monde (Paris: Dunod, 1964).

    See Jacques J. Polak, The World Bank and the International Monetary Fund: A Changing Relationship (Washington: Brookings Institution, 1994), p. 4: “In earlier years, the clear differences in focus between the two institutions made collaboration a low-priority issue.”

    UB, Jacobsson France diary, 1958.

    Melchior Palyi, Managed Money at the Crossroads: The European Experience (Notre Dame, Indiana: University of Notre Dame Press, 1958), p. 91.

    IMF CF, C/India/1760, G.L.L. de Moubray, Note for Record, January 17, 1957.

    International Monetary Fund, Summary Proceedings, I961, pp. 19–20. Also see International Monetary Fund, Annual Report, 1962, pp. 41–47.

    IMF CF, C/Argentina/1760, December 22, 1959, Jacobsson to Samuel Schweizer, Swiss Bank Corporation; January 4, 1960, Jacobsson to Guillaume Guindey; January 4, 1960, Schweizer to Jacobsson; January 12, 1960, Sallé to Jacobsson.

    J.J. Polak and W.H. White, “The Effect of Income Expansion on the Quantity of Money,” Staff Papers, International Monetary Fund, Vol. 4 (August 1955), pp. 398–433.

    IMF CF, C/Mexico/810, mission Polak and staff 1955, Financial Policy and Economic Development in Mexico, June 24, 1955.

    IMF CF, C/Mexico/810, Jorge del Canto memorandum for J.J. Polak, October 2, 1956.

    J.J. Polak, “Monetary Analysis of Income Formation and Payments Problems,” Staff Papers, International Monetary Fund, Vol. 6 (November 1957), pp. 1–50.

    Victor Argy. “Monetary Variables and the Balance of Payments,” Staff Papers, International Monetary Fund, Vol. 16 (July 1969), pp. 267–88. J.J. Polak and Victor Argy, “Credit Policy and the Balance of Payments,” Staff Papers, International Monetary Fund, Vol. 18 (March 1971), pp. 1–21.

    Demetrios Papageorgiou, Armeane M. Choksi, and Michael Michaely, Liberalizing Foreign Trade in Developing Countries: The Lessons of Experience (Washington: World Bank, 1990).

    “To Balance or Not,” Economist, April 22, 1961, p. 329.

    UN General Assembly, 17th Session, Second Committee Agenda Items 12 and 35, Report of the Economic and Social Council; Economic Development of Under-Developed Countries; Inflation and Economic Development; Bolivia, Brazil, and Tunisia, draft resolution, November 2, 1962. General Assembly, 17th Session, Resolution 1830, December 18, 1962, Inflation and Economic Development.

    IMF CF, C/Colombia/420, Anne Romanis, Stabilization and Development: The Colombian Case: Memorandum for Internal Discussion by Fund Staff, January 7, 1963.

    IMF CF, B640, IBRD, The Evaluation of Economic Performance in Developing Countries. June 1, 1966.

    Mason and Asher, World Bank, pp. 285–86.

    Mason and Asher, World Bank, p. 551.

    See Margaret Garritsen de Vries, The International Monetary Fund 1966–1971: The System Under Stress, Vol. 1 (Washington: International Monetary Fund, 1976), pp. 269 ff.

    The best account is still van Meerhaeghe, International Economic Institutions, pp. 153–60.

    See William R. Cline, International Monetary Reform and the Developing Countries (Washington: Brookings Institution, 1976).

    de Vries, International Monetary Fund 1966–1971, Vol. 2, p. 254.

    Chapter 6. The Heyday of Bretton Woods and the Reserve Debate

    Stephen A. Marglin and Juliet B. Schor, eds., The Golden Age of Capitalism: Reinter-preting the Postwar Experience (Oxford: Clarendon Press, 1990). Michael D. Bordo, “The Bretton Woods System: A Historical Overview,” in Michael D. Bordo and Barry Eichen-green, eds., A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform (Chicago: University of Chicago Press, 1993), p. 27. Ronald I. McKinnon, “The Rules of the Game: International Money in Historical Perspective,” Journal of Economic Literature, Vol. 31 (March 1993), p. 39.

    Simon Kuznets, “Two Centuries of Economic Growth: Reflections on U.S. Experience,” American Economic Review, Papers and Proceedings, Vol. 67 (February 1977), p. 14.

    J.M. Finger, “Trade Liberalization: A Public Choice Perspective,” in Challenges to a Liberal International Economic Order, ed. by Ryan C. Amacher, Gottfried Haberler, and Thomas D, Willett (Washington: American Enterprise institute, 1979), p. 431.

    Joseph Gold, “Developments in the International Monetary System, the International Monetary Fund, and International Monetary Law Since 1971,” in Gold, Legal and Institutional Aspects of the International Monetary System: Selected Essays, Vol. 2 (Washington: International Monetary Fund, 1984), pp. 22–24.

    For this triad, see Fritz Machlup, Plans for Reform of the International Monetary System, Special Papers in International Economics, No. 3 (Princeton, New Jersey: Princeton University Press, revised 1964). International Monetary Fund, Annual Report, 1964 (Washington: International Monetary Fund, 1964). Also see the survey in Bordo, “Bretton Woods System.”

    Robert Solomon, The International Monetary System, 1945–1976: An Insider’s View (New York: Harper & Row, 1977), p. 30.

    Walter S. Salant and others, The United States Balance of Payments in 1968 (Washington: Brookings Institution, 1963).

    Robert Triffin, Europe and the Money Muddle: From Bilateralism to Near-Convertibility, 1947–1956 (New Haven, Connecticut: Yale University Press, 1957), p. 137.

    Triffin, Europe, p. 295.

    Triffin, Europe, p. 296.

    Robert Triffin, “The Return to Convertibility: 1926–1931 and 1958-? or Convertibility and the Morning After,” Quarterly Review, Banca Nazionale del Lavoro, No. 48 (March 1959), pp. 3–57; “Tomorrow’s Convertibility: Aims and Means of International Monetary Policy,” Quarterly Review, Banca Nazionale del Lavoro, No, 49 (june 1959), pp. 131–200; and Gold and the Dollar Crisis: The Future of Convertibility (New Haven, Connecticut: Yale University Press, 1960).

    See the criticism of Triffin’s analysis by Paul de Grauwe, International Money: Post-War Trends and Theories (Oxford: Clarendon Press, 1989), pp. 23–26.

    UB, Jacobsson diary, February 6, 1959.

    International Economic Policy Association, The United States Balance of Payments: From Crisis to Controversy (Washington: International Economic Policy Association, 1972), p. 13.

    Economic Report of the President, Transmitted to the Congress January 1976 (Washington: U.S. Government Printing Office, 1976), pp. 274–75.

    See Richard N. Cooper, The Economics of Interdependence: Economic Policy in the Atlantic Community (New York: McGraw Hill, 1968), p. 133.

    The classic analysis is Emile Despres, Charles P. Kindleberger, and Walter S. Salant, “The Dollar and World Liquidity: A Minority View,” Economist, February 11, 1966, pp. 526–29.

    Margaret Garritsen de Vries, Balance of Payments Adjustment, 1945 to 1986: The IMF Experience (Washington: International Monetary Fund, 1987), p. 78.

    UB, Jacobsson diary, 1962 1, March 21, 1962.

    Arthur M. Schlesinger, Jr., A Thousand Days: John F. Kennedy in the White House (New York: Fawcett Premier, 1965), p. 601.

    Solomon, International Monetary System, p. 42.

    DB, 127th Central Bank Council meeting.

    J. Keith Horsefield, The International Monetary Fund 1945–1965: Twenty Years of Intemational Monetary Cooperation, Vol, 2 (Washington: International Monetary Fund, 1969), pp. 183–84.

    See Charles A. Coombs, The Arena of International Finance (New York: John Wiley & Sons, 1976), pp. 53–57.

    Solomon, International Monetary System, p, 4L Kristin Howell, “The Role of the Bank for International Settlements in Central Bank Cooperation,” Journal of European Economic History, Vol. 22, No. 2 (Fall 1993), pp. 377–78.

    Coombs, Arena, p. 86.

    UB, Jacobsson diary 168, 1960 II, November 1960 lunch with William McChesney Martin.

    Horsefield, International Monetary Fund, Vol 1, p. 509.

    UB, Jacobsson diary 181, December 1961.

    Horsefield, International Monetary Fund, Vol. 1, p. 510.

    UB, Jacobsson diary, 1961 II, November–December.

    Horsefield, International Monetary Fund, Vol. 1, pp. 512–13.

    Switzerland joined the IMF only in May 1992.

    The text of the letter of December 15, 1961 is reproduced in Horsefield, International Monetary Fund, Vol. 3, pp. 252–54.

    Horsefield, International Monetary Fund, Vol. 1, p. 514.

    DB B330/194, 127th Central Bank Council, Emminger’s report on IMF Annual Meeting, October 11, 1962.

    Ministerial Statement of the Group of Ten and Annex prepared by Deputies, August 10, 1964, submitted to the ministers and governors at their meeting in Paris on June 15–16, 1964.

    Quoted in Margaret Garritsen de Vries, The International Monetary Fund 1966–1971: The System Under Stress, Vol. 1 (Washington: International Monetary Fund, 1976), pp. 41–42.

    Alistair Home, Macmillan, Vol. 2, 1957–1986 (London: Macmillan, 1989), p. 284.

    UB, Jacobsson diary, October 4, 1962. Also DB B330/194, 127th Central Bank Council, October 11, 1962 (Emminger’s report on IMF Annual Meeting).

    International Monetary Fund, Annual Report, 1964, p. 29.

    Report to the Deputies of the Group of Ten, Rinaldo Ossola, Chairman, Study Group on the Creation of Reserve Assets, May 31, 1965, p. 17.

    de Vries, International Monetary Fund 1966–1971, Vol. 1, p. 85.

    de Vries, International Monetary Fund 1966–1971, Vol. 1, p. 109.

    de Vries, International Monetary Fund 1906–1971, Vol. 1, p. 90.

    de Vries, International Monetary Fund 1966–1971, Vol. 1, p. 68.

    Joseph Gold, “Some Notes on the Creation of Reserve Assets” (unpublished, 1965).

    J.-J. Servan-Schreiber, The American Challenge, translated by Ronald Steel (New York: Atheneum, 1968), p. 11 (French version: Le défi américain, 1967).

    de Vries, International Monetary Fund 1966–1971, Vol. 1, p. 40.

    Jean Lacouture, De Gaulle: The Ruler 1945–1970 (New York: Norton, 1992), p. 381.

    M. Christian Borromée, “Le général de Gaulle et le problème monétaire international,” Espoir, Vol. 4, 1973, p. 21.

    Valéry Giscard d’Estaing, “La politique monétaire internationale de la France,” in Problèmes Économiques, No. 898, March 16, 1965, pp. 1–7. See also Michael D. Bordo, Dominique Simard, and Eugene White, “France and the Bretton Woods International Monetary System, 1960 to 1968,” NBER Working Paper No. 4642 (Cambridge, Massachusetts: National Bureau of Economic Research, 1994).

    At the EEC Finance Ministers–Meeting in Munich, April 1967. See Alain Prate, Les batailles économiques du général de Gaulle (Paris: Plon, 1978), p. 224.

    In 1966 a report by the French Director of the Treasury, Maurice Pérousse, made exactly this demand (see Bordo, Simard, and White, “France and the Bretton Woods International Monetary System”).

    de Vries, International Monetary Fund 1966–1971, Vol. 1, p. 159.

    See Kenneth W. Dam, The Rules of the Game: Reform and Evolution in the International Monetary System (Chicago: University of Chicago Press, 1982), p. 152.

    de Vties, International Monetary Fund 1966–1971, Vol. 2, p. 253.

    There is a useful discussion in International Monetary Fund, The Role of the SDR in the International Monetary System, IMF Occasional Paper No. 51 (Washington: International Monetary Fund, 1987).

    Hendrik S, Houthakker, “The Breakdown of Bretton Woods,” in Economic Advice and Executive Policy: Recommendations from Past Members of the Council of Economic Advisers, ed. by Werner Sichel (New York: Praeger, 1978), p. 61.

    Chapter 7. Surveillance, Growth, and Crisis

    Ferenc Jánossy, The End of the Economic Miracle; Appearance and Reality in Economic Development, translated by Hedy D. Jellinek (White Plains, New York: International Arts and Sciences Press, 1971 (Hungarian original 1966)). Angus Maddison, Phases of Capitalist Development (Oxford: Oxford University Press, 1982), p. 127. Herman Van der Wee, Prosperity and Upheaval: The World Economy 1945–1980, translated by Robin Hogg and Max R. Hall (Berkeley: University of California Press, 1986), pp. 50–53. Knut Borchardt, “Trend, Cycles, Structural Breaks, Chance: What Determines Twentieth Century German Economic History,” in Borchardt, Perspectives on Modern German Economic History, translated by Peter Lambert (Cambridge, England: Cambridge University Press, 1991), pp. 84–107.

    See Arnulf Baring, Machtwechsel: Die Ära Brandt-Scheel (Stuttgart: Deutsche Verlags-Anstalt, 198Z), p. 648. Chalmers Johnson, MITI and the Japanese Miracle: The Growth of Industrial Policy, 1925–1975 (Stanford, California: Stanford University Press, 1982). Eleanor M, Hadley, “The Diffusion of Keynesian Ideas in Japan,” in The Political Power of Economic Ideas: Keynesianism Across Nations, ed. by Peter A. Hall (Princeton, New Jersey: Princeton University Press, 1989), p. 305.

    Fritz Machlup, “The Magicians and Their Rabbits,” Morgan Guaranty Survey, Morgan Guaranty Trust Company (New York), May 1971, p. 10.

    Bank for International Settlements, Forty-Second Annual Report (Basle: Bank for International Settlements, 1972). René P. Higonnet, “Eurobanks. Eurodollars and International Debt,” and Jane Sneddon Little, “Comment,” in Eurodollars and International Banking, ed. by Paolo Savona and George Sutija (New York: St. Martin’s Press, 1985), pp. 34, 53. Kathleen Burk, “Witness Seminar on the Origins and Early Development of the Eurobond Market,” Contemporary European History, Vol. 1 (1992).

    Jeffry A. Frieden, Banking on the World; The Politics of American International Finance (New York; Harper& Row, 1987), p. 85. Denis Healey, The Time of My Life (London: Michael Joseph, 1989), p. 412.

    Alexander K. Swoboda, The Euro-Dollar Market: An Interpretation, Essays in International Finance, No. 64 (Princeton, New Jersey: Princeton University Press, 1968), especially pp. 30–33. Andrew Crockett, International Money: Issues and Analysis (New York: Academic Press, 1977), pp. 172–80. Alexander K. Swoboda, Credit Creation in the Euromarket: Alternative Theories and Implications for Control (New York: Group of Thirty, 1980).

    Sir George Bolton, “Background and Emergence of the Eurodollar Market,” in The Eurodollar, ed. by Herbert V. Prochnow (Chicago: Rand McNally, 1970), pp. 8–9.

    IMF CF, CPE/WP-3(67)8, Note by Emminger,“The Implications of an ‘Early Warning System,’ March 20, 1967.

    Cited in Diane B. Kunz, “Cold War Dollar Diplomacy: The Other Side of Containment,” in The Diplomacy of the Crucial Decade: American Foreign Relations During the 1960s, ed. by Diane B. Kunz (New York: Columbia University Press, 1994), p. 93.

    Ministerial Statement of the Group of Ten and Annex Prepared by Deputies, August 10, 1964, submitted to the ministers and governors at their meeting in Paris on June 15–16, 1964, p. 5.

    International Monetary Fund, Annual Report, 1964 (Washington: International Monetary Fund, 1964), p. 28.

    IMF CF, S1813.7 (WP-3), July 24, 1967 Charles F. Schwartz memorandum.

    Committee on the Working of the Monetary System (Radcliffe Committee), Report, Cmnd. 827 (London: H.M. Stationery Office, August 1959), pp. 135, 183, 184, 187, 242.

    See Charles A.E. Goodhart, “Monetary Policy in the United Kingdom,” in Monetary Policy in Twelve Industrial Countries, ed. by Karel Holbik (Boston: Federal Reserve Bank of Boston, 1973).

    For a critical view, see A.A. Walters, “The Radcliffe Report—Ten Years After: A Survey of Empirical Evidence,” in Money in Britain 1959–1969, ed. by David R. Croome and Harry G, Johnson (London: Oxford University Press, 1970), p. 64–65.

    IMF CF, C/UK/810, April 23, 1965, Lord Cromer (Governor of the Bank of England), personal letter to Schweitzer.

    Susan Strange, Sterling and British Policy: A Political Study of an International Currency in Decline (London: Oxford University Press, 1971), p. 80.

    Fred Hirsch, The Pound Sterling: A Polemic (London: Vicror Gollancz, 1965), p. 101.

    James Callaghan, Time and Chance (London: Collins, 1987), p. 159, Austen Morgan, Harold Wilson (London: Pluto Press, 1992), pp. 264–65.

    Hirsch, Pound, p. 103.

    Charles A. Coombs, The Arena of International Finance (New York: John Wiley, 1976). p. 137.

    IMF CF, S1813.7 (WP-3). visit of Schweitzer to London, January 1967.

    Harold Wilson, The Labour Government 1964–1970: A Personal Record (London: Weidenfeld and Nicolson, 1971), pp. 400, 440.

    Anthony Howard, ed., The Grossman Diaries: Selections from the Diaries of a Cabinet Minister 1964–1970 (London: Hamish Hamilton, 1979), p. 353.

    Alec Cairncross and Barry Eichengreen, Sterling in Decline: The Devaluations of 1931, 1949 and 1967 (Oxford: Basil Blackwell, 1983), pp, 188–89.

    This account relies for the depiction of relations between the United Kingdom and the IMF on IMF CF, S121, February 1, 1968, Albin Pfeifer memorandum, The Devaluations of November 1967, and C/UK/1760, November 8, 1967 and November 15, 1967, memoranda of Frank A. Southard.

    Howard, Crossman Diaries, pp. 355–56.

    IMF CF, C/UK/1760, November 15, 1967, Frank A. Southard note; November 22, 1967, Frank A. Southard memorandum, Proposed U.K. Stand-By.

    Keesing’s Contemporary Archives, Vol. 16 (1967–1968), p. 22393.

    Kenneth W. Dam, The Rules of the Game; Reform and Evolution in the International Monetary System (Chicago: University of Chicago Press, 1982), p. 184.

    Jacques R. Artus, “The 1967 Devaluation of the Pound Sterling,” Staff Papers International Monetary Fund, Vol. 22 (November 1975), pp. 595–640.

    See Margaret Garritsen de Vries, The International Monetary Fund 1966–1971: The System Under Stress, Vol. 1 (Washington: International Monetary Fund, 1976), p. 443.

    International Monetary Fund, International Financial Statistics, 1973 Supplement, pp. 26–27.

    IMF CF, S1813.7, March 30, 1967, Blessing to Martin; March 30, 1967, Kiesinger to Blessing.

    IMF CF, S1813.7, March 6, 1967, letter from van Lennep to Schlecht in Federal Economics Ministry on WP-3 meetings of January 23, 1967 and March 1–3, 1967.

    IMF CF, S1813.7, September 15, 1967, Charles F. Schwartz memorandum on WP-3 meetings of August 28–29, 1967.

    International Monetary Fund, International Financial Statistics, 1973 Supplement, pp. 228–29.

    Yasukichi Yasuba, “Imported Inflation and the Upward Revaluation of the Yen,” in Breadth and Depth in Economics: Fritz Machlup—The Man and His Ideas, ed. by Jacob S. Dreyer (Lexington, Massachusetts: Lexington Books, 1978), p. 226.

    IMF CF, S123, June 3, 1968, discussion with U.S. officials.

    Coombs, Arena, p. 183.

    Baring, Machwechsel, pp. 140–44.

    ME B12533, November 20, 1968, handwritten notes (Claude Pierre-Brossolette).

    J J. Polak, November 26, 1968, Note on G-10 Ministers and Governors Meeting, November 20–22, 1968, Bonn.

    ME 12533, December 20, 1968, Note pour le ministre (J.H. Wahl).

    ME B12533, November 20, 1968, handwritten notes (Claude Pierre-Brossolette).

    ME B12533, November 20, 1968, handwritten notes (Claude Picrre-Brossolette). Polak, November 26, 1968 note.

    Otmar Emminger, D-Mark, Dollar, Währungskrisen: Erinnerungen eines ehemaligen Bundesbankpräsidenten (Stuttgart: Deutsche Verlags-Anstalt, 1986), p. 146.

    According to Paris-Match, No. 1021, November 30, 1968.

    Roy Jenkins, A Life at the Centre (London: Macmillan, 1991), pp. 268–69.

    After being persuaded by his friend, the Minister of Social Affairs, Jean-Marcel Jeanneney. See Alain Prate, Les batailles économiques du général de Gaulle (Paris: Plon, 1978), p. 270.

    Polak, November 26, 1968 note.

    IMF CF, S1813.7, December 18, 1968, Charles F. Schwartz memorandum on WP-3 meeting of December 1968.

    Baring, Machtwechsel pp. 144–45.

    IMF CF, S1813.7, November 4, 1969, J.J. Polak memorandum on WP-3 meeting of October 30–31, 1969; figures given by Emminger.

    IMF CF, S1813.7, November 4, 1969, J J. Polak memorandum on WP-3 meeting of October 30–31, 1969.

    The diagnosis of imported inflation is set out in Otmar Emminger, “Deutsche Geldund Währungspolitik im Spannungsfeld zwischen innerem und äussercm Glcichgewicht (1948–1975),” in Deutsche Bundesbank, Währung und Wrirtschaft in Deutschland 1876–1975 (Frankfurt: Fritz Knapp, 1976), pp. 485–554.

    See Bela fialassa, “The Purchasing-Power Parity Doctrine: A Reappraisal,” Journal of Political Economy, Vol. 72 (December 1964), pp. 584–96.

    Van der Wee, Prosperity and Upheaval, pp. 81–82. See, in general, Robert J. Flanagan, David W. Soskice, and Lloyd Ulman, Unionism, Economic Stabilization, and Incomes Policies: European Experience (Washington: Brookings Institution, 1983).

    See Andrea Boltho, The European Economy: Growth and Crisis (Oxford: Oxford University Press, 1982), pp. 176–77.

    See Tamim Bayoumi, “Saving-Investment Correlations: Immobile Capital, Government Policy, or Endogenous Behavior?” Staff Papers, International Monetary Fund, Vol. 37 (June 1990), pp. 360–87.

    Otmar Emminger, June 12, 1969, speech at University of Cologne, “The Position of the DMark in the International Monetary System.”

    February 22, 1965 letter of Robert Triffin to de Gaulle, reproduced in Espoir, Vol. 4 (1973), pp. 37–40. at p. 39.

    Report to the Council and the Commission on the Realization by Stages of Economic and Monetary Union in the Community (Luxembourg, 1970).

    Chapter 8. The End of Bretton Woods?

    Walter S. Salant and others, The United States Balance of Payments in 1968 (Washington: Brookings Institution, 1963).

    Guillaume Guindey, The International Monetary Tangle: Myths and Realities, translated by Michael L. Hoffman (White Plains, New York: M.E. Sharpe, 1977; French original, 1973), p. 111

    International Economic Policy Association, The United States Balance of Payments: From Crisis to Controversy (Washington: International Economic Policy Association, 1972), pp. 13–14.

    Economic Report of the President, Transmitted to the Congress January 1972 (Washington; U.S. Government Printing Office, 1972), p. 269.

    International Monetary Fund, International Financial Statistics Yearbook, 1991 (Washington: International Monetary Fund, 1991), p. 754.

    Economic Report of the President, Transmitted to the Congress January 1978 (Washington: U.S. Government Printing Office, 1978), p. 368.

    Margaret Garritsen de Vries, The International Monetary Fund 1966–1971: The System Under Stress, Vol. 1 (Washington: International Monetary Fund, 1976), pp. 313–15. There had been earlier drawings in 1964 and 1965 for technical reasons: the Fund at this stage held dollars above 75 percent of the U.S. quota and as a result could not accept dollars in repurchases. The United States needed to make a drawing in a currency that the Fund could accept.

    Charles A. Coombs, The Arena of international Finance (New York: John Wiley, 1976), p. 171.

    Richard Nixon, R.N.: The Memoirs of Richard Nixon (New York: Grosser & Dunlap, 1978).

    H.R. Haldcman, The Haldeman Diaries: Inside the Nixon White House, ed. by Stephen E. Ambrose (New York; G.P. Putnam’s Sons, 1994), pp. 374–75.

    News briefing of July 1971, quoted in John Lewis Gaddis, Strategies of Containment: A Critical Appraisal of Postwar American National Security Policy (New York: Oxford University Press, 1982), p. 280.

    Paul A. Volcker and Toyoo Gyohten, Changing Fortunes: The World’s Money and the Threat to American Leadership (New York: Times Books, 1992), p. 62.

    Joanne Gowa, Closing the Gold Window: Domestic Politics and the End of Bretton Woods (Ithaca, New York: Cornell University Press, 1983), p. 101.

    Volcker and Gyohten, Changing Fortunes, p. 81.

    John S. Odell, U.S. International Monetary Policy: Markets, Power, and Ideas as Sources of Change (Princeton, New Jersey: Princeton University Press, 1982), p. 263. Henry R. Nau, The Myth of America’s Decline: Leading the World Economy into the 1990s (New York: Oxford University Press, 1990), p. 162.

    Gowa, Closing, pp. 63–70.

    Volcker and Gyohten, Changing Fortunes, p. 61.

    IMF CF, S371, April 23, 1970 G-10 deputies meeting, informal record. For a presentation of the “n—1” problem, see Charles P. Kindleberger, “The Price of Gold and the N - 1 Problem,” in Kindleberger, International Money; A Collection of Essays (London: Allen & Unwin, 1981), The essay was originally published in 1970.

    IMF CF, C/US/1000, June 23, 1970, Frank A. Southard memorandum: Conversation with Dr. Emminger.

    ME 12533 1970, handwritten note of President Georges Pompidou.

    International Monetary Fund, Summary Proceedings, 1970 (Washington: International Monetary Fund, 1970), pp. 81–82.

    Hendrik S. Houthakker. “Cooling Off the Money Crisis,” Wall Street Journal. March 16, 1973.

    GRF, Burns papers, B65, International (Solomon) paper: Options open to the United States in dealing with what may be an Emerging International Monetary Crisis.

    Arthur M. Okun, The Political Economy of Prosperity (Washington: Brookings Institution, 1970), p. 15.

    For an English language account of their position, see German Council of Economic Experts, Toward a New Basis for international Monetary Policy, Princeton Studies in International Finance No. 31 (Princeton, New Jersey: Princeton University Press, 1972).

    John H. Williamson, The Crawling Peg, Essays in International Finance No. 50 (Princeton, New Jersey: Princeton University Press, 1965).

    The paper is reproduced in de Vries, International Monetary Fund 1966–1971, Vol. 2, pp. 273–330, The quotation is from p, 311.

    IMF CF, S371, April 23, 1970 G-10 deputies meeting.

    World Economic Outlook figures, April 1972.

    Otmar Emminger, D-Mark, Dollar, Wäkrungskrisen Erinnerungen eines ehemaligen Bundesbankpräsidenten (Stuttgart: Deutsche Verlags-Anstalt, 1986), p. 186.

    At the G-10 meeting of April 23, 1970 (IMF CF, S371).

    IMF CF, C/Germany/810, April 29, 1971, L.A. Whittome notes.

    IMF CF, C/Germany/810, May 3, 1971 memorandum: April 30, 1971 meeting.

    Volcket and Gyohten, Changing Fortunes, p. 75. Economic Report of the President, 1972, p. 145. IMF CF, C/US/820. April 8, 1971 memorandum: Luncheon Meeting with Secretary Connally, April 7, 1971.

    IMF CF, S123, Southard memorandum, May 17, 1971 meeting of Schweitzer with Connally.

    U.S. Congress, Joint Economic Committee, Report of the Subcommittee on International Exchange and Payments, Action Now to Strengthen the U.S. Dollar. 92nd Congress, 1st Session (Washington: U.S. Government Printing Office, 1971), pp. 4, 8. 11. 13, 14.

    U.S. Congress, Joint Economic Committee, Action Now. See also Robert Solomon, The International Monetary System, 1945–1976: An Insider’s View (New York: Harper & Row, 1977), pp. 181.

    GRF, Burns papers, K31, August 16, 1971, William Safire, Notes on Camp David Weekend; B65, International Monetary Crisis 1971 (2), August 13, 1971, memorandum from Coombs to Burns.

    IMF CF, S123, August 16, 1971, Frank A. Southard memorandum, U.S. Dollar: Events of August 15, 1971.

    IMF CF, SI23, August 20, 1971, conversation with Mr. Kashiwagi.

    GRF, Bums papers, B65, International Monetary Crisis (3), August 18, 1971, Recent Economic Developments in Japan; August 19, 1971, Yen Revaluation and Long-Term Foreign Credits.

    ME B12535, August 17, 1971, Note pour le ministre: Réunion à Londres organisée par M. Volcker (Pierre-Brossolette).

    ME B12535, August 17, 1971, meeting of Giscard d’Estaing and Paul Volcker.

    Speech to Los Angeles World Affairs Council, December 4, 1970.

    Emminger, D-Mark, p. 198.

    IMF CF, S123, September 7, 1971, Dollar Crisis: Conversation with Under Secretary Volcker.

    IMF CF, SI23, August 23, 1971, Schweitzer interview with Irving Levine; August 24, 1971, Schweitzer interview with BBC.

    Address to UN Economic and Social Council, October 27, 1971.

    IMF CF, SI23, J.M. Fleming, September 12, 1969, Hypothetical Exchange Rate Changes and Their Trade Effects; R.R. Rhomberg, May 29, 1969, Hypothetical Exchange Rate Changes and Their Trade Effects.

    Jacques R. Artus and Rudolf R. Rhomberg, “A Multilateral Exchange Rate Model,” Staff Papers, International Monetary Fund, Vol. 20 (November 1973), pp. 591–611.

    GRF, Burns papers, B65, International Monetary Crisis 1971 (2), August 17, 1971, Samuel Pizer memorandum.

    IMF CF, S123, August 23 and August 27, 1971, Exchange Rate Changes Required to Achieve Balance of Payments Targets; see also SI23, August 22–23, 1971, meetings with Ossola.

    IMF CF, EBM/71/88, August 16, 1971 afternoon session. See also de Vries. International Monetary Fund 1966–1971, Vol. 1. p. 537.

    Wall Street Journal, October 16, 1971, p. 8.

    IMF CF, S123, August 27, 1971, Research Department, Some Thoughts on the Future Position of the U.S. Dollar in the International Monetary System.

    IMF CF, S123, IS/71/16, October 22, 1971. A quotation from the U.S. Executive Director. William Dale, speaking in a “personal capacity.”

    Organization for Economic Cooperation and Development, Working Party 3, October 4, 1971, 71/7, The Scale of the United States Adjustment Problem and the Implications for Other Countries (copy in ME B12536).

    Peter Jay. “Group of Ten Ministerial Meeting Ends with Minimal Agreement on Reform,” The Times (London), September 17, 1971.

    IMF CF, S123, IS/71/16, October 22, 1971, statement by Economic Counsellor, G-10 deputies meeting, October 19–20, 1971.

    IMF CF, S123, May 17, 1971 meeting of Schweitzer with Connally.

    IMF CF, S123, memorandum of September 23, 1971 on G-10 meeting of September 15–16, 1971.

    Jay. “Group of Ten.” The Times, September 17, 1971.

    IMF CF S123, August 24, 1971, Schweitzer interview with BBC.

    ME B12535, September 2, 1971, EEC Monetary Committee. September 15, 1971 manuscript notes of G-10 meeting. September 21, 1971, Note pour le ministre (Picrrc-Brossolette).

    IMF CF, S123, September 7, 1971, Dollar Crisis: Conversation with Under Secretary Volcker.

    IMF CF, S123, August 18, 1971, Southard memorandum of meeting of Volcker and Schweitzer.

    IMF CF, S123, IS/71/16, October 22, 1971. The speaker was Antoine W, Yaméogo.

    Chapter 9, Reform of the International Monetary System, or Nonsystem?

    IMF CF, S1230, May 11, 1982, Research Department memorandum: The Size of the Fund.

    Margaret Garritsen de Vries, The International Monetary Fund 1966–1971: The System Under Stress, Vol. 1 (Washington: International Monetary Fund, 1976), p. 425.

    William S. Borden, “Defending Hegemony: American Foreign Economic Policy,” in Kennedy’s Quest for Victory: American Foreign Policy, 1961–1963, ed. by Thomas G. Paterson (New York: Oxford University Press, 1989), p. 69.

    Benjamin J. Cohen, “The Revolution in Atlantic Economic Relations: A Bargain Comes Unstuck,” in The United States and Western Europe Political, Economic and Strategic Perspectives, ed. by Wolfram F. Hanrieder (Cambridge, Massachusetts: Winthrop Publishers, 1974), p. 125.

    GRF, Burns papers, K31, William Safire, Notes on Camp David Weekend, August 13–15, 1971.

    See Jagdish N. Bhagwati, “Export Market Disruption, Compensation and GATT Reform,” in Bhagwari, éd., The New International Economic Order; The North-South Debate (Cambridge, Massachusetts: MIT Press, 1977), pp. 165–70.

    General Agreement on Tariffs and Trade, Study on Textiles: Report of the Working Party on Trade in Textiles, L/3797, December 29, 1972, p. 1–1.

    William R. Cline, The Future of World Trade in Textiles and Apparel (Washington: Institute for International Economics, rev. ed., 1990), p. 15. See also Ying-Pik Choi, Hwa Soo Chung, and Nicolas Marian, The Multi-Fibre Arrangement in Theory and Practice (London: Frances Pinter, 1985). Robert E. Hudec, The GATT Legal System and World Trade Diplomacy (New York: Praeger, 1975), p. 215.

    IMF CF, C/US/820, June 14, 1972, Ernest Sturc memorandum: Views of U.S. Officials.

    John Williamson, “Keynes and the International Economic Order,” in Keynes and the Modem World: Proceedings of the Keynes Centenary Conference, King’s College, Cambridge, ed. by David Worswick and James Trevthick (Cambridge, England: Cambridge University Press, 1983), p. 103. Gottfried Haberler, “How Important Is Control over International Reserves,” (1977), in Selected Essays of Gottfried Haberler, ed. by Anthony Y.C. Koo (Cambridge, Massachusetts: MIT Press, 1985), p. 215, See also Joseph Gold, Legal and Institutional Aspects of the International Monetary System, Selected Essays, Vol. 2 (Washington: International Monetary Fund, 1984), p. 69.

    International Monetary Fund, Annual Report, 1975 (Washington: International Monetary Fund, 1975), p. 24.

    Bank for International Settlements, Forty-Second Annual report (Basle: Bank for International Settlements, 1972), p. 192.

    GRF, Bums papers, B65, International Monetary Crisis 1971 (3), August 18, 1971, International Negotiations: Objectives, Issues, and Conclusions.

    Robert Solomon, The International Monetary System 1945–1976: An Insider’s View (New York: Harper & Row, 1977), p. 196.

    Solomon, international Monetary System, pp. 204–205.

    The following account is based primarily on the pencil and yellow pad notes taken during the course of the Smithsonian meeting by Pierre-Paul Schweitzer, IMFCF, S321, and in part also on a conversation of the author with the late Professor Karl Schiller.

    Otmar Emminger, D-Mark, Dollar, Währungskrisen: Erinnerungen eines ehemaligen Bundesbankpräsidenten (Stuttgart: Deutsche Verlays-Anstalt, 1986), p. 204.

    IMF CF, S123, August 27, 1971, Exchange Rate Changes Required to Achieve Balance of Payments Targets. GRF. Burns papers, B65, International Monetary Crisis 1971 (2), August 19, 1971, Ralph C. Bryant, Helen B. Juna, and others, The Magnitude of the U.S. Imbalance and the Changes in Exchange Rates Required.

    Edwin L Dale, Jr., “Nixon Hails Pact,” New York Times, December 19, 1971, p. 1.

    International Monetary Fund, International Financial Statistics Yearbook, 1990 (Washington: International Monetary Fund, 1990), p. 730.

    International Monetary Fund, International Financial Statistics Yearbook, 1991, pp, 90–91.

    Solomon, International Monetary System, p. 218. Emminger, D-Mark, p. 214.

    Quoted in Milton Gilbert, Quest for World Monetary Order: The Gold-Dollar System and Its Aftermath (New York: John Wiley & Sons, 1980), p. 73.

    Emminger, D-Mark p, 220.

    Arnulf Baring, Machtwechsel: Die Ära Brandt-Scheel (Stuttgart: Deutsche Verlags-Anstalt, 1982), pp. 671–72.

    Emminger, D-Mark p. 225.

    “Swiss Decision to Float,” The Times (London), January 24, 1973, p. 19.

    IMF CF, S123, February 12, 1973, A.D. Crockett memorandum: Meeting on Monetary Crisis (February 9, 1973).

    Emminger, D-Mark, p. 240. IMF CF, C/US/820, March 7, 1973, Southard memorandum: Monetary Crisis, March 1–2, 1973.

    Keesing’s Contemporary Archives, Vol. 19 (1973), p. 25950. See also International Monetary Fund, Annual Report, 1973, p. 6.

    IMF CF, S371, Sterie T. Beza, memorandum for files, March 11, 1973: Paris Meetings: Deputies’ Level (March 9, 1973).

    Solomon, International Monetary System, p. 233.

    Quoted in Cohen, “Revolution,” 1974, p. 129.

    See also James Reston, Jr., The Lone Star: The Life of John Connally (New York: Harper & Row, 1989), p. 419.

    Reform of the International Monetary System: A Report by the Executive Directors to the Board of Governors, August 18, 1972. The paper is reproduced in Margaret Garritsen de Vries, The International Monetary Fund 1972–1978: Cooperation on Trial, Vol. 3 (Washington: International Monetary Fund, 1985), pp. 19–56.

    International Monetary Fund, Summary Proceedings, 1972 (Washington: International Monetary Fund, 1972), p. 167.

    GRF, Burns papers, B73, International Monetary Reform, Robert Solomon and Arthur Burns memorandum, July 20, 1972.

    For instance, by Jeremy Morse, the chairman of the C-20 deputies.

    Jeremy Morse, “The Evolving Monetary System,” address to the international Monetary Conference at Williamsburg, Virginia, June 7, 1974. The story of the C-20 is told in John Williamson, The Failure of World Monetary Reform 1971–74 (New York: New York University Press, 1977).

    ME B12533, May 2, 1972, Emminger cable to Pierre-Brossolette; May 3, 1972, Pierre-Brossolette cable to Emminger (on the results of the April 4, 1972 G-10 meeting).

    For instance, Solomon, International Monetary System, pp. 242–43.

    International Monetary Fund, Summary Proceedings, 1972, pp. 38–42.

    GRF, Burns papers, B2, Balance of Payments, November 14, 1972, Original Treasury Proposal.

    WES 12:27, June 15, 1973, Quantitative Indicators from the Point of View of the Overall Operation of the System, prepared for Committee of Twenty, May 1973.

    de Vries, International Monetary Fund 1972–1978, Vol. 1. p. 234.

    ME B12540. OECD WP-3 meeting, November 17, 1972.

    de Vries, Inrernational Monetary Fund 1972–1978, Vol. 1, p. 170.

    ME B12535, August 19, 1971, in the EEC Council of Ministers.

    ME B12533, May 17, 1972, Pierre-Brossolette: Note sur la réforme du système monétaire International.

    Ibid.

    Williamson, Failure, pp. 180–81.

    Committee of Twenty, “Report of Technical Group on Disequilibrating Capital Flows, May 17 1973,” in International Monetary Reform: Documents of the Committee of Twenty (Washington: International Monetary Fund, 1975), pp. 86–87.

    See Joan Edelman Spero, The Failure of the Franklin National Bank: Challenge to the International Banking System (New York: Columbia University Press, 1980).

    International Monetary Fund, International Financial Statistics Yearbook, 1990, pp. 90–91.

    The Limits to Growth: A Report for the Club of Rome’s Project on the Predicament of Mankind (New York: Universe Books, 1972).

    International Monetary Fund, International Financial Statistics Yearbook, 1990, pp. 178–83.

    Quoted in Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (New York: Simon & Schuster. 1991). p. 595.

    See Edith Penrose, “The Development of Crisis,” in The Oil Crisis, ed. by Raymond Vernon (New York: W.W. Norton, 1976). pp. 39–58.

    Joseph Stanislaw and Daniel Yergin, “Oil; Reopening the Door,” Foreign Affairs, Vol. 72, No. 4 (September/October 1993) p. 81.

    Edward R. Fried and Charles L. Shultze, Higher Oil Prices and the World Economy: The Adjustment Problem (Washington: Brookings Institution, 1975).

    Balance of payments figures from International Monetary Fund, International Financial Statistics Yearbook, 1990, pp. 146–47.

    C-20 communiqué of March 27, 1973, reproduced in “Statement on Money Talks,” New York Times, March 28, 1973, p. 65.

    H. Johannes Witteveen, January 15, 1974 address to World Banking Conference, London, “The Role of the International Monetary Fund.”

    IMF CF, C-20 deputies, fourth session, January 15, 1974.

    IMF CF, C-20 ministers, first session, January 17, 1974.

    Christopher McMahon, in C-20 deputies, third session, January 15, 1974.

    de Vries, International Monetary Fund 1972–1978, Vol. 3, p. 165.

    European Community Proposal (reported by Helmut Schmidt), C-20 Rome ministerial meeting, second session, January 17, 1974.

    de Vries, International Monetary Fund 1972–1978, Vol. 3, pp, 487–91 (Decision No, 4232-(74/67) of June 13, 1974).

    International Monetary Fund, International Financial Statistics Yearbook, 1990, pp. 142–43.

    Morse at Williamsburg International Monetary Conference, “The Evolving Monetary System,” June 7, 1974.

    International Monetary Fund, Summary Proceedings, 1976, p. 93.

    Joseph Gold, “Law and Reform of the International Monetary System,” in Gold, Legal and Institutional Aspects of the international Monetary System: Selected Essays, Vol. 1 (Washington: International Monetary Fund. 1979), pp, 94–97.

    Chapter 10. Personalities and Institutions: The Redesigning of the International Monetary Order

    Walther Rathenau, “Unser Nachwuchs,” Nene Freie Presse (Vienna), December 25, 1909.

    International Monetary Fund, Annual Report, 1975 (Washington: International Monetary Fund, 1975), p. 20.

    International Monetary Fund, Annual Report, 1974, pp. 9–10.

    International Monetary Fund, Annual Report, 1975, p. 9.

    International Monetary Fund, Annual Report, 1976, p. 11.

    International Monetary Fund, Annual Report, 1979, p. 7.

    See Paul Volcker and Toyoo Gyohten, Changing Fortunes; The World–s Money and me Threat to American Leadership (New Yorkr Times Books, 1992), pp, 126–27, 134. George P. Shultz, Turmoil and Triumph: My Years as Secretary of State (New York: Scribner’s, 1993), p. 148.

    Rohert D. Putnam and Nicholas Bayne, Hanging Together: The Seven-Power Summits (Cambridge, Massachusetts: Harvard University Press, 1984), pp. 15, 17. Helmut Schmidt, Menschen und Mächte (Berlin: Siedler Verlag, 1987), p. 193, Shultz, Turmoil, p. 148.

    GRF, Seidman papers 312, International Economic Summit, November 1975, Memoranda (1), October 7, 1975, Bob Evers: Memorandum for Roger Porter.

    Otmar Emminger, D-Mark, Dollar, Währungskrisen: Erinnerungen eines ehemaligen Bundesbankpräsidenten (Stuttgart: Deutshe Verlags-Austalt, 1986), p. 297.

    WES 25:36, November 3, 1975, Yeo to Shultz, enclosing French and U.S. drafts for Memorandum of Understanding.

    IMF CF, S815, December 2, 1975, William Dale memorandum: Exchange Rate Agreement.

    GRF, Seidman papers 312, International Economic Summit, Memos and Notes on Discussions. Memorandum of Conversation, first session, November 15, 1975; third session, November 16, 1975 (Kissinger).

    Keesing’s Contemporary Archives, Vol. 22 (1976), p. 27502.

    Putnam and Bayne, Hanging Together, p. 31.

    G-10 communiqué, December 19, 1975, reproduced in Margaret Garritsen de Vries, The International Monetary Fund l972–l978: Cooperation on Trial, Vol. 3 (Washington; International Monetary Fund, 1985), pp. 632–33.

    de Vries, The International Monetary Fund 1972–1978, Vol. 2, p. 761.

    International Monetary Fund, Annual Report, 1979, p. 40, and Annual Report, 1978, p, 43.

    International Monetary Fund, Annual Report, 1978, p. 43.

    Decision No. 5392-(77/63), April 29, 1977, Selected Decisions and Selected Documents of the international Monetary Fund (Washington: International Monetary Fund, 1994) pp. 8–14.

    International Monetary Fund, Annual Report, 1983, p, 64, and Annual Report, 1990, p. 13. See also Leo Van Houtven, “Half a Century After Bretton Woods: The Role of the IMF in the International Monetary System,” in Monetary Stability Through International Cooperation: Essays in Honour of André Szàsz, ed. by Age Bakker, Henk Boot, Olaf Sleijpen, and Wim Vanthoor (Amsterdam; De Nedcrlandsche Bank, 1994), pp, 283–96.

    International Monetary Fund, Annual Report, 1980, p. 57.

    de Vries, International Monetary Fund 1972–1978, Vol. 2, p. 786.

    IMF CF, January 17, 1974, C-20 meeting, first session. The deterioration of the balance on current account for the industrial countries other than the United States was estimated at $45 billion, for the United States at $3–4 billion, and for the developing countries at $15 billion.

    IMF CF, S321, ID/75/2, May 21, 1975, World Economic Outlook—General Survey. July 7, 1976, World Economic Outlook—General Survey.

    See, for instance, the influential article by Jeffrey D. Sachs, “The Current Account and Macroeconomic Adjustment in the 1970s,” Brookings Papers on Economic Activity, 1981(1), pp, 201–68.

    IMF CF, S321, ID/77/5, June 28, 1977, World Economic Outlook—General Survey.

    IMF CF, S321, December 4.1978, L.A. Whittome memorandum: World Economic Outlook Paper; IS/7674, April 14, 1978, where the German Executive Director suggests that the emphasis should be on “continued” rather than “greater” growth.

    WES 25:37, May 14, 1976, Yeo to Simon.

    Kathleen Burk and Alec Cairncross, ‘Goodbye, Great Britain’: The 1976 IMF Crisis (New Haven, Connecticut: Yale University Press, 1992), pp. 22–23. The earliest detailed account of the crisis was published in the Sunday Times (London), May 14, 21, and 28, 1978: Stephen Fay and Hugo Young, “The Day the Pound Nearly Died.”

    WES 27:13, June 7, 1976, Simon Memorandum for the President.

    Susan Crosland, Tony Crosland (London: Jonathan Cape, 1982), pp, 377–78.

    Edmund Dell, A Hard Pounding; Politics and Economic Crisis 1974–76 (Oxford: Oxford University Press, 1991), p. 221.

    Tony Benn, Against the Tide: Diaries 1971–76 (London: Hutchinson, 1989), p. 624. Burk and Cairncross, ‘Goodbye,’ pp. 66–67.

    Dell, Hard Pounding, p. 220.

    Dell, Hard Pounding, p. 268.

    The text of the letter of intent is reproduced in Burk and Cairncross, ‘Goodbye’. The quotation is on p. 235.

    This was explicitly stated in a conversation between the British Chancellor Anthony Barber and the French Finance Minister Valéry Giscard d’Estaing in 1971: ME B12533, September 9, 1971, Compte-Rendu des entretiens français-britanniques.

    Denis Healey, The Time of My Life (London: Michael Joseph, 1989), p. 433.

    Dell. Hard Pounding p. 250. Burk and Caimcross, ‘Goodbye’. p. 72, and others have raised the possibility of a “conspiracy” by the Treasury to force the IMF on the U.K. government.

    Peter Jenkins, Mrs Thatcher’s Revolution: The Ending of the Socialist Era (London: Jonathan Cape, 1987), p. 18, “Long March Back to Prosperity Is On, Mr. Callaghan States,” The Times (London), September 29. 1976, p. 4.

    Luigi Spaventa, “Two Letters of Intent: External Crises and Stabilization Policy, Italy 1973–77,” in IMF Conditionality, ed. by John Williamson (Washington: Institute for International Economics, 1983), p. 447.

    International Monetary Fund, International Financial Statistics Yearbook, 1992, p. 430.

    John B, Goodman, Monetary Sovereignty: The Politics of Central Banking in Western Europe (Ithaca, New York: Cornell University Press, 1992), p. 154.

    IMF CF, C/ltaly/810, June 12, 1975, CD. Finch note.

    IMF CF, C/Italy/810, February 25, 1976, L.A. Whittome noce; March 25, 1976, L.A. Whittome note.

    Quoted in de Vries, International Monetary Fund 1972–1978, Vol. 1, p. 453.

    WES 22:62, July 13, 1976, Simon Memorandum for the President.

    IMF CF, C/Italy/810, December 23, 1976, LA. Whittome note.

    IMF CF, C/ltaly/810, January 12, 1977, D.W. Green note.

    IMF CF, C/Italy/810, March 11, 1977, L.A. Whittome cable.

    Spaventa, Two Letters, p. 461. IMF CF, C/Italy/1760, April 11, 1977, memorandum: Italy: Request for Stand-By Arrangement.

    See Peter J. Katzenstein, Small States in World Markets: industrial Policy in Europe (Ithaca, New York: Cornell University Press, 1985), pp. 39–79. Herman Van der Wee, Prosperity and Upheaval: The World Economy 1945–1980, translated by Robin Hogg and Max R. Hall (Berkeley: University of California Press, 1986), pp. 327–28.

    International Monetary Fund, Annual Report, 1976, p. 18.

    Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung: Jahresgutachten 1977/78.

    See Emminger, D-Mark, p. 399. See also Charles Goodhart, “The Conduct of Monetary Policy,” Economic Journal, Vol. 99 (June 1989), p. 300.

    “Should Japan Panic?” Economist, November 24, 1973, pp. 82–83. “japan’s Hypochondria,” Far Eastern Economic Review, May 13, 1974, p. 5.

    Yoshio Suzuki, Japan’s Economic Performance and international Role (Tokyo: University of Tokyo Press, 1989), p. 14.

    IMF CF, G 142.42, William Simon at the Interim Committee in Manila, October 2, 1976.

    Milton Friedman, “Monetary Policy: Theory and Practice,” Journal of Money, Credit, and Banking, Vol. 14 (February 1982), pp. 108–109. Goodhart, “Conduct,” p. 300.

    See also Volcker and Gyohten, Changing Fortunes, p. 146.

    Putnam and Bayne, Hanging Together, p. 69.

    Keesing’s Contemporary Archives, Vol. 23 (1977), p. 28470.

    Hobart Rowen, “Bitterness with Bonn,” Washington Post, March 5, 1978, pp. M1–M2.

    Robert D. Putnam and C. Randall Henning, “The Bonn Summit of 1978: A Case Study in Coordination,” in Can Nations Agree? Issues in international Economic Cooperation (Washington: Brookings Institution, 1989), p. 41. IMF CF, S321, 1D77/5, June 28, 1977. World Economic Outlook—General Survey. International Monetary Fund, International Financial Statistics Yearbook, 1992, p. 149.

    IMF CF, G142.42, September 24, 1977, Interim Committee meeting. Washington.

    Address to Conference Board in New York, February 15, 1978.

    Putnam and Henning, “Bonn Summit,” p. 52.

    International Monetary Fund, Annual Report, 1978, p. 30.

    IMF CF, S321, March 31, 1978, World Economic Outlook—General Survey, pp. 24–25.

    de Vries, International Monetary Fund 1972–1978, Vol. 1, p. 533.

    Emminger, D-Mark, pp. 422–24.

    “Forschungsinstitute kritisieren Geldmengenpolitik der Bundesbank,” Frankfurter Allgemeine Zeitung, March 29, 1978.

    Putnam and Henning, “Bonn Summit,” p, 71.

    Putnam and Bayne, Hanging Together, pp. 86–89.

    Figures given by Treasury Under-Secretary for Monetary Affairs, Anthony M. Solomon, Forex Research Ltd. conference, “The Management of Foreign Exchange Risks,” New York, May 15, 1978.

    Helmut Schmidt interview. “Kanzler Schmidt: Ich war und bin Atlantiker und Europäcr,” Die Welt, July 14, 1978, p. 3.

    Schmidt, Menschen, p, 317.

    Gerald Holtham, “German Macroeconomic Policy and the 1978 Bonn Summit,” in Can Nations Agree? issues in International Economic Cooperation, p. 157.

    International Monetary Fund, International Financial Statistics Yearbook, 1992, p. 142.

    Holtham, “German Macroeconomic Policy,” p. 173.

    Wilfried Guth, “Summary and Conclusions,” in Economic Policy Coordination, ed. by Wilfried Guth (Washington: International Monetary Fund, 1988), p. 211.

    Bank for International Settlements, Fifty-First Annual Report (Basle: Bank for International Settlements, 1981), pp. 66, 68.

    See Edward J, Lincoln, Japan: Facing Economic Maturity (Washington: Brookings Institution, 1988), pp, 99–102.

    Reform of the international Monetary System: A Report by the Executive Directors to the Board of Governors, August 18 1972, reproduced in de Vries, International Monetary Fund 1972–1978, Vol. 3, pp. 41–43, sets out the fundamental philosophy of the Substitution Account.

    Rudolf R. Rhombcrg, “Failings of the SDR: Lessons from Three Decades,” in International Financial Policy: Essays in Honor of Jacques J. Polak, ed. by Jacob A. Frenkel and Morris Goldstein (Washington: International Monetary Fund and De Nederlandsche Bank. 1991), p. 168.

    International Monetary Fund, Annual Report, 1990, and Annual Report, 1991. Table 1.2.

    Emmimger, D-Mark, p. 364.

    Robert Triffin, “Summary and Conclusions,” in The European Monetary System: Origins, Operation and Outlook, by Jacques van Ypersele with Jean-Claude Koeune (Luxembourg: Office for Official Publications of the European Communities, 1984), p. 11.

    Jonathan Story, “The Launching of the EMS: An Analysis of Change in Foreign Economic Policy;” Political Studies, Vol. 36 (1988), p. 397.

    Roy Jenkins, A Life at the Centre (London: Macmillan, 1991), p. 462.

    Jenkins, A Life, p. 467.

    Peter Ludlow, The Making of the European Monetary System: A Case Study of the Politics of the European Community (London: Buttcrworth Scientific, 1982), pp. 97–101.

    Jenkins, A Life, p. 478.

    Edmund Dell, “Britain and the Origins of the European Monetary System,” Contemporary European History, Vol. 3 (1994), pp- 29–30.

    Schmidt, Menschen, p. 190.

    Joseph Gold, “A New Universal and a New Regional Monetary Asset: SDR and ECU,” in Gold, Legal and Institutional Aspects of the International Monetary System, Selected Essays, Vol. 2 (Washington: International Monetary Fund, 1984), pp. 659–722.

    Dell, “Britain and the Origins,” p. 39.

    Ludlow, Making pp. 109–17.

    ME Z9943, February 1980, Tentative d’évaluation des avantages et des contraintes, pour la France, de sa participation au système monétaire européen; also see December 11, 1978, Article IV consultation.

    Jenkins, A Life, p. 481.

    Ypersele with Koeune, European Monetary System, p. 49.

    Wilhelm Nöiling, Unser Geld: Der Kampf urn die Stabilität der Währungen in Europa (Berlin: Ullstein, 1993), pp. 56–57.

    ME Z9943, 244th meeting of EC Monetary Committee, October 10–11, 1978.

    IMF CF, S375, July 12, 1978, Aldo Guetta cable for Managing Director.

    Ludlow, Making, pp. 159–65, Goodman, Monetary Sovereignty, pp. 193–94.

    Jenkins, A Life, p. 482.

    David Marsh, The Bundesbank: The Bank that Rules Europe (London: Heinemann, 1992), p. 233.

    Erik Hoffmeyer, The International Monetary System: An Essay in Interpretation (Amsterdam: North-Holland, 1992), p. 129.

    Jenkins, A Life, pp. 483–84.

    Dell, “Britain and the Origins,” p. 48.

    IMF CF, SM/78/294, December 15, 1978, The European Monetary System: A Paper for Discussion. Sec also ME Z9943, June 2, 1980, Le système monétaire européen vu par le Fond Monétaire International.

    Ludlow. Making, p. 274. Jenkins, A Life, p. 488.

    IMF CF, IS/78/13, December 21, 1978, Chairman’s concluding remarks.

    Keesing’s Contemporary Archives, Vol. 25 (1979), p. 29569. Putnam and Bayne, Hanging Together, p. 96. The President of the Bundesbank pointed out that he hoped that these arrangements would not need to be used.

    IMF CF, C/US/820, January 12, 1978, William B. Dale memorandum: U.S. Views—Intervention, Gold and SFF.

    International Monetary Fund, Annual Report, 1979, p. 40, and Annual Report, 1980, p. 48, Hobart Rowen, “No Limits on Intervention for Dollar, Official Says,” Washington Post, November 20, 1978, p. B13. Hobart Rowen, “Carter Aides Affirm Austere Economy,” Washington Post, December 15, 1978, p. Al.

    Dianne Pauls, “U.S. Exchange Rate Policy: Bretton Woods to Present,” Federal Reserve Bulletin, Board of Governors of the Federal Reserve System, Vol. 76, No. 11 (November 1990), p. 902.

    Schmidt, Menschen, p. 318. William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York: Simon and Schuster, 1987), pp. 118–23.

    Anrhony Y.C. Koo, ed., Selected Essays of Gottfried Haberler (Cambridge, Massachusetts: MIT Press, 1985), p. 238. Tim Congdon, The Debt Threat: The Dangers of High Real interest Rates for the World Economy (Oxford: Basil Blackwell, 1988), p. 91. Volcker and Gyohten, Changing Fortunes, pp. 169–70.

    IMF CF, S321, June 29, 1977, World Economic Outlook—General Survey.

    International Monetary Fund, Annual Report, 1979, p. 40, and Annual Report 1980, pp. 35, 37.

    Interim Committee communiqué, April 25, 1980, reproduced in International Monetary Fund, Annual Report, 1980, p. 154.

    “Timely adjustment is as important for developing countries as for developed countries.” International Monetary Fund, Annual Report, 1985, p. 44.

    Chapter 11. The 1970s: Capital Markets Versus the New International Economic Order

    Ronald L McKinnon, “The Rules of the Game: International Money in Historical Perspective,” Journal of Economic Literature, Vol. 31 (March 1993), p. 30.

    Quoted in Margaret Garritsen de Vries, The International Monetary Fund 1972–1978: Cooperation an Trial, Vol. 1 (Washington: International Monetary Fund, 1985), pp. 337–38.

    Keesing’s Contemporary Archives, Vol. 20 (1974), pp. 26548–49.

    Jan Tinbergen, Reshaping the International Order: A Report to the Club of Rome (New York: E.R Dutton, 1976), pp. 63, 71, 79.

    Keesing’s Contemporary Archives, Vol. 21 (1975), p. 27010.

    Tinbergen, Reshaping, p. 126.

    The latter was proposed by I.G, Patel: The Link Between the Creation of International Liquidity and the Provision of Development Finance (Geneva: United Nations Conference on Trade and Development, 1967). See also Harry G. Johnson, Economic Policies Toward Less Developed Countries (Washington: Brookings Institution, 1967), pp. 223–36.

    William R. Cline, International Monetary Reform and the DevelopingCountries (Washington: Brookings Institution, 1976), p. 91.

    North-South, a Programme for Survival: Report of the Independent Commission on International Development Issues (Cambridge, Massachusetts: MIT Press, 1980). Willy Brandt was Chairman of the Commission.

    Group of Twenty-Four, “The Functioning and Improvement of the International Monetary System: Report of the Deputies of the Group of Twenty -Four,” August 1985, reproduced in International Monetary Fund, IMF Survey, Supplement on the Fund, Vol. 14 (September 1985).

    The proportions were 6.4 percent in 1972 and 5.9 percent in 1981. Figures for international reserves (with gold valued at $35 an ounce) derived from International Monetary Fund, International Financiai Statistics.

    IMF CF, Witteveen in C-20 January 17–18, 1974 meetings.

    WES 23:25, December 6, 1974 statement of Sam Y. Cross. See also IMF CF, C/US/820, March 11, 1974, William B. Dale memorandum: Discussion with Secretary Shultz. ME B12533, November 29, 1974, Position commune sur les problèmes monétaires internationaux.

    IMF CF, C-20 January 17–18, 1974 meeting.

    Tinbergen, Reshaping, p. 200.

    For an exploration of this way of looking at the Fund’s activity, see Peter B. Kenen, Financing, Adjustment and the International Monetary Fund (Washington: Brookings Institution, 1986), pp. 2–7.

    de Vries, International Monetary Fund 1972–1978, Vol. 1, p. 322.

    IMF CF, C/US/820, July 31, 1974, Witteveen memorandum: Notes on Discussions with New York Bankers, July 25, 1974.

    International Monetary Fund, Annual Report, 1974 (Washington: International Monetary Fund, 1974), p. 26; see also International Monetary Fund, Annual Report, 1975, p. 19.

    International Monetary Fund, Annual Report, 1976, pp. 20, 22.

    H. Johannes Witteveen, “The IMF and the International Banking Community,” address to the Financial Times Conference, New York, April 29, 1976. Reproduced in International Monetary Fund, IMF Survey, May 3, 1976, p. 139.

    IMF CF, G 142.42, Interim Committee meeting, October 2, 1976.

    GRF, Burns papers B72, IMF Witteveen facility, Ted Truman, November 2, 1977, background material for Witteveen Luncheon.

    International Monetary Fund, Summary Proceedings, 1976 (Washington: International Monetary Fund, 1976), pp. 16–17.

    GRF, Burns papers, R3, B15 1976–78, October 27, 1977, Lamfalussy cable to Burns.

    Edmar Lisboa Bacba and Carlos F. Diaz-Alejandro, “Tropical Reflections on the History and Theory of International Financial Markets,” in For Good or Evil: Economic Theory and North-south Negotiations, ed. by Gerald K. Helleiner (Toronto; University of Toronto Press, 1982), p. 140.

    IMF CF, G 142.42, Interim Committee, October 2, 1976.

    IMF CF, G 142.42, Interim Committee. September 24, 1977.

    IMF calculations; see also Table 9-1.

    IMF, EBM/79/106–107, July 6, 1979; EBM/79/121, July 23, 1979.

    H. Johannes Witteveen, “Financing the LDCs: The Role of Public and Private Institutions,” address to the 1978 Euromarkets conference. London, May 8, 1978. Reproduced in International Monetary Fund, IMF Survey, May 22, 1978, p. 146.

    Masanao Matsunaga (Japanese Executive Director), cited in de Vries, International Monetary Fund 1972–1978, Vol. 1, p. 505.

    “Guidelines on Conditionally.” Decision No. 6056-(79/38), March 2, 1979, Selected Decisions and Selected Documents of the International Monetary Fund, Nineteenth Issue (Washington: International Monetary Fund, 1994), pp. 85–89.

    United States, Department of the Treasury, United States Participation in the Multilateral Development Banks in the 1980s (Washington: U.S. Government Printing Office, February 1982), p. 41.

    World Bank, Country Economics Department, Adjustment Lending: An Evaluation of Ten Years of Experience (Washington: World Bank, 1988), especially pp. 10–16.

    Tony Killick, “Kenya, the IMF, and the Unsuccessful Quest for Stabilization,” in IMF Conditionality, ed. by John Williamson (Washington: Institute for International Economics, 1983), p. 386. See also Sidney Dell, On Being Grandmotherly: The Evolution of IMF Conditionality, Essays in International Finance No. 144 (Princeton, New Jersey: Princeton University Press, 1981).

    IMF CF, C/Mexico/420.3, January 22, 1980, Article IV Consultation Report.

    For instance, Gerald M. Meier, Problems of a World Monetary Order (New York: Oxford University Press, 1982), pp. 159–74.

    United Nations General Assembly, 32nd Session, 15th Plenary Meeting, September 30, 1977, Official Records of the General Assembly, Vol. 1 (New York: United Nations, 1978), p. 260.

    Darrell E. Levi, Michael Maney: The Making of a Leader (London: Andre Deutsch, 1989), pp. 184–86. Michael Kaufman, Jamaica Under Manley: Dilemmas of Socialism and Democracy (London: Zed Books, 1985), pp, 132–37.

    IMF CF, C/Jamaica/150.1, November 22,1978, E. Walter Robichek memorandum.

    IMF CF, C/Jamaica/810, February 15, 1980, de Larosière to Manley.

    Keesng’s Contemporary Archives, Vol. 27 (1981), p. 30751.

    IMF CF, C/Jamaica/810, April 18, 1980, O. Albertelli memorandum: Jamaica—Role of the Fund in Recent Stabilization Efforts.

    IMF CF, C/India/820, July 28, 1981, meeting of Managing Director with Indian officials.

    IMF CF, C/India/810, July 27, 1981, P.R. Narvekar memorandum.

    United States, Department of the Treasury, United States Participation, especially pp. 58–65.

    Catherine Gwin, “Financing India’s Structural Adjustment: The Role of the Fund,” in IMF Conditionality, Williamson, ed., pp. 527–28. IMF CF, C/India/810, April 25, 1983, Tun Thin memorandum: India: Discussions for the 1983/84 Program Under the EFF.

    See M. Narasimham, World Economic Environment and Prospects for India (New Delhi: Sterling Publishers, 1988), pp. 77–79.

    IMF CF, C/Turkey/810, August 9, 1978, Tunç Bilget memorandum.

    Anne O. Krueger, Political Economy of Policy Reform in Developing Countries (Cambridge, Massachusetts: MIT Press, 1993), p. 118. Anne O. Krueger and liter Turan, “The Politics and Economics of Turkish Policy Reforms in the 1980s,” in Political and Economic Interactions in Economic Policy Reform: Evidence from Eight Countries, ed. by Robert H. Bates and Anne O. Krueger (Oxford: Basil Blackwell, 1993), pp. 347, 352–53.

    IMF CF, C/Turkey/810, April 4, 1980, de Larosière pencil note.

    See John Waterbury, “The Political Context of Public Sector Reform and Privatization in Egypt, India, Mexico, and Turkey,” in The Political Economy of Public Sector Reform and Privatization, ed. by Ezra N. Suleiman and John Waterbury (Boulder, Colorado: Westview Press, 1990), pp, 293–318.

    International Monetary Fund, International Financial Statistics, See also International Monetary Fund, World Economic Outlook, May 1983: A Survey fry the Staff of the International Monetary Fund, IMF Occasional Paper No. 21 (Washington: International Monetary Fund), p. 103.

    See Jeffrey D. Sachs, “Introduction,” in Developing Country Debt and the World Economy, ed. by Jeffrey D. Sachs (Chicago: University of Chicago Press, 1989), p. 22.

    International Monetary Fund, Annual Report, 1983, p, 56.

    IMF CF, S1230, IMF Research Department, May 11, 1982, The Size of the Fund in the 1980s.

    International Monetary Fund, Annual Report, 1978, p. 140.

    International Monetary Fund, Annual Report, 1980, p. 3.

    Dell, On Being Grandmotherly, pp. 24–25.

    de Vries, International Monetary Fund 1972–1978, Vol. 1, pp. 545–46.

    International Monetary Fund, Annual Report, 1981, pp. 89–90.

    Approved by IMF Executive Board on February 24, 1983; see EBM/83/37.

    For instance, Richard N. Cooper, “The Evolution of the International Monetarty Fund Toward a World Central Bank,” in Cooper, The International Monetary System: Essays in World Economics (Cambridge, Massachusetts: MIT Press, 1987), pp. 251–52. (Originally published in 1983.)

    International Monetary Fund, World Economic Outlook, April 1985 (Washington: International Monetary Fund, 1965), p. 3.

    Chapter 12. The Debt Crisis

    Jesús Silva Herzog, “The Costs for Latin America’s Development,” in Latin America’s Debt Crisis; Adjusting to the Past or Planning for the Future? ed. by Robert A. Pastor (Boulder, Colorado: Lynne Rienner, 1987), p. 33.

    International Monetary Fund, Annual Report, 1982 (Washington: International Monetary Fund, 1982), pp. 4, 39.

    Karin Lissakers, Banks, Borrowers, and the Establishment: A Revisionist Account of the international Debt Crisis (New York: Basic Books, 1991), p. 105.

    International Monetary Fund, World Economic Outlook, May 1983: A Survey by the Staff of the international Monetary Fund, IMF Occasional Paper No. 21 (Washington: International Monetary Fund, 1983), p. 65.

    Jeffrey D. Sachs, “The Current Account and Macroeconomic Adjustment in the 1970s,” Brookings Papers on Economic Activity, 1981(1), p. 243.

    See, for instance, S.C Gwynne, Selling Money (New York: Weidenfeld & Nicolson, 1986). Raul L Madrid, Overexposed. US, Banks Confront the Third World Debt Crisis (Washington: Investor Responsibility Research Center, 1990).

    IMF RD, August 18, 1982, David Finch memorandum.

    Madrid, Overexposed, pp. 70–71.

    David F. Lomax, The Developing Country Debt Crisis (New York; St, Martin’s Press, 1986), pp. 60–64. Madrid, Overexposed, pp. 64–68.

    Madrid, Overexposed, p. 46.

    Jack M. Guttentag and Richard J. Herring, Disaster Myopia in International Banking, Princeton Essays in International Finance No. 164 (Princeton, New Jersey: Princeton University Press, 1986), p. 10.

    Morris Goldstein, David Folkerts-Landau, Mohamed El-Erian, Steven Fries, and Liliana Rojas-Suárez, International Capital Markets: Developments, Prospects, and Policy Issues, World Economic and Financial Surveys (Washington: International Monetary Fund, 1992), p. 3. Morris Goldstein and others, International Capital Markets, Part II, Systemic Issues in International Finance, World Economic and Financial Surveys (Washington: International Monetary Fund, 1993), p. 17.

    Irving S. Friedman, “Evaluation of Risk in International Lending: A Lender’s Perspective,” in Federal Reserve Bank of Boston, Key Issues in International Banking (Boston: Federal Reserve Bank of Boston, 1977), pp. 121, 124. Rudiger Dornbusch, “Discussion,” in Federal Reserve Bank of Boston, Key Issues, p. 132.

    International Monetary Fund, World Economic Outlook, April 1985: A Survey by the Staff of the international Monetary Fund (Washington: International Monetary Fund, 1985), pp. 120–21.

    Mario Henrique Simonsen, “The Developing-Country Debt Problem,” in International Debt and the Developing Countries, ed. by Gordon W. Smith and John T. Cuddington (Washington: World Bank, 1985), p. 101.

    International Monetary Fund, World Economic Outlook, May 1983, p, 69.

    International Monetary Fund, International Financial Statistics Yearbook, 1994. p. 127.

    International Monetary Fund. World Economic Outlook, May 1983, p. 69.

    International Monetary Fund, International Financial Statistics Yearbook, 1994, pp. 166–69.

    International Monetary Fund, Annual Report, 1980, p. 78; Annual Report, 1983, p, 91; World Economic Outlook, April 1986, Supplementary Note 3, pp. 139–47.

    Tim Congdon, The Debt Threat: The Dangers of High Real Interest Rates for the World Economy (Oxford: Basil Blackwell, 1988), pp. 134–36.

    World Bank, World Development Report 1985 (New York: Oxford University Press, 1985), p. 64. Congdon, Debt Threat, p. 124. World Bank, World Debt Tables, 1989–90, Vol. 1, p. 33. The survey by Robert Cumby and Richard Levich, “Definitions and Magnitudes: On the Definition and Magnitude of Recent Capital Flight,” in Capital Flight and Third World Debt, cd. by Donald R. Lessard and John Williamson (Washington: Institute for International Economics, 1987), pp. 52–63, provides a compilation of estimates, including tbose of John T. Cuddington and William R. Cline, presenting somewhat lower figures than the World Bank estimates.

    George Shultz, “Beyond the Debt Problem: The Path to Prosperity in Latin America,” Address to the Organization of American States, December 2, 1985, in U.S. Department of State, Bulletin (February 1986), pp. 32–36.

    Lissakers, Banks, Borrowers, p. 92.

    See Chandra S. Hatdy, Rescheduling Developing-Country Debts, 1956–1981: Lessons and Recommendations (Washington: Overseas Development Council, 1982), pp. 55–39.

    Friedman, “Evaluation of Risk,” p. 119.

    Rimmer de Vries, “The Limited Role of the IMF,” Morgan Guaranty Trust Company, World Financial Markets, April 1982, pp. 10–11.

    GRF, Bums papers B72, January 23, 1978, Jay Brenneman memorandum.

    “Polish Debt Problem Looms for Banks; Lending Margins Compressed in Asia,” Wall Street journal, March 11, 1981, p. 30.

    IMF CF, C/Hungary/810, December 17, 1981, Report of P. de Fontenay.

    Bank for International Settlements, Fifty-Third Annual Report 1982/83 (Basle: Bank for International Setlements, 1983), pp. 164–65.

    Bank for International Settlements, Committee on Banking Regulations and Supervisory Practices, Management of Banks’ International Lending: Country Risk Analysis and Country Exposure Measurement and Control (Basle: Bank for International Settlements, March 1982).

    Guttentag and Herring, Disaster Myopia, p. 15. E. Brau, R.C. Williams, P.M. Keller, and M. Nowak, Recent Multilateral Debt Restructuring with Official and Bank Creditors, IMF Occasional Paper No. 25 (Washington: International Monetary Fund, 1983), p. 5.

    Carlos Bazdresch and Santiago Levy, “Populism and Economic Policy in Mexico 1970–1982,” in The Macroeconomics of Populism in Latin America, ed. by Rudiger Dornbusch and Sebastian Edwards (Chicago: University of Chicago Press, 1991), p. 249.

    IMF CF, C/Mexico/820,3, June 25, 1982, Article IV Consultation Report.

    “Loan Signed for Mexico Totaling $2.5 Billion,” Wall Street Journal, July 2, 1982, p. 17. “Loan to Mexico of $2.5 Billion Seems Delayed,” Wall Street Journal, June 14, 1982, p. 25. “French Raise 12-Year Credit,” Financial Times, June 14, 1982, p. 21.

    IMF RD, AN 87/19, Box 2, Section 94, July 12, 1982, memorandum for the files.

    Joseph Kraft, The Mexican Rescue (New York; Group of Thirty, 1984), pp. 4–5, 12.

    IMF RD, G-5 Group Surveillance file, August 12, 1982, memorandum on August 10, 1982 meeting in U.S. Treasury.

    Donald T. Regan, For the Record: From Wall Street to Washington (New York: Harcourt Brace Jovanovich, 1988), p. 209.

    Interview with author. Paul A. Volcker and Toyoo Gyohten, Changing Fortunes; The World’s Money and the Threat to American Leadership (New York: Times Books, 1992), p. 200.

    IMF RD, AN 87/19, Box 2, Section 94, August 23,1982, M. Guitián memorandum: Mexico—Meeting with Creditor Banks at the Federal Reserve Bank of New York.

    Kraft, Mexican Rescue, p. 39.

    World Bank, World Debt Tables, 1991–92, Vol. 1, p. 44.

    IMF RD, AN 85/231, Box 9, Section 177, Irwin D. Sandberg memorandum: Meeting between IMF and Commercial Bankers Regarding Mexico and Argentina, November 18, 1982.

    “Volcker Offers Plan to Reduce Debt Strain on Developing Nations, Cut Default Risk,” Wall Street Journal, November 17, 1982, p. 2.

    Madrid, Overexposed, pp. 98–99.

    IMF RD, AN 88/274, Box 5, Section 269, November 22, 1982, de Larosière handwritten notes on London meeting.

    International Monetary Fund, World Economic Outlook, April 1984, pp. 56–57. Nora Lustig, Mexico, The Remaking of an Economy (Washington: Brookings Institution, 1992), p. 35.

    International Monetary Fund, International Financial Statstics Yearbook, 1994, pp. 169, 153.

    The critical report of The Washington Post (“IMF Cuts Off Lending to Mexico,” September 20, 1985, p. E1) appeared on the same day as the news of the earthquake in Mexico City. Also IMF CF, C/Mexico/810, September 17, 1985, J.P. Pujol memorandum.

    Philippe Szymczak, “International Trade and Investment Liberalization: Mexico’s Experience and Prospects,” in Mexico; The Strategy to Achieve Sustained Economic Growth, ed. by Claudio Loser and Eliot Kalter, IMF Occasional Paper No. 99 (Washington: International Monetary Fund, 1992), pp. 28–31.

    Quoted in Rudiger Dornbusch, “Mexico: Stabilization, Debt and Growth,” Ecunomic Policy, No. 7 (October 1988), p. 233.

    Rudiger Dornbusch, “Overborrowing: Three Case Studies,” in Dollars, Debts and Deficits (Cambridge, Massachusetts: MIT Press, 1986, and Leuven, Belgium: Leuven University Press, 1986), pp. 118–20.

    IMF CF, C/Argentina/1760, January 7, 1983, letter of intent signed by Julio Gonzalez del Solar and Jorge Wehbe.

    For instance, Rudiger Dornbusch, “The World Debt Problem: 1980–84 and Beyond,” in Dollars, Debts and Deficits, pp. 131–50.

    IMF CF, C/Argentina/1760, July 22, 1985, letter of intent to Managing Director of IMF, signed by Juan Vital Sourrouille and J J. Alfredo Concepción.

    IMF CF, C/Argentina/810, March 6, 1986, briefing paper.

    “Argentina Skirts IMF with Reform Plan as Fund’s Director Quarrels with U.S.,” Wall Street Journal, September 26, 1988, p. 3.

    Raúl Alfonsín address to the Americas Society, New York, May 31, 1988 (IMF CF, C/Argentina/150.1).

    William R. Cline, “Comment,” in Latin American Adjustment: Huw Much Has Happened? ed. by John Williamson (Washington: Institute for International Economics, 1990), pp. 169–70. Roberto Cortés Conde, “Growth and Stagnation in Argentina,” in Towards a Development Strategy for Latin America: Pathways from Hirschman’s Thought, ed. by Simón Teitel (Washington: Inter-American Development Bank, 1992), especially pp. 344–45.

    Roque B. Fernández, “What Have Populists Learned from Hyperinflation?” in The Macroeconomics of Populism in Latin America. Dornbusch and Edwards, eds., pp. 121–44.

    World Bank, World Debt Tables, 1985–86, pp. 274. 326.

    Between 1982 and 1988, U.S. money center banks increased their exposure to the eight largest debtor countries by 12 percent, while small regional banks succeeded in reducing theirs by 65 percent. See Michel H. Bouchet and Jonathan Hay, “The Rise of the Market-Based ‘Menu’ Approach and Its Limitations,” in Dealing with the Debt Crisis, ed. by Ishrat Husain and Ishac Diwan (Washington: World Bank, 1991), pp. 146–59.

    IMF CF, EBM/83/36, February 23, 1983.

    “Brazil Releases List of Banks Cutting Deposits,” Wall Street Journal, February 24, 1983, p. 32.

    IMF CF, C/Brazil/150.1, February 7, 1986, de Larosière cable to William Rhodes.

    IMF CF, C/Brazil/150.1, July 25, 1986, Statement of Fernão C.B. Bracher.

    IMF CF, C/Brazil/I50.l, February 20, 1987, Federative Republic of Brazil to the International Financial Community. “Brasil to Suspend Interest Payment to Foreign Banks,” New York Times, February 21, 1987, p. 1. “Brazil Debt Action Poses Challenge for Major Banks,” Wall Street Journal, February 23, 1987, p. 3.

    IMF CF, C/Brazil/150.1, May 3, 1988, Camdessus cable.

    World Bank, World Debt Tables, 1985–86, figure for gross external liabilities, pp. 214, 254.

    See IMF CF, C/Philippines/1760, EBM/84/184, December 14, 1984.

    Details from Staff Report for 1986 Article IV consultation, IMF CF, C/Bolivia/1760, November 26, 1986, EBS/86/263.

    Jacques de Larosière, “A Great Deal Was at Stake,” Financial Times, July 30, 1992, p. 5.

    Reuters News Report, February 1, 1983.

    IMF RD, 85/231, Box 11, Section 177, April 13, 1983, A. Guetta cable (Paris) to IMF Washington.

    Jacques Attali, Verbatim, Vol. 1, Chronique des armées 1981–1986 (Paris: Fayard, 1993), pp. 449, 768.

    International Monetary Fund, World Economic Outlook, April 1985, p. 51.

    James W. Wilkie, ed., Statistical Abstract of Latin America, Vol. 29, Pan 1 (Los Angeles: UCLA Latin American Center Publications, University of California, 1992), pp. 396, 406.

    “Sen. Bradley Warns Industrial Nations of ‘Debtors’ Cartel,” Wall Street Journal, February 2, 1983, p. 12. “Banks’ Bid for Aid Stirs Old, Deep Resentments,” New York Times, February 10, 1983, p. D1. “The Debt Cartel,” Financial World, March 15, 1983, p. 34.

    Allan H. Meltzer, “A Way to Defuse the World Debt Bomb,” Fortune, November 28, 1983, p. 127. “Foreign Debt Difficulties Prompt Proposals for Drastic Restructuring,” Wall Street Journal, February 8, 1983, p, 35 (Peter Kenen). See also Peter B. Kenen, “Organizing Debt Relief: The Need for a New Institution.”Journal of Economic Perspectives, Vol. 4 (Winter 1990), pp. 7–18. “The International Debt Threat: A Concerted Way Out,” Economist, July 9, 1983, p. 14 (Harold Lever).

    See James M. Boughton, “The IMF and the Latin American Debt Crisis: Seven Common Criticisms,” IMF Paper on Policy Analysis and Assessment No. 94/23 (Washington: International Monetary Fund, October 1994). Michael P. Dooley, “An Analysis of the Debt Crisis,” IMF Working Paper No. 86/14 (Washington: International Monetary Fund, December 1986).

    Sec Arjun Sengupta, “Allocation of SDRs Linked to Reserve Needs,” Finance & Development, Vol. 23 (September 1986), pp. 18–21.

    Michel Camdessus, remarks before Institute of International Finance, Washington, May 22, 1987.

    Lomax, Developing Country Debt Crisis, p. 264. Congdon, Debt Threat, p. 150. Simonsen, “Developing-Country Debt Problem,” p. 102.

    William R. Cline, “International Debt: Analysis, Experience and Prospects,” Journal of Development Planning, No, 16 (1985), p. 27.

    Hugh O’Shaughnessy, “Lutin America Calls for Financial and Trade Concessions,” Financial Times, June 25, 1984, p. 1.

    Attali, Verbatim, Vol. 1, p. 694.

    IMF CF, G-24, September 29, 1979, “Outline for a Program of Action on International Monetary Reform,” reproduced in International Monetary Fund, IMF Survey, October 15, 1979, pp. 319–23.

    G-24, August 1985, “The Functioning and Improvement of the International Monetary System,” reproduced in Andrew Crockett and Morris Goldstein, Strengthening the International Monetary System: Exchange Rates. Surveillance, and Objective Indicators, IMF Occasional Paper No. 50 (Washington: International Monetary Fund, 1987), pp. 60–79.

    International Monetary Fund, World Economic Outlook, April 1985, p. 6.

    IMF CF, C/Brazil/150.1, March 1984 letter of Wilfried Guth (Deutsche Bank).

    Remarks of de Larosièrc to International Monetary Conference, Philadelphia, June 4, 1984.

    Summit declaration, June 7–9, 1984, U.S. Department of State, Bulletin, Vol. 84 (August 1984), p. 3.

    Lomax, Developing Country Debt Crisis, pp. 120 ff.

    Keesing’s Contemporary Archives, Vol. 30 (1984), p. 33071.

    A limited rescheduling of official debt had taken place in June 1983. See K. Burke Dillon, C. Maxwell Watson, G. Russell Kincaid, and Chanpen Puckahtikom, Recent Developments in External Debt Restructuring IMF Occasional Paper No. 40 (Washington: International Monetary Fund, 1985), p. 8.

    Eleven MYRAs in all were concluded.

    Rudiger Dornbusch, “The World Debt Problem,” p. 147. Harold Lever and Christopher Huhne, Debt and Danger: The World Financial Crisis (Harmondsworth, England: Penguin, 1985), p. 83.

    “U.S. Proposals on International Debt Crisis,” Hearing Before the Committee on Banking, Finance and Urban Affairs, House of Representatives, 99th Congress, 1st Session, October 22, 1985, Serial No. 99–39 (Washington: U.S. Government Printing Office, 1986).

    IMF RD, AN 88/274, Box 8, Section 269, Managing Director’s Meeting with Bankers (January 6, 1986).

    David C. Mulford, “The View of the Reagan Administration: Toward Stronger World Growth,” in Pastor, ed., Latin America’s Debt Crisis, p. 82.

    See André Szasz, Monetaire Diplomatie: Nederlands Internationale Monetaire Politick (Leiden: HE. Stenfort Krose, 1988), pp. 225–29.

    Later Assistant Secretary Mulford tried to counter this impression. In February 1986 he stated that: “I would underscore at the outset that the IMF must continue to play its very important role in the overall debt strategy.” Statement before the Orion Royal Bank Conference, London, February 4, 1986: U.S. Department of the Treasury, Treasury News.

    World Bank, World Debt Tables, 1989–90: World Debt Tables, 1992–91. Vol. 1, pp. 160, 192–93,

    IMF RD, AN 88/274, Box 8, Section 269, Managing Director’s Meeting with Bankers (January 6, 1986).

    Rudiger Dornbusch, ““Secretary Baker Hits the Campaign Trail,” New York Times, October?, 1987, p. A31

    IMF, Interim Committee, April 9, 1987, Informal Session.

    World Bank, World Debt Tables, 1988–89, Vol, 1, p. xi.

    International Monetary Fund, World Economic Outlook, October J988; A Survey by the Staff of the International Monetary Fund, World Economic and Financial Surveys (Washington: International Monetary Fund, 1988), p. 41.

    International Monetary Fund, Annual Report, 1990, p. 32.

    Lissakers, Banks, Borrowers, p. 237.

    “Peru’s New Chief to Limit Payments on Foreign Debt,” New York Times, July 29, 1985, p. 1.

    BBC, English language transcript (dated July 30, 1985) or July 28, 1985 address.

    Quoted in Lissakers, Bankers, Borrowers, p. 202.

    Alfred Herrhausen, “Zeit ist Geld.” Die Zeit, September 16, 1988, pp. 35–36.

    IMF CF, C/Argentina/150.1, December 18, 1989, Deutsche Bank to Managing Director of IMF.

    “Japan to Play Leading Role over Debt Burdens,” Financial Times, September 15, 1987. p. 1. “Japan as a Suitable Leader,” Financial Times, World Economy, September 28, 1987, p. 2. Nihon Keizai Shimbun, Japan Economic Journal, October 10, 1987.

    Financial Times, April 19, 1994, p. 3, quoting a member of the bank-owned Institute of International Finance, Washington, on the Brazilian deal that “signals a shift in the importance attached by the markets to the Bretton Woods institutions.”

    Pedro Aspe Armella, “The Renegotiation of Mexico’s External Debt,” Institute of Development Studies, IDS Bulletin, Vol. 20, No. 2 (1990), pp. 22–26.

    See Jeremy Bulow and Kenneth Rogoff, “The Buyback Boondoggle,” Brookings Papers on Economic Activity, 1988(2), pp. 675–704. Jeffrey Sachs, “Efficient Debt Reduction,” in Husain and Diwan, eds., Dealing with the Debt Crisis, pp. 239–57.

    Goldstein and others, International Capital Markets, 1992, pp. 42–43.

    Goldstein and others, International Capital Markets, 1992, p. 40.

    World Bank, World Debt Tables, 1991–92, Vol. 1, p. 44.

    Address to Economic Club of Chicago, December 15, 1983, reproduced in International Monetary Fund, IMF Survey, January 9, 1984, pp. 2–6.

    Stijn Claessens and Sudarshan Gooptu, “Can Developing Countries Keep Foreign Capital Flowing In?” Finance & Development, Vol. 31 (September 1994), pp. 62–65.

    Rudiger Dornbusch, “Debt Problems and the World Macroeconomy,” in Developing Country Debt and Economic Performance, Vol. 1, The International Financial System, ed. by Jeffrey D. Sachs (Chicago: University of Chicago Press, 1989), p. 353. World Bank, World Development Report 1991 (New York: Oxford University Press, 1991), p. 123.

    “Return of a Deal-Maker,” Financial Times, June 18, 1993, p. 10.

    See Benjamin J. Cohen, In Whose Interest? International Banking and American Foreign Policy (New Haven, Connecticut: Yale University Press, 1986). Joseph Jude Norton, “Capital Adequacy Standards: A Legitimate Regulatory Concern for Prudential Supervision of Banking Activities?” Ohio State Law Journal, Vol. 49 (1989), p. 1325. Daniel Granirer, “A Modern Great Power Concert: New York, Tokyo, and the Political Economy of International Financial Regulatory Cooperation,” Princeton University, doctoral dissertation, 1994. Goldstein and others, International Capital Markets, 1992, pp. 10–15.

    For instance, E. Gerald Corrigan, “Challenges Facing the International Community of Bank Supervisera,” Quarterly Review, Federal Reserve Bank of New York. Vol. 17, No. 3 (1992). pp. 1–9.

    Goldstein and others. International Capital Markets, Part II (1993). The survey notes that “Some of the recent products may not be well understood either by senior management of banks or by supervisera of securities firms” (p, 28).

    Chapter 13. Consensus in Cooperation and Its Fragility

    See Michael Mussa, “Nominal Exchange Rate Regimes and the Behavior of Real Exchange Rates: Evidence and Implications,” Carnegie-Rochester Conference Series on Public Policy, Vol, 25 (1986), pp. 117–213. C. Fred Bergsten, “Economic Imbalances and World Polines,” Foreign Affairs, Vol. 65, No, 4 (Spring 1987), pp. 770–94.

    International Monetary Fund, Annual Report, 1982 (Washington: International Monetary Fund, 1982), p. 45.

    Henry Kissinger, “International Economics and World Order” (September 24, 1984) in Observations: Selected Speeches and Essays 1982–1984 (Boston: Little, Brown, 1985), pp. 224–25.

    David A. Stockman, The Triumph of Politics: How the Reagan Revolution Failed (New York: Harper & Row, 1986), p. 274.

    Stockman, Triumph, p. 271.

    International Monetary Fund, International Financial Statistics Yearbook, 1994, p. 743. I.M, Destler and C. Randall Henning, Dollar Politics: Exchange Rate Policymaking in the United States (Washington: Institute for International Economics, 1989), p. 18.

    September 14, 1981 discussions in IMF CF, EBM/81/125 and EBM/81/126.

    See Michael J. Artis, “How Accurate Is the World Economic Outlook? A Post Mortem on Short-Term Forecasting at the International Monetary Fund,” Staff Studies for the World Economic Outlook (Washington: International Monetary Fund, 1988), pp. 30, 40.

    IMF CF, SM/81/157, July 14, 1981, Staff Report for Article IV Consultations.

    IMF CF, C/US/4203, EBM/81/109, July 31, 1981.

    IMF CF, C/US/4203, EBM/81/110, July 31, 1981.

    IMF CF, August 20, 1982, World Economic Outlook discussion in EBM/82/114.

    IMF CF, C/US/820. June 29, 1982, ST. Beza memorandum: U.S. Article IV Consultations.

    International Monetary Fund, World Economic Outlook, May 1983: A Survey by the Staff of the International Monetary Fund, IMF Occasional Paper No. 21 (Washington: International Monetary Fund, 1983), p. 80.

    International Monetary Fund, World Economic Outlook, April 1984: A Survey by the Staff of the International Monetary Fund, IMF Occasional Paper No. 27 (Washington: International Monetary Fund, 1984), p. 96.

    Donald T. Regan, For the Record: From Wall Street to Washington (New York: Harcourt Brace Jovanovich, 1988), p. 171.

    International Monetary Fund, World Economic Outlook, April 1982: A Survey by the Staff of the International Monetary Fund, IMF Occasional Paper No. 9 (Washington: International Monetary fund, 1982), p. 11.

    Testimony to Joint Economic Committee, May 4, 1981, cited in B. Dianne Pauls, “U.S. Exchange Rate Policy: Bretton Woods to Present,” Federal Reserve Bulletin, Board of Governors of the Federal Reserve System, Vol. 76, No. 11 (November 1990), p. 904.

    IMF CF, C/US/820, June 29, 1982, S.T. Beza memorandum: U.S. Article IV Consultations.

    Pauls, “U.S. Exchange Rate Policy,” p. 900.

    IMF CF, S375, SM/85/318, December 2, 1985 staff note.

    See Stephen Marris, Deficits and the Dollar: The World Economy at Risk (Washington: Institute for International Economics, 1985; rev. ed., 1987).

    Robert D. Putnam and Nicholas Bayne, Hanging Together: The Seven-Power Summits (Cambridge, Massachusetts: Harvard University Press, 1984), p. 156.

    Jacques Attali, Verbatim, Vol. 1, Chronique des années 1981–1986 (Paris: Fayard, 1993), p. 61.

    See Martin Feldstein, “American Economic Policy and the World Economy,” Foreign Affairs, Vol. 63, No. 5 (Summer 1985), pp. 995–1008.

    Calculated from International Monetary Fund, International Financial Statistics Yearbook, 1990, p. 171.

    International Monetary Fund, World Economic Outlook, April 1982, p. 34, and World Economic Outlook, April 1985, p. 173.

    International Monetary Fund, Annual Report, 1981, pp. 59–60.

    See Henry R. Nau, The Myth of America’s Decline: Leading the World Economy into the 1990s (New York: Oxford University Press, 1990), pp. 213–16.

    Putnam and Bayne, Hanging Together, pp. 160–61.

    See James M. Boughton, “France and the IMF in the Floating-Rate Era: What Role for Surveillance?” paper prepared for a conference on France and the Bretton Woods Institutions 1944–1994, Paris, 1994; forthcoming under the title “La France, le FMI et le régime des taux de change flottants: Quel rôle donner à la surveillance?” in La France et les Institutions de Bretton Woods, 1944–94 (Paris: CEPII, 1995).

    Jean-Noël Jeanneney, Leçon d’histoire pour une gauche au pouvoir: Lafaillite du Cartel 1924–1926 (Paris: Editions Seuil, 1977).

    Attali, Verbatim, Vol. 1, pp. 61, 239.

    Ibid., p. 62.

    IMF RD, G-5 surveillance, March 15, 1983, P. de Fontenay memorandum.

    Keesing’s Contemporary Archives, Vol. 28 (1982), p. 31638.

    IMF RD, July 21, 1982 memorandum: G-5/G-7 surveillance.

    Keesing’s Contemporary Archives, Vol. 28 (1982), p. 31638.

    “Everyone Has Their Way,” Financial Times, June 8, 1982, p. 19.

    Attali, Verbatim, Vol. 1, p. 242. “Finance Chiefs Agree to Try to Align National Policies,” New York Times, June 6, 1982, p. 16. “Differing Views Offered of Intervention Agreement,” Financial Times, June 7, 1982, p. 2.

    Pierre Favier and Michel Martin-Roland, La Décennie Mitterrand, Vol. 1, Les ruptures (1981–1984) (Paris: Editions Seuil, 1990), p. 419.

    Donald T. Regan, “The Versailles Summit and the World Economy,” Wall Street Journal, June 15, 1982, p. 26.

    Kyodo New Service, November 8, 1973.

    Quoted in Nau, Myth, pp. 234–55.

    IMF CF, C/US/820, June 29, 1982, S.T. Beza memorandum: U.S. Article IV Consultations.

    IMF CF, S375, March 1983: Report of the Working Group on Exchange Market Intervention.

    IMF CF, S375, April 29, 1983, G-5 ministerial statement.

    International Monetary Fund, Annual Report, 1983, p. 53.

    Paul A. Volcker and Toyoo Gyohten, Changing Fortunes: The World’s Money and the Threat to American Leadership (New York: Times Rooks, 1992), p. 237.

    Putnam and Rayne, Hanging Together, p. 184.

    Volcker and Gyohten, Changing Fortunes, p. 238–39.

    Ibid., p. 180.

    Putnam and Bayne, Hanging Together, pp. 182–83.

    For instance, the letter of 364 U.K. economists in the London Times, stating that “the time has come to reject monetarist policies and consider which alternative offers the best hope of sustained recovery.” (“Monetarism Attacked by Top Economists,” March 30, 1981).

    Destlet and Henning, Dollar Politics, p. 25. “Talking Business with Treasury Secretary Donald T. Regan,” New York Times, March 29, 1983, p. D2. “Summit Focus Put on Growth,” New York Times, May 25, 1983, p, D1.

    Attali, Verbatim, Vol. 1, p. 241.

    Putnam and Bayne, Hanging Together, p. 173.

    Putnam and Bayne, Hanging Together, p. 188, Volcker and Gyohten, Changing Fortunes, p. 185.

    Keesing’s Contemporary Archives, Vol. 29 (1983), p. 32347. International Monetary Fund, IMF Survey, June 13, 1983, p. 171.

    Organization for Economic Cooperation and Development, Why Economic Policies Change Course; Eleven Case Studies (Paris: Organization for Economic Cooperation and Development, 1988), pp. 56–64. Attali, Verbatim, Vol. 1, pp. 458, 332, 416, 771.

    International Monetary Fund, World Economic Outlook, October 1992, p. 169.

    Table 3.10: U.S. International Transactions, in Federal Reserve Bulletin, Board of Governors of the Federal Reserve System, Vol. 72, No. 12 (December 1986) and Vol. 73, No. 6 (June 1987).

    See Robert Eisner, “The Twin Deficits,” in Profits, Deficits and Instability, ed. by Dimitri B. Papadimitriou (New York: St. Martin’s Press, 1992), pp. 255–67.

    OECD figures from Edward M. Graham and Paul R. Krugman, “The Surge in Foreign Direct Investment in the 1980s,” in Foreign Direct Investment, ed. by Kenneth A. Froot (Chicago: University of Chicago Press, 1993), p. 19.

    IMF RD, G-5, September 2, 1983, Managing Director’s telex to G-5 finance ministers; October 25, 1983, L. A. Whittome memorandum: Meeting with Mr, Tietmeyer.

    Attali, Verbatim, Vol. 1, p. 647.

    Interim Committee, verbatim transcript, April 12, 1984.

    Attali, Verbatim, Vol. 1, p. 827.

    Keesing’s Contemporary Archives, Vol. 30 (1984), p. 33071. International Monetary Fund, IMF Survey, June 18, 1984, p. 189.

    G-10 Report to the Ministers and Governors by the Group of Deputies: “The Functioning of the International Monetary System,” June 1985, reproduced in Andrew Crockett and Morris Goldstein, Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators, IMF Occasional Paper No. 50 (Washington: International Monetary Fund, 1987).

    International Monetary Fund, Annual Report, 1985, p. 43.

    Destler and Henning, Dollar Politics, pp. 33–36.

    “Shultz Outlines Steps to Aid World Economy,” New York Times, April 12, 1985, p. Dl.

    Organization for Economic Cooperation and Development, OECD Economic Outlook, No. 37 (June 1985), p. xvii. Commission of the European Communities, Documents: Annual Economic Report 1984–85 (Communication from the Commission to the Council) COM(84) 587 final (Luxembourg: Office for Official Publications of the European Council, October 29, 1984), p. 57.

    International Monetary Fund, World Economic Outlook, April 1985, pp. 17, 173.

    October 1985 Interim Committee communiqué, reproduced in International Monetary Fund, Annual Report, 1986, pp. 106–109.

    International Monetary Fund, World Economic Outlook, October 1985, p. 24.

    International Monetary Fund, World Economic Outlook, April 1986, pp. 11–12, 78.

    Bergsten, “Economic imbalances,” p. 772.

    Volcker and Gyohten, Changing Fortunes, p. 243.

    Nigel Lawson, The View from No. II: Memoirs of a Tory Radical (London: Bantam, 1992), pp. 472–74. Attali. Verbatim, Vol. 1, p. 763.

    Kathryn Dominguez and Jeffrey A. Frankel, Does Foreign Exchange Intervention Work? (Washington: Institute for International Economics, 1993), especially pp. 90, 96. Pauls, “U.S. Exchange Rate Policy,” p. 905. Pietro Catte, Giampaulo Galli, and Salvatore Rebecchini, “Concerted Interventions and the Dollar: An Analysis of Daily Data,” in The International Monetary System, ed. by Peter B. Kenen (Cambridge, England: Cambridge University Press, 1994), pp. 208–209.

    Lawson, The View, p. 540.

    IMF RD, G-5, November 13, 1985, L.A. Whittome memorandum.

    Reuters Business News, September 23, 1985.

    State of Union Address, February 4, 1986, Facts on File, February 7, 1986.

    Volcker and Gyohten, Changing Fortunes, p. 245.

    Yoichi Funabashi, Managing, the Dollar: From the Plaza to the Louvre (Washington: Institute for International Economics, 2nd ed., 1989), p. 604.

    The Report of the Advisory Group on Economic Structural Adjustment for International Harmony, submitted to Prime Minister, Mr. Yasuhiro Nakasone, on April 7, 1986.

    Quoted in Yoichi Funabashi, Managing, p. 43.

    Lawson, The View, p. 543.

    International Monetary Fund, Annual Report, 1986, p. 38.

    Lawson, The View, p. 547.

    IMF RD, February 19, 1987, Managing Director Note: Economic Indicators and Policy Issues.

    Lawson, The View, p. 547.

    Funabashi, Managing, p. 135.

    Karl Otto Pöhl, “You Can’t Robotize Policymaking,” The International Economy, October/November 1987, pp. 20, 22.

    The fullest description of the process, provided by a participant, is in Wendy Dobson, Economic Policy Coordination: Requiem or Prologue? (Washington: Institute for International Economics, 1991).

    See José M. Banionuevo, “Annex III: The Accuracy of World Economic Outlook Projections for Industrial and Developing Countries,” in International Monetary Fund, World Economic Outlook, October 1992, pp. 77–81.

    Funabashi, Managing, p. 149.

    James A. Baiter, speech to the Council on Foreign Relations, Paris, May 20, 1988, “Economic Policy Coordination and International Monetary Reforms.”

    Andrew D. Crockett, “The International Monetary Fund in the 1990s,” Government and Opposition, Vol. 27, No. 3 (1992), p. 281.

    IMF CF, C/US/820, May 9, 1986, E. Wiesner memorandum and comments by Managing Director.

    Interviews.

    International Monetary Fund, Summary Proceedings, 1986 (Washington: International Monetary Fund, 1986), p. 120.

    See Bergsten, “Economic Imbalances,” pp. 789–93.

    See John Williamson, The Exchange Rate System (Washington: Institute for International Economics, 1983; 2nd éd., 1985). Ronald I. McKinnon, An International Standard far Monetary Stabilazation (Washington: Institute for International Economics, 1984).

    John Williamson and Marcus H. Miller, Targets and Indicators: A Blueprint for the international Coordination of Economic Policy (Washington: Institute for International Economics, 1987), pp. 6–7. See also Peter B. Kenen, Managing Exchange Rates (London: Routledge, 1988).

    Wolfgang Ricke, “The Development of the Deutschemark as a Reserve Currency,” in Reserve Currencies in Transition (New York: Group of Thirty, 1982), pp. 16–23.

    See David Williams, “The Evolution of the Sterling System,” in Essays in Money and Banking in Honour of R.S. Sayers, ed. by C.R. Whittlesey and J.S.G. Wilson (Oxford: Clarendon, 1968), pp. 266–97.

    George S. Tavlas and Yuzuru Ozeki, The internationalization of Currencies: An Appraisal of the Japanese Yen, IMF Occasional Paper No. 90 (Washington: International Monetary Fund, 1992), p. 11.

    George S. Tavlas, On the International Use of Currencies: The Case of the Deutsche Mark, Essays in International Finance No. 181 (Princeton, New Jersey: Princeton University Press, 1991), pp. 30–31.

    “The Battle Plans of Hilmar Kopper,” Euromoney, January 1994, p. 32.

    Attali, Verbatim, Vol. 1, p. 768.

    Reuters North European News Service, October 31, 1986.

    Edward J. Lincoln, Japan: Facing Economic Maturity (Washington: Brookings Institution, 1988), pp. 125–27.

    International Monetary Fund, World Economic Outlook, April 1987, p. 1.

    “Reports of Plan for Conference Boost the Dollar,” Wall Street Journal, January 29, 1987, p. 39.

    Attali, Verbatim, Vol. 1, pp. 445, 830.

    Ibid., p. 830.

    Lawson, The View, pp. 554–55.

    Quoted in Funabashi, Managing, p. 190.

    International Monetary Fund, Summary Proceedings, 1987, pp. 107–108.

    IMF CF, SM/87/173, July 23, 1987; see also IMF CF, EBM/87/125, August 28, 1987.

    International Monetary Fund, World Economic Outlook, October 1987, p. 22.

    International Monetary Fund, World Economic Outlook, April 1987, pp. 20–21.

    International Monetary Fund, Summary Proceedings, 1987, pp. 90–91.

    Funabashi, Managing, p. 54.

    David Marsh, The Bundesbank: The Bank that Rules Europe (London: Heinemann, 1992), pp. 74–75.

    International Monetary Fund, IMF Surrey, June 15, 1987, p. 188.

    IMF CF, Interim Committee, November 27, 1987 session.

    Rudiger Dornbusch, “Secretary Baker Hits the Campaign Trail,” New York Times, October 7, 1987, p. A31.

    “U.S. Cautions Bonn That It May Force the Dollar Lower,” New York Times, October 16, 1987, p. 1. “Stocks Plunge Despite Baker Reassurances,” Washington Post, October 16, 1987, p. A16.

    “Baker and West German Officials Agree on Changes in Group of Seven’s Accord,” Wall Street Journal, October 20, 1987, p. 3.

    “Stock Market Takes Biggest Nose Dive Yet,” Washington Post, October 17, 1987, p. 1.

    “Strains Appear in Group of Seven’s Ranks,” Wall Street Journal, October 19, 1987, p. 42.

    Funabashi, Managing, p. 212.

    Funabashi, Managing, p. 217. Martin Feldstein, “Correcting the Trade Deficit,” Foreign Affairs, Vol. 65, No. 4 (1987), p. 799.

    Margaret Thatcher, The Downing Street Years (London: HarperCollins, 1993), p. 783.

    Lawson, The View, p. 752.

    Andrew Crockett, “Monetary Policy Implications of Increased Capital Flows,” Bank of England Quarterly Bulletin, Vol. 33, No. 4 (November 1993), p. 500.

    Bretton Woods Commission, “Commission Report,” in Bretton Woods: Looking to the Future (Washington: Bretton Woods Committee, 1994), p. A5.

    Dobson, Economic Policy Coordination, p. 78.

    International Monetary Fund, World Economic Outlook, April 1988, pp. 24–25.

    International Monetary Fund, World Economic Outlook, October 1987, p. 17.

    International Monetary Fund, World Economic Outlook, October 1988, p. 30.

    Lawson, The View, p. 756. Catte, Galli, and Rebecchini, “Concerted Intervention,” pp. 212–13.

    International Monetary Fund, World Economic Outlook, October 1986, p. 24.

    International Monetary Fund, World Economic Outlook, October 1989, p. 35.

    “Choosing the Moment,” Economist, February 12, 1994, p. 78.

    Dominguez and Frankel, Intervention Policy, pp. 135–37.

    Morris Goldstein, David Folkerts-Landau, Mohamed El-Erian, Steven Flies, and Liliana Rojas-Suarez, International Capital Markets: Developments, Prospects, and Policy issues (Washington: International Monetary Fund, 1992), p. 26, Table 3. Morris Goldstein and others, International Capital Markets, Part 11, Systemic Issues in International Finance (Washington: International Monetary Fund, 1993), p. 91, Table A9.

    Ralph C. Bryant, International Financial Intermediation (Washington: Brookings Institution, 1987), pp. 80–81. Morris Goldstein, David Folkerts-Landau, Peter Garber, Liliana Rojas-Suarez, and Michael Spencer, International Capital Markets, Part I, Exchange Rate Management and international Capital Flows (Washington: International Monetary Fund, 1993), pp. 66–67, 69.

    Dobson, Economic Policy Coordination, pp. 95–96.

    International Monetary Fund, World Economic Outlook, April1988, p. 26, and World Economic Outlook, October1988, p. 33.

    For instance: in the United States gross transactions in bonds and shares between domestic and foreign residents represented 2.8 percent of GDP in 1970 but 92.5 percent in 1990. For Japan the equivalent figures are 1.5 percent (1975) and 118.6 percent (1990). See Crockett, “Monetary Policy Implications,” pp. 493–94.

    International Monetary Fund, World Economic Outlook, October1990, p. 88.

    International Monetary Fund, World Economic Outlook, October1993, p. 59.

    Jeffrey A. Frankel and Katharine C. Rockett, “International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model,” American Economic Review, Vol. 78 (June 1988), pp. 318–40 (quotation: p. 330). Otmar Issing, Internationale Währungsordnung (Tübingen: J.C.B. Mohr, 1991), p. 32.

    Letter of President Ronald Reagan, cited in Attali, Verbatim, Vol. 1, p. 334.

    This is also true of coordination and policy consensus involving developing nations. In the favorable circumstances of the combination of growth and low interest rates, spreads are narrower, and the penalties in the borrowing market for debtors with poor track records are reduced; when spreads widen, the borrowing privilege of oldestablished debtors becomes clearer.

    Jacob A. Frenkel, Morris Goldstein, and Paul R. Masson, “International Coordination of Economic Policies: Scope, Methods, and Effects,” in Economic Policy Coordination, ed. by Wilfried Guth (Washington: International Monetary Fund and HWWA-Institute für Wirtschaftsforschung-Hamburg, 1988), pp. 163, 184–85.

    Ronald I. McKinnon, “The Rules of the Game: International Money in Historical Perspective,” Journal of Economic Literature, Vol. 31 (March 1993), pp. 30, 33.

    Andrew Crockett, “Strengthening International Economic Cooperation: The Role of Indicators in Multilateral Surveillance,” in The Quest for National and Global Economic Stability, ed. by Wietze Eizenga, E. Frans Limburg, and Jacques J. Polak (Dordrecht: Kluwer, 1988), p. 13. Issing, Währungsordnung, p. 27.

    In the recession of the early 1990s, a slight change of emphasis occurred. The IMF’s April 1992 World Economic Outlook included for the first time a feature on “Short-Term Policy Concerns” for the major industrial countries (pp. 12–16).

    International Monetary Fund, World Economic Outlook, April1986, p. 17.

    Chapter 14. The Problems of the New Regionalism

    See also William Diebold, Jr., Trade and Payments in Western Europe: A Study in Economic Cooperation 1947–51 (New York: Harper, 1952), p. 410.

    Address of President Havel, June 13, 1991, FBIS-EEU 91/114.

    World Bank, Sub-Saharan Africa: From Crisis to Sustainable Growth—A Long-Term Perspective Study (Washington: World Bank, 1989), p. 149.

    “Prescription for the IMF,” Economist, March 15, 1980, p. 18.

    See also Margaret Kelly, Naheed Kirmani, Miranda Xafa, Clemens Boonekamp, and Peter Winglee, Issues and Developments in International Trade Policy, IMF Occasional Paper No. 63 (Washington: International Monetary Fund, 1988), Table Al, p. 117.

    Paul Kennedy, Preparing for the Twenty-First Century (London: HarperCollins, 1993), p. 200.

    Lester Thurow, Head to Head: The Coming Economic Battle Among Japan, Europe, and America (New York: William Morrow, 1992), p. 117–24.

    International Monetary Fund, Annual Report, 1979 (Washington: International Monetary Fund, 1979), p. 40.

    International Monetary Fund, Annual Report, 1980, p. 47.

    Pierre Favier, Michel Martin-Rolland, La Décennie Mitterrand, Vol. 1, Les ruptures (Paris, Editions Seuil, 1990), pp. 451, 461, 473–74.

    Jeffrey Sachs and Charles Wyplosz, “The Economic Consequences of President Mitterrand,” Economic Policy, Vol. 2 (April 1986), pp. 275–77. Organization for Economic Cooperation and Development, Why Economic Policies Change Course: Eleven Case Studies (Paris: Organization for Economic Cooperation and Development, 1988), pp. 61–62.

    See Horst Ungerer, Jouko J. Hauvonen, Augusto Lopez-Claros, and Thomas Mayer, The European Monetary System: Developments and Perspectives, IMF Occasional Paper No. 73 (Washington: International Monetary Fund, 1990), p. 6.

    International Monetary Fund, Annual Report, 1985, p. 44.

    The deficit stood at 12.7 percent of GDP in 1985, fell to 9.4 percent in 1986, but then rose again to 11.2 percent in 1987 and to 13.9 percent in 1988. Calculated from International Monetary Fund, International Financial Statistics Yearbook, 1992.

    Keesing’s Contemporary Archives, Vol. 32 (1986), p. 34107.

    Real GDP growth was 4.8 percent in 1961–73 and 2.2 percent in 1980–90. Commission of the European Communities.

    Committee for the Study of Economic and Monetary Union, Report on Economic and Monetary Union in the European Community (Delors Report) (Luxembourg: Office for Official Publications of the European Community, 1989), p. 18.

    Ungerer and others, European Monetary System, pp. 42–43.

    Jacques Melitz, “Monetary Discipline and Cooperation in the European Monetary System: A Synthesis,” in The European Monetary System, ed. by Francesco Giavazzi, Stefano Micossi, and Marcus Miller (Cambridge, England: Cambridge University Press, 1988), pp. 51–79. Francesco Giavazzi and Alberto Giovannini, “The Role of the Exchange-Rate Regime in a Disinflation: Empirical Evidence on the European Monetary System,” in Giavazii, Micossi, and Millet, eds., European Monetary System, pp. 85–107. Ungerer and others, European Monetary System.

    Alan Walters, “Money on a Roller-Coaster,” The independent, July 14, 1988. See also Alan Walters, Sterling in Danger: The Economic Consequences of Pegged Exchange Rates (London: Fontana, 1990). Tommaso Padoa-Schioppa, “The European Monetary System: A Long-Term View,” in Giavazzi, Micossi, and Miller, eds., European Monetary System, pp. 372–76. See the criticism of Peter B. Kenen, EMU After Maastricht (Washington: Group of Thirty, 1992), p. 7, footnote 9; and also Peter B. Kenen, “Capital Controls, the EMS and EMU,” Economic Journal, Vol. 105 (January 1995), pp. 181–92.

    “Bundesbank Warning Over EMU Terms,” Financial Times, February 8/9, 1992, p. 2.

    Bild-Zeitung, December 5, 1991. Wilhelm Nölling, Unser Geld: Der Kampf um die Stabilität der Währungen in Europa (Berlin: Ullstein, 1993).

    Morris Goldstein, David Folkerts-Landau, Peter Garber, Liliana Rojas-Suarez, and Michael Spencer, International Capital Markets, Part 1, Exchange Rate Management and International Capital Flows (Washington: International Monetary Fund, 1993), pp. 10–11.

    This account, as well as that of subsequent paragraphs, is based on newspaper reporting, in particular on “Sterling Was Being Sold Like Water Running Out of a Tap,” Financial Times, September 19/20, 1992, pp. 2–3, and “Behind the EMS Crisis,” Financial Times, December 11, 1992, p. 2, and December 12/13, 1992, p. 2, and on interviews by the author.

    Morris Goldstein and others, International Capital Markets, Part I (1993), pp. 14–15.

    “French Franc Pays Price for Partnership with D-Mark,” Financial Times, September 29, 1992, p. 2. “How the French Fought to Save the Franc,” Financial Times, November 20, 1992, p. 19.

    Goldstein and others, International Capital Markets, Part I (1993), pp. 4, 58.

    The Governor of the Danish central bank, Erik Hoffmeyer, quoted in “Brussels Backs UK over ERM,” Financial Times, June 1, 1993, p. 20.

    “Schlesinger Criticises ERM,” Financial Times, December 2, 1992, p. 1.

    Commission of the European Communities.

    International Monetary Fund, Annual Report, 1992, p. 37.

    International Monetary Fund, Annual Report, 1993, p. 9.

    James M. Boughton, The CFA Franc Zone: Currency Union and Monetary Standard, IMF Working Paper No. 91/133 (Washington: International Monetary Fund, 1991), p. 2.

    IMF CF, EBM/69/78, August 10, 1969.

    Rattan ]. Bhatia, The West African Monetary Union: An Analytic Review, IMF Occasional Paper No. 35 (Washington: International Monetary Fund, 1985), p. 9.

    Robert A. Mundell, “A Theory of Optimum Currency Areas,” American Economic Review, Vol. 51 (September 1961), pp. 657–65.

    Boughton, CFA Franc, Table 4.

    See Bhatia, West African Monetary Union, p. 39.

    Jean A.P. Clément, “Rationale for the CFA Franc Realignment,” International Monetary Fund, IMF Survey, February 7, 1994, p. 34.

    “Former Adjustment Strategy of African Franc Zone Countries Hurts Their Fiscal Positions,” International Monetary Fund, IMF” Survey, February 7, 1994, pp. 37–38.

    World Bank, Adjustment in Africa: Reform, Results, and the Road Ahead (New York: Oxford University Press, 1994), p. 56.

    IMF CF, C/Côte d’Ivoire/1760, August 12, 1991, Staff Report for Article IV Consultation and Request for Stand-By Arrangement.

    “IMF Persuades French Africa to Go for Growth,” Financial Times, January 13, 1994, p. 4.

    International Monetary Fund, Annual Report, 1991, p. 35.

    “Unrest Erupts in France’s Former African Empire After Money Is Devalued,” New York Times, February 23, 1994, p. A6.

    “La France conditionne son aide aux pays de la zone franc à des accords avec le FMI,” Le Monde, September 23, 1993, p. 18.

    “Une solidarité exigeante,” Le Monde, September 23, 1993, p. 18.

    Clément, “Rationale,” p. 34.

    Richard A. Higgott, Andrew F. Cooper, and Jenelle Bonnor, “Asia-Pacific Economic Cooperation: An Evolving Case-Study in Leadership and Co-operation Building,” International Journal, Vol. 19 (Autumn 1990), p. 828.

    International Monetary Fund, International Financial Statistics; Yearbook, 1994, pp. 110–13.

    Ishikawa Tadao, “Asia and Japan,” in Asia and Japan: The Search for Modernization and Identity, ed. by Andrew J.L. Armour (London: Athlone Press, 1985), p. 7.

    “Sanko Deal May Aid Shipyards in Japan; Asian Nations Pursue Trading Union Plan,” Wall Street Journal, June 11, 1973, p. 6.

    Higgott, Cooper, and Bonnor, “Asia-Pacific Economic Cooperation,” pp. 832–35.

    “Southeast Asia Nations Sign Free-Trade Accord,” New York Times, January 29, 1992, p. D5.

    Quoted in “Growing…” Time, September 14, 1992, p. 38.

    Ippei Yamaiawa, Koji Taniguchi, and Akira Hirata, “Trade and Industrial Adjustment in Pacific Asian Countries,” The Developing Economies, Vol. 21 (December 1983), p. 285.

    “In Search of a New Crystal Ball,” Far Eastern Economic Review, November 9, 1979, pp. 64–65.

    Yamazawa, Taniguchi, and Hirata, “Trade and Industrial Adjustment,” pp. 291–92. Stephen Guisinger, “Foreign Direct Investment Flows in East and Southeast Asia: Policy Issues,” ASEAN Economic Bulletin, Vol. 8, No, 1 (July 1991), pp. 29–46. Randall S. Jones, “Japanese Direct Investment in the United States,” Asian Affairs: An American Review, Vol. 18, No. 3 (Fall 1991), p. 173.

    Economist, “Survey,” November 16, 1991, p. 7.

    Miyohei Shinohara, “Trends and Dynamics of East and Southeast Asian Economies,” Asian Development Review, Vol. 3, No. 1 (1985), p. 54. Kazushi Ohkawa, “Japan’s Development: A Model for Less-Developed Countries?” Asian Development Review, Vol. 1, No. 2 (1983), pp. 45–57.

    The issue became one of the favorite testing grounds of economists for different intellectual or ideological persuasion. Was this state-led growth, or did it result from the free play of forces in a market-determined setting? Some analysts have argued that the Asian model merely demonstrated the effectiveness of market economic mechanisms. Two of the most influential statements of this general position have been: Milton Friedman and Rose D. Friedman, Free to Choose: A Personal Statement (New York: Harcourt Brace Jovanovich, 1980); Deepak Lal, The Poverty of “Development Economics” (London: Institute of Economic Affairs, 1983). See also the general overview in Richard F. Donner, “Approaches to the Politics of Economic Growth in Southeast Asia,” Journal of Asian Studies, Vol. 50 (November 1991), pp. 818–49. As applied to East Asian economies, see Edward K.Y. Chen, Hyper-growth in Asian Economies: A Comparative Study of Hong Kong, Japan, Korea, Singapore and Taiwan (London: Macmillan, 1979). Others claimed precisely the reverse, that the geese demonstrated the attractions of “getting prices wrong.” In practice, however, almost all observers recognize that a substantial component of the “success story” is not “miraculous,” but can be explained in quite conventional terms: as a consequence of high savings and investment ratios, and a high rate of human capital formation (with much higher standards of education and literacy than can be found in other countries of equivalent income levels). See in particular World Bank. The East Asian Miracle: Economic Growth and Public Policy (New York: Oxford University Press, 1993).

    Mataji Umemura and Toshiyoki Mizoguchi, eds., Quantitative Studies on Economic History of Japan Empire 1890–1940 (Tokyo; Hitotsubashi University Press, 1981), p. 64. Also Bruce Cumings, “The Origins and Development of the Northeast Asian Political Economy: Industrial Sectors, Product Cycles, and Political Consequences,” International Organization, Vol. 38, No. 1 (Winter 1984), pp. 1–40.

    Robert Wade, Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization (Princeton, New Jersey: Princeton University Press, 1990), pp. 73–74.

    See Mancur Olson, The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities (New Haven, Connecticut: Yale University Press, 1982). For an application, see Wade, Governing the Market, p. 71: “For all its unsavory aspects, Taiwan’s exclusionary and authoritarian regime has allowed the country to avoid the political fate of many developing countries, of chronic fluctuation between fragile democratic experiments, incompetent authoritarianism, and demagogues. It has been able to give businesspeople the confidence that it will do what it says it will do.”

    Stephan Haggard, Richard N. Cooper, and Chung-in Moon, “Policy Reform in Korea,” in Political and Economic Interactions in Economic Policy Reform: Evidence from Eight Countries, ed. by Robert H. Bates and Anne O. Krueger (Oxford: Basil Blackwell, 1993), pp. 294–332.

    Cumings, “Origins,” p. 26.

    See Ronald I. McKinnon, Money and Capital in Economic Development (Washington: Brookings Institution, 1973), pp. 107–11, 163–64.

    Wade, Governing the Market, p. 79.

    Wade, Governing the Market, pp. 81–82.

    United Nations, Yearbook of International Trade Statistics, 1968, p. 475; 1980, p. 1202; and 1984, p. 164. Republic of China, Executive Yuan, Directorate’General of Budget, Accounting and Statistics, Statistical Yearbook of the Republic of China, 1975 and 1989. See also John C. H. Fei, Gustav Ranis, and Shirley W. Y. Kuo, Growth with Equity: The Taiwan Case (New York: Oxford University Press, 1979), p. 31.

    Wade, Governing the Market, pp. 318–19.

    “South Korea’s Generals Invent Merger by Decree,” Economist, September 6, 1980, p. 67. See also, “After the Debt Crisis … the Credit Crunch,” Far Eastern Economic Review, November 9, 1979, p. 62.

    “Caught in the Oil-Debt Trap,” Far Eastern Economic Review, October 19, 1979, p. 58.

    “Prescription for the IMF,” Economist, March 15, 1980, p. 18.

    “Southeast Asian Countries Will Outgrow Nations to North in 1980s, Study Shows,” Wall Street Journal, May 12, 1981, p. 36.

    IMF CF, C/Korea/810, February 19, 1982, Gyorgy Szapary memorandum for Managing Director.

    Bela Balassa and John Williamson, Adjusting to Success: Balance of Payments Policy in the East Asian NICs (Washington: Institute for International Economics, 1987), especially pp. 70–71. Rudiger Dornbusch and Yung Chul Park, “Korean Growth Policy,” Brookings Papers on Economic Activity, 1987(2), pp. 389–444. “Agressive measures such as appreciation, wage increases, capital account liberalization, and fiscal expansion are not in order” (p. 438).

    IMF CF, EBM/87/97, July 6, 1987, and EBS/87/134, June 22, 1987 staff report.

    Wade, Governing the Market, p. 319.

    Wade, Governing the Market, p. 316.

    Thurow, Head to Head, p. 213.

    “Geography and Geometry,” Economist, November 16, 1991, p. 9.

    World Bank, The East Asian Miracle: Economic Growth and Public Policy (New York: Oxford University Press, 1993), p. 135. “Vehicle of Growth,” Financial Times, August 31, 1993, p. IV.

    “Japan Rallies Asia Over U.S. Trade,” New York Times, June 7, 1993, p. D3.

    Chapter 15. Law-Income Countries and the International Financial System

    World Bank, Sub-Saharan Africa: From Crisis to Sustainable GrowhA Long-Term Perspective Study (Washington: World Bank, 1989), p. 17.

    Ruth Leger Sivard, World Military and Social Expenditures 1987–88 (Washington: World Priorities Inc., 1987), p. 31.

    World Bank, Adjustment in Africa: Reform, Results and the Road Ahead (New York: Oxford University Press, 1994).

    World Bank, Sub-Saharan Africa, p. 49.

    Figures from World Bank, The East Asian Miracle: Economic Growth and Public Policy (New York: Oxford University Press, 1993), p. 206.

    See Robert H. Bates, Markets and States in Tropical Africa: The Political Basis of Agricultural Policies (Berkeley, California: University of California Press, 1981).

    Joan M. Nelson, “Poverty, Equity, and the Politics of Adjustment,” in The Politics of Economic Adjustment: International Constraints, Distributive Conflicts, and the State, ed. by Stephan Haggard and Robert R. Kaufman (Princeton, New Jersey: Princeton University Press, 1992), p. 244.

    Sayre P. Schatz, “Pirate Capitalism and the Inert Economy of Nigeria,” Journal of Modern African Studies, Vol. 22, No. 1 (1984), p. 55. Richard Sandbrook, The Politics of Africa’s Economic Recovery (Cambridge, England: Cambridge University Press, 1993), p. 30.

    Two crucial works are Anne O. Krueger, Liberalization Attempts and Consequences (New York: Ballinger for National Bureau of Economic Research, 1978); and Jagdish Bhagwati, Anatomy and Consequences of Exchange Control Regimes (New York: Ballinger for National Bureau of Economic Research, 1978).

    Independent Commission on International Development Issues (Brandt Commission), North-South: A Programme for Survival (Cambridge, Massachusetts: MIT Press, 1980), p. 92.

    Yusuf Bangura, “IMF/World Bank Conditionality and Nigeria’s Structural Adjustment Programme,” in The IMF and the World Bant in Africa: Conditionality, Impact and Alternatives, ed. by Kjell J. Havnevik (Uppsala: Scandinavian Institute of African Studies, 1987), p. 106.

    Bade Onimode, “IMF and World Bank Programmes in Africa,” in The IMF, the World Bank and the African Debt, Vol. 1, The Economic Impact, ed. by Bade Onimode (London: Institute for African Alternatives and Zed Books, 1989), pp. 26, 33.

    Thomas M. Callaghy, “Lost Between State and Market: The Politics of Economic Adjustment in Ghana, Zambia, and Nigeria,” in Economic Crisis and Policy Choice: The Politics of Adjustment in the Third World, ed. by Joan M. Nelson (Princeton, New Jersey: Princeton University Press, 1990), p. 259.

    See Figure 12.2. Also see Edward M. Graham and Paul R. Krugman, “The Surge in Foreign Direct Investment in the 1980s,” in Foreign Direct Investment, ed. by Kenneth A. Froot (Chicago: University of Chicago Press, 1993), p. 14.

    Morris Goldstein, The Global Effects of Fund-Supported Adjustment Programs, IMF Occasional Paper No. 42 (Washington: International Monetary Fund, 1986), p. 16.

    See Jayati Ghosh, “Foreign Debt and Economic Development: The Case of Zaire,” Development and Change, Vol. 17 (1986), pp. 458–63.

    IMF CF, B620.1, EB/CW/DC/89/5, February 16, 1989, Progress of Initiatives Benefiting Sub-Saharan Africa.

    See Alassane D. Ouattara, “Design, Implementation, and Adequacy of Fund Programs in Africa,” in Africa and the international Monetary Fund, ed. by Gerald K. Helleiner (Washington: International Monetary Fund, 1986), p. 76.

    Raymond F. Mikesell, “Appraising IMF Conditionality: Too Loose, Too Tight, or Just Right,” in IMF Conditionality, ed. by John Williamson (Washington: Institute for International Economics, 1983), p. 58.

    Executive Board Decision No, 6056-(79/38), March 2, 1979, Selected Decisions and Selected Documents of the international Monetary Fund, Nineteenth Issue (Washington: International Monetary Fund, 1994), p. 85.

    C.M. Nyirabu, “A View from Africa: 2,” in Helleiner, ed., Africa, p. 32.

    World Bank, World Debt Tables, 1992–93, Vol. 1 (Washington: World Bank, 1992), pp. 188, 164, 166, 178.

    G.K. Helleiner, “An Unofficial View,” in Policies for African Development: From the 1980s to the 1990s, ed. by I.G. Patel (Washington: International Monetary Fund, 1992), p. 106. See, in general, Matthew Martin, The Crumbling Façade of African Debt Negotiations: No Winners (London: Macmillan, 1991). Alexis Rieffel, The Role of the Paris Club in Managing Debt Problems, Essays in International Finance No. 161 (Princeton, New Jersey: Princeton University Press, 1985).

    Rieffel, Role of Paris Club, p. 15.

    In 1984. See Eduard H. Brau, “External Debt Management in the African Context,” in Helleiner, ed., Africa, p. 169.

    Julius K. Nyerere, “An Address,” Development and Change, Vol. 17(1986), p. 394.

    Richard P.C. Brown, Public Debt and Private Wealth: Debt, Capital Flight and the IMF in Sudan (London: Macmillan, 1992), p. 22.

    Keesing’s Contemporary Archives, Vol. 26 (1980), p. 30557.

    Jack Boorman, “A View from the IMF,” in Patel, ed., Policies, p. 48.

    International Monetary Fund, World Economic Outlook, 1982: A Survey by the Staff of the IMF, IMF Occasional Paper No. 9 (Washington: International Monetary Fund, 1982), p. 96.

    Reuters, Africa Analysis, November 27, 1987.

    Sec Susan Schadler, Franek Rozwadowski, Siddharth Tiwari, and David O. Robinson, Economic Adjustment in Low-Income Countries: Experience Under the Enhanced Structural Adjustment Facility, IMF Occasional Paper No. 106 (Washington: International Monetary Fund, 1993).

    Michel Camdessus, remarks to the UN Economic and Social Council, Geneva, June 26, 1987, reproduced in International Monetary Fund, IMF Survey, June 29, 1987, p. 195.

    Schadler and others, Economic Adjustment, p. 40.

    Helleiner, “Unofficial View,” p. 109.

    David Finch, “Let the IMF be the IMF,” The International Economy, January/February 1988, pp. 126–28.

    See Jacques J. Polak, The World Bank and the International Monetary Fund: A Changing Relationship (Washington: Brookings Institution, 1994).

    IMF CF, B600 IS/89/3, March 24, 1989.

    IMF CF, SM/89/54, Revision 1, March 31, 1989, Bank-Fund Collaboration in Assisting Member Countries.

    IMF CF, B620.1, EB/CW/DC/89/5, February 16, 1989, Progress of Initiatives Benefiting Sub-Saharan Africa.

    Some of the most important contributions to this literature are Sidney Dell, On Being Grandmotherly: The Evolution of IMF Conditionality, Essays in International Finance No. 144 (Princeton, New Jersey: Princeton University Press, 1981). Manuel Guitián, Fund Conditionality: Evolution of Principles and Practices, IMF Pamphlet Series, No. 38 (Washington: International Monetary Fund, 1981). John Williamson, “On Judging the Success of IMF Policy Advice,” in Williamson, ed., IMF Conditionality (Washington: Institute for International Economics, 1983), pp. 129–45.

    Rieffel, Role of the Paris Club, p. 16.

    Goldstein, Global Effects, pp. 10–11. In 1981, for the demand-restraint cases, the real growth rate target was 4.2 percent, but the actual outcome only 0.4 percent.

    Mohsin S. Khan and Malcolm D. Knight, Fund-Supported Adjustment Programs and Economic Growth, IMF Occasional Paper No. 41 (Washington: International Monetary Fund, 1985), p. 24.

    See, for instance, Tony Killick, ed., The Quest for Economic Stabilization: The IMF and the Third World (New York: St. Martin’s Press, 1984).

    Carlos F. Díaz-Alejandro, “Some Economic Lessons of the Early 1980s,” in Power, Passions, and Purpose: Prospects for North-South Negotiations, ed. by Jagdish N. Bhagwati and John Gerard Ruggie (Cambridge, Massachusetts: MIT Press, 1984), pp. 186–87.

    Quoted in Haroub Othman and Ernest Maganya, “Tanzania: The Pitfalls of the Structural Adjustment Programme,” in Onimode, ed., The IMF, Vol. 1, p. 93.

    “IMF Official Resigns Charging U.S. Loan Pressure,” Reuters, March 19, 1987. Finch, “Let the IMF.”

    “Back it or Scrap it,” Euromoney, September 1990, p. 34. See also Patricia Adams, “The World Bank and the IMF in Sub-Saharan Africa: Undermining Development and Environmental Sustainability,” Journal of International Affairs, Vol. 46, No. 1 (1992), especially pp. 102–104.

    Rieffel, Role of the Paris Club, P. 28.

    Brown, Public Debt, p. 134. See also Fantu Cheru, “The Role of the IMF and World Bank in the Agrarian Crisis of Sudan and Tanzania: Sovereignty vs Control,” in The IMF, the World Bank and the African Debt, Vol. 2, The Social and Political Impact, ed. by Bade Onimode (London: Institute for African Alternatives and Zed Books, 1989), p. 88.

    Brown, Public Debt, p. 188.

    Details in World Bank, World Debt Tables, 1992–93, Vol. 1, p. 96.

    See the survey in P.D. Ncube, M. Sakala, and M. Ndulo, “The International Monetary Fund and the Zambian Economy—A Case,” in Havnevik, ed., The IMF, pp. 127–48.

    IMF CF, C/Zambia/1760, January 17, 1986, Memorandum on Economic and Financial Policies of Zambia.

    IMF CF, C/Zambia/810, March 11, 1987, cable to IMF.

    IMF CF, C/Zambia/818, May 1, 1987, Dr. K.D. Kaunda radio and television broadcast: New Economic Recovery Programme.

    Quoted in “Sttuctural Maladjustment and the CFA Franc,” Financial Times, November 15, 1993, p. 4.

    François Bourguignon and Christian Morrisson, Adjustment and Equity in Developing Countries: A New Approach (Paris: Organization for Economic Cooperation and Development, 1992), p. 102.

    J. Clark Leith and Michael F. Lofchie, “The Political Economy of Structural Adjustment in Ghana,” in Political and Economic Interactions in Economic Policy Reform: Evidence from Eight Countries, ed. by Robert H. Bates and Anne O, Krueger (Oxford: Basil Blackwell, 1993), p. 281.

    IMF CF, C/Ghana/1760, September 29, 1982, Dr. Kwesi Botchwey letter to de Larosière.

    See E. Wayne Nafziger, The Debt Crisis in Africa (Baltimore: Johns Hopkins University Press, 1993), p. 126.

    IMF CF, C/Ghana/810, June 2, 1983 memorandum: Article IV Consultation Discussions and Negotiations for Use of Fund Resources.

    Quoted in Callaghy, “Lost Between State and Market,” p. 275.

    World Bank, Sub-Saharan Africa, pp. 106, 137.

    Bourguignon and Morrisson, Adjustment and Equity, pp. 94–95.

    Quoted in Callaghy, “Lost Between State and Market,” p. 306.

    The idea of enhanced surveillance was rejected as inappropriate in the case of a country undergoing basic adjustment. IMF CF, C/Nigeria/820, April 10, 1986 memorandum on meeting of Managing Director with Nigerian Minister of Finance, April 7, 1986.

    Yusuf Bangura, “Crisis and Adjustment: The Experience of Nigerian Workers,” in Onimode, ed., The IMF, Vol. 2, p. 182.

    International Monetary Fund, International Financial Statistics Yearbook, 1994, p. 563.

    Quoted in “Anybody Seen a Giant?” Economist, August 21, 1993, p. 8.

    Percy S. Mistry, “Africa’s Adjustment and the External Debt Problem,” in Patel, ed., Policies, p. 117.

    World Bank, Adjustment in Africa.

    World Bank, East Asian Miracle, pp. 29–32.

    For instance, Sandbrook, Africa’s Economic Recovery, pp. 49–50, 139–40.

    Some impressive models can be found in Turkey and Jamaica. See Oliver Letwin, Privatising the World: A Study of International Privatisation in Theory and Practice (London: Cassel, 1988), p, 48.

    Chapter 16. Plan or Price? The Transformation of Centrally Planned Economies

    For instance, Olivier Blanchard, Rudiger Dornbusch, Richard Layard, Richard Portes, Jeffrey Sachs. Later these advisers were also joined by economists from countries that had already made successful transitions (Leszek Balcerowicz, Marek Dabrowski). The overall record of these advisers was mixed. They gave useful macroeconomic advice on stabilization, but in a number of prominent cases (notably Dombusch and Sachs) mistakenly urged reforming countries not to place a high priority on servicing debt or reaching agreement with commercial bankers. See, for instance, Rudiger Dombusch, Structural Adjustment in Latin America (Washington: Woodrow Wilson Center, 1991), p. 10: “Hungary has a crazy fetish about servicing totally their debt. The world looks at Hungary and says: ‘What the hell are you doing?’ The Hungarians have a crazy finance minister. Latin America had the same type of people for a while.” Often economists with more concrete experience of debt crises gave exactly the opposite advice. For instance, the chief Mexican negotiator wrote in an article entitled “What Eastern Europe Can Learn from Mexico”: “With regard to external debt management, note that achieving a solid, comprehensive agreement that puts to rest any fears regarding possible future renegotiations is even more important than achieving a large discount on the debt.” (The international Economy, May/June 1991, pp. 31–32).

    Paul M. Sweezy, “Peaceful Transition from Socialism to Capitalism?” Monthly Review, Vol. 15, No. 11 (March 1964), p. 588.

    International Monetary Fund, World Economic Outlook, May 1983: A Survey by the Staff of the International Monetary Fund, IMF Occasional Paper No. 21 (Washington: International Monetary Fund, 1983), pp. 103–106.

    Interim Committee, May 7–8, 1990 communiqué, reproduced in International Monetary Fund, Annual Report, 1990 (Washington: International Monetary Fund, 1990), p. 112.

    International Monetary Fund, Annual Report, 1990, p. 20.

    Keesing’s Contemporary Archives, Vol, 27 (1981), p. 30765.

    Zhou Shulian, Wu Jinglian, and Wang Haibo, Lirun fanchou he shehui’zhuyi de jiye guanli (The Profit Category and Socialist Business Management), Beijing, 1979 (translated in Chinese Economic Studies, Vol. 14, No. 2–3 (Winter-Spring 1980–81), pp. 11–12). I owe this reference to Mark Allen.

    Ronald I, McKinnon, “Taxation, Money and Credit in a Liberalizing Socialist Economy,” in The Emergence of Market Economies in Eastern Europe, ed. by Christopher Clague and Gordon C. Rasser (Cambridge, Massachusetts: Basil Blackwell, 1992), p. 123.

    Harold K. Jacobson and Michel Oksenberg, China’s Participation in the IMF, the World Bank, and GATT: Toward a Global Economic Order (Ann Arbor, Michigan: University of Michigan Press, 1990), pp. 63–64.

    Jacobson and Oksenberg, China’s Participation, p. 70.

    IMF CF, C/China/000, February 21, 1980, Luc de Wulf note.

    International Monetary Fund, Annual Report, 1980, p. 83. IMF CF, EBM/80/122, August 7, 1980 (on the quota increase).

    Jacobson and Oksenberg, China’s Participation, p. 117.

    IMF CF, C/China/810, December 19, 1980, Tun Thin memorandum: Article IV Consultations.

    See Michael W. Bell, Hoe Ee Khor, and Kalpana Kochhar, China at the Threshold of a Market Economy, IMF Occasional Paper No, 107 (Washington: International Monetary Fund, 1993), p. 9.

    “Zhu Heeds Foreign Advice to Slow China’s Growth,” Financial Times, August 25, 1993. p. 3.

    IMF CF, C/Yugoslavia/1760, April 1, 1985, Article IV Consultation Report.

    IMF RD, September 29, 1982, L.A. Whittome memorandum.

    IMF CF, EBS/83/141, July 8, 1983.

    Dubravko Mihaljek, “Intergovernmental Fiscal Relations in Yugoslavia, 1972–90,” in Transition to Market: Studies in Fiscal Reform, ed. by Vito Tanzi (Washington: International Monetary Fund, 1993), pp. 189–94.

    IMF CF, C/Hungary/710, December 21, 1966, L. A. Whittome and Joseph Gold memorandum.

    In 1957 Poland negotiated a substantial commercial credit with the U.S. Eximbank, and the Party General Secretary Gomułka also expressed the wish of his country to rejoin the IMF; but apparently the initiative foundered on U.S. objections.

    IMF CF, C/Poland/710, April 25, 1968, Edgar Jones to Ernest Sturc.

    “Rumania Considers Joining World Monetary Agencies,” New York Times, May 17, 1968, pp. 1, 10.

    IMF CF, C/Romania/810, January 25, 1973, Rolf Evensen memorandum.

    IMF CF, C/Hungary/710, June 1, 1971 and June 16, 1976, L.A. Whittome memoranda.

    Interview in Business Week, June 30, 1973, p. 24.

    See, for instance, “Reform of the International Monetary System is Imminent,” in János Fekete, Back to the Realities: Reflections of a Hungarian Banker (Budapest: Akadémiai Kiadó, 1982), pp. 43–50, 105–106.

    Fekete, Back to Realities, p. 328.

    For instance IMF CF, C/Romania/320, September 1, 1977 attachment to note by L.A. Whittome. Andreas C. Tsantis and Roy Pepper, Romania. The Industrialization of an Agrarian Economy under Socialist Planning (Washington: World Bank, 1979).

    IMF CF, C/Romania/810, November 9, 1981 L.A. Whittome memorandum.

    IMF CF, C/Romania/150.1, November 27, 1981 L.A. Whittome memorandum.

    International Monetary Fund, World Economic Outlook, May 1983, p. 104.

    IMF CF, C/Hungary/810, March 22, 1983 Brian Rose memorandum.

    J.F. Brown, Eastern Europe and Communist Rule (Durham, North Carolina: Duke University Press, 1988), p. 219.

    This paper was presented to a Fund mission. IMF CF, C/Hungary/810, April 21, 1983, Preliminary Ideas on the Further Development of the System of Economic Management in Hungary.

    IMF CF, C/Hungary/810, September 22, 1983 Helen Junz memorandum: Staff Visit.

    World Bank, Trends in Developing Economies: Extracts, Vol. 1, Eastern Europe and Central Asia (Washington: World Bank, 1993), p. 34.

    Bartłmiej Kamiéski, The Collapse of State Socialism: The Case of Poland (Princeton, New Jersey: Princeton University Press, 1991), p. 130. Klaus Schröder, “Die Verschuldung Rolens im Westen,” in Krise in Polen, ed. by Hermann Volle and Wolfgang Wagner (Bonn: Verlag fur Internationale Politik, 1982), p. 73.

    Iwona Antowska-Bartosiewicz and Witold Małecki, Poland’s External Debt Problem by the End of 1991 (Warsaw: Friedrich Ebert Foundation for Poland, 1992), p. 10.

    Schröder, “Die Verschuldung Polens,” p. 71. Timothy Garton Ash, The Polish Revolution: Solidarity 1980–1982 (London: Jonathan Cape, 1983), pp. 33–34.

    Oliver Mac Donald, ed., The Polish August: Documents from the Beginnings of the Polish Workers’ Rebellion, Gdansk, August 1980 (San Francisco: Ztangi Press, 1981), pp. 102–109.

    Leszek Balcerowicz, 800 Dni: Szok Kontrolowany (Warsaw; Polska Oficyna Wydawnicia BGW, 1992), pp. 10–13.

    Wojciech Jaruzelski, Stan Wojenny Dlaczego (Warsaw: Polska Oficyna Wydawnicza BGW, 1992), pp. 235, 320.

    Schröder, Die Verschuldung Polens, pp. 73–74. Zycie gospodarcze 28 (July 21, 1981), No. 1556.

    IMF CF, S1195, December 18, 1981, David Finch memorandum.

    IMF CF, C/Poland/000, September 17, 1985, Solidarity cable to Managing Director of IMF.

    Antowska-Banosiewicz and Małecki, Poland’s External Debt Problem, p. 8.

    Timothy Garton Ash, The Magic Lantern; The Resolution of’89 Witnessed in Warsaw, Budapest, Berlin and Prague (New York: Random House, 1990), p. 43.

    This was elaborated in a paper of May 1989: See Balcerowicz, 800 Dni, p. 17.

    Jan T. Gross, “Poland: From Civil Society to Political Nation,” in Eastern Europe in Revolution, ed. by Ivo Banac (Ithaca, New York: Cornell University Press, 1992), pp. 66–68.

    Jeffrey Sachs, Poland’s Jump to the Market Economy (Cambridge, Massachusetts: MIT Press, 1993), p. 40.

    IMF CF, C/Poland/1760, December 22, 1989, Memorandum of Economic Policies.

    Garton Ash, Magic Lantern, p. 45. “Poland; Practical Politics vs. Economic Necessity,” New York Times, May 17, 1992, p. 4.

    IMF CF, EBM/89/163, December 15, 1989.

    IMF CF, EBM/90/14, February 5, 1990.

    International Monetary Fund, Annual Report, 1990, p. 21.

    Leszek Balcerowicz, “Poland,” in The Political Economy of Policy Reform, ed. by John Williamson (Washington: Institute for International Economics, 1994), p. 175.

    Jeffrey Sachs, “My Plan for Poland,” The International Economy, December 1989/January 1990, p. 29: “The hardest part will be in the first six months—through April 1990.”

    See Z. Rajski, “Produkt krajowy brutto,” in Gospodarka polska w latach 1990–1992, ed. by L. Zienkowski (Warsaw, 1992); Leszek Balcerowicz, Eastern Europe: Economic, Social and Political Dynamics: A Lecture (London: School of Slavonic and East European Studies, University of London, 1993), p. 12.

    IMF CF, EBM/91/128, September 20, 1991. See also Ben Slay, The Polish Economy: Crisis, Reform, and Transformation (Princeton, New Jersey; Princeton University Press, 1994), p. 99.

    Sachs, Poland’s ]ump, p. 63.

    IMF CF, EBM/91/57, April 18, 1991.

    “Poles Apart but Ready to Do a Deal,” Financial Times, May 29–30, 1993, p. 9.

    International Monetary Fund, World Economic Outlook, October 1993, p. 85.

    IMF CF, SM/92/132, June 30, 1992, Review of Experience with Programs in Eastern Europe.

    Václav Klaus, “Price Liberalization and Currency Convertibility: Twenty Days After,” in Currency Convertibility in Eastern Europe, ed. by John Williamson (Washington: Institute for International Economics, 1991), p. 13.

    Leslie Lipschitz and Donogh McDonald, eds., German Unification: Economic Issues, IMF Occasional Paper No. 75 (Washington: International Monetary Fund, 1990), p. 52.

    Gerhard Schröder and others, Vorlage für das Politbüro des Zentralkommittee der SED, October 30, 1989, reproduced in “‘Schock mit schlimmen Folgen,’” Der Spiegel, 46/44, 1992, pp. 102–103.

    IMF CF, C/Poland/1760, December 4, 1990, Poland; Stand-By Arrangement: Request for Waiver.

    Mikhail Gorbachev, Gipfelgespräche: Geheime Protokolle aus meiner Amtszeit (Berlin: Rowohlt, 1993), p. 230.

    International Monetary Fund, World Bank, Organization for Economic Cooperation and Development, and European Bank for Reconstruction and Development, A Study of the Soviet Economy, Vol. 1 (Paris: IMF, World Bank, OECD, and EBRD, 1991), p. 11. These figures almost certainly overstate growth rates, because they ignore—among other influences—the impact of quality deterioration.

    Gorbachev, Gipfelgespräche, p. 212.

    International Monetary Fund and others, A Study of the Soviet Economy, Vol. 2, p. 140.

    “The President Who Cared Too Much,” Financial Times, December 27, 1991, p. 2.

    Gorbachev, Gipfelgespräche, p. 228.

    International Monetary Fund, Common Issues and Interrepublic Relations in the Former U.S.S.R., IMF Economic Review (Washington: International Monetary Fund, 1992), p. 38.

    International Monetary Fund and others, A Study of the Soviet Economy, Vols. 1 and 2.

    Richard H. Ullman, Securing Europe (Princeton, New Jersey: Princeton University Press, 1991), pp. 14–15.

    In interview with Stephen Cohen, Public Broadcasting Service (PBS), December 27, 1994.

    World Bank, World Debt Tables, 1992–93, Vol. 1 (Washington: World Bank, 1992), p. 30. Economist Intelligence Unit, cited in “A Poor Guest at the Party,” Financial Times, October 8, 1991, p. 20.

    Interview with Mieczyslaw Rakowski, December 28, 1993.

    “Soviet Bid to Join I.M.F. Still a Puzlle,” New York Times, July 29, 1991, p. A6.

    Alexei V. Mozhin, “Russia’s Negotiations with the IMF,” in Changing the Economic System in Russia, ed. by Anders Åslund and Richard Layard (London: Pinter Publishers, 1993), pp. 65–66.

    Boris Fedorov, at meeting of Bretton Woods Commission, Washington, July 20–22, 1994, quoted in International Monetary Fund, IMF Survey, August 8, 1994, p. 252.

    International Monetary Fund, Annual Report, 1993, p. 60.

    International Monetary Fund and others, A Study of the Soviet Economy, Vol. 1, p. 15.

    International Monetary Fund and others, A Study of the Soviet Economy, Vol. 2, p. 145.

    “Russia Changes Direction of Its Radical Reform,” Financial Times, November 30, 1992, p. 17.

    “Battle Over Russia’s Runaway Central Bank,” Financial Times, January 22, 1992, p. 2.

    “Soviet Union Printing Money Round the Clock,” Financial Times, September 18, 1991, p. 2.

    See Michael Bruno, “Stabilization and the Macroeconomics of Transition—How Different Is Eastern Europe?” Economics of Transition, Vol. 1 (1993), pp. 5–19.

    International Monetary Fund, IMF Survey, February 22, 1993, p. 51.

    Chapter 17. From Bretton Woods to the Information Age

    Kenneth W. Dam, The Rules of the Game: Reform and Evolution in the International Monetary System (Chicago: University of Chicago Press, 1982), p. 169.

    Joseph Gold, Legal and Institutional Aspects of the International Monetary System: Selected Essays, Vol. 1 (Washington: International Monetary Fund, 1979), p. 25, quoting Handelsblatt, June 28, 1976.

    August 18, 1972, Reform of the International Monetary System: A Report by the Executive Directors to the Board of Governors, reproduced in Margaret Garritsen de Vries, The International Monetary Fund 1972–1978: Cooperation on Trial, Vol. 3 (Washington: International Monetary Fund, 1985), p. 27.

    See Peter B. Kenen, “Capital Controls, the EMS and EMU,” Economic Journal, Vol. 105 (January 1995), pp. 181–92.

    The purchasing power parity (PPP) calculations involve a considerable increase in the GDP figures for less industrialized countries compared with GDP calculations based on current market exchange rates. For some time the United Nations used PPP as a basis of estimates; in 1993, this approach was also used in the IMF’s World Economic Outlook, See World Economic Outlook, May 1993, pp. 116–19. See also Economist, May 15, 1993, p. 83.

    World Bank, World Development Report 1991 (New York: Oxford University Press, 1991), pp. 204–205.

    Internationa1 Finance Corporation, Emerging Stock Markets Factbook 1993 (Washington: International Finance Corporation, 1993), pp. 20–21.

    “No. 1 on Agenda: The Limits to Promoting Growth,” New York Times, July 6, 1992, p. A7.

    Harold Nicolson, Diplomacy (London: Thornton Butterworth, 1939), p. 41.

    International Monetary Fund, World Economic Outlook, October 1993, pp. 104–12.

    Partha Dasgupta, An Inquiry into Well-Being and Destitution (Oxford: Clarendon, 1993), especially pp. 104–28.

    de Vries, The International Monetary Fund 1972–1978, Vol. 1, p. 533.

    Jacob Viner, International Economics (Glencoe, Illinois: Free Press, 1951), p. 16. See also William Y. Elliott, The Political Economy of American Foreign Policy: Its Concept, Strategy, and Limits (New York: Henry Holt, 1955), p. 20.

    See Manuel Guitián, “The Issue of Capital Account Convertibility: A Gap Between Norms and Reality,” paper presented at a seminar on currency convertibility, Marrakech, Morocco, December 16–18, 1993.

    See Richard N. Cooper, “A Monetary System for the Future,” Foreign Affairs, Vol. 63 (Fall 1984), pp. 166–84. Richard N. Cooper, “What Future for the International Monetary System?” in International Financial Policy; Essays in Honor of Jacques J. Polak, ed. by Jacob A. Frenkel and Morris Goldstein (Washington: International Monetary Fund and De Nederlandsche Bank, 1991), pp. 125–49. Ronald I. McKinnon, An International Standard for Monetary Stabilization (Washington: Institute for International Economics, 1984). Ronald I. McKinnon, “The Rules of the Game: International Money in Historical Perspective,” Journal of Economic Literature, Vol. 31 (March 1993), pp. 1–44.

    See Paul de Grauwe, Hans Dewachter, and Marc Embrechts, Exchange Rate Theory: Chaotic Models of the Foreign Exchange Markets (Oxford: Basil Blackwell, 1993).

    Harry G. Johnson, “The Bretton Woods System, Key Currencies and the ‘Dollar Crisis’ of 1971,” Three Banks Review, Vol. 94 (June 1972), p. 5. For a different analogy, see Knut Borchardt, “Can Societies Learn from Economic Crisis?” German Yearbook on Business History 1984 (Berlin: Springer Verlag, 1985), pp. 13–24.

    See Barhara Stallings, “International Influence on Economic Policy: Debt, Stabilization, and Structural Reform,” in The Politics of Economic Adjustment, ed. by Stephan Haggard and Robert R. Kaufman (Princeton, New Jersey: Princeton University Press, 1992), pp. 52–53.

    Robert Solomon, “International Monetary Reform: The Future Is Not What It Used To Be!” in The Future of the International Monetary System: Change, Coordination or Instability, ed. by Omar F. Hamouda, Robin Rowley, Bernard M. Wolf (Armonk, New York: M.E. Sharpe, 1989), p. 10. Otmar Issing, Internationale Währungsordnung (Tübingen: J.C.B. Mohr, 1991), pp. 50–51.

    For example, Middle East Economic Digest, December 18, 1992.

    For example, Fusae Ota, Hiroya Tanigawa, and Tasuke Otani, “Russia’s Economic Reform and Japan’s Industrial Policy,” Ministry of International Trade and Industry, Working Paper, Tokyo, 1992.

    This case has been powerfully argued by François Bourguignon and Christian Morrisson, Adjustment and Equity in Developing Countries: A New Approach (Paris: Organization for Economic Cooperation and Development, 1992).

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