Back Matter

Author(s):
James Boughton
Published Date:
March 2012
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    Index

    Note: Page numbers followed by f, n, or t refer to figures, footnotes, or tables, respectively.

    A

    Abdelai, Rawi, 134n, 541n

    Abrams, Richard K., 361n

    Access limits

    • definition, xxi

    • evolution of IMF policies, 748–52

    • exceptional circumstances clause, 555n, 752, 753t

    • Systemic Transformation Facility, 199, 200–201, 751

    • tranches of, xxi–xxii

    Accountability

    • within IMF, xxv–xxvi, 81

    • of international organizations, 81–82

    Acting Chairman, xxv

    Acting Managing Director, 883

    Adams, Charles, 24n, 541, 543, 544, 545

    Adeli, S.M.H., 787

    Administration Department, 44, 861, 890

    Administrative Tribunal, 893

    Advanced economies, 540n

    Afghanistan

    • IMF membership, 877

    • payment arrears, 850–51

    • security of IMF personnel in, 893

    • Soviet occupation, 10, 60

    African countries. See also Sub-Saharan Africa;

    • specific country

    • changes in lending to, 678–81

    • challenges for IMF in, 684–85

    • coordination of international assistance to, 684

    • criticism of IMF policies in, 734

    • debt sustainability, 685

    • economic challenges for, 1

    • economic performance in 1990s, 681–82, 734–35

    • effectiveness of IMF lending to, 680, 682, 687–88, 720

    • facilities designed for, 678–79

    • IMF commitment to, 683–84, 734–35

    • IMF emergency response to 1992 drought, 230

    • IMF lending to, 647, 678, 679f, 682, 684, 686, 688, 720

    • IMF membership, 677–78

    • IMF relationships with, 681

    • IMF strategies for economic improvement in, 684, 685–86, 687–88

    • linguistic orientation of IMF engagement in, 683n

    • postcolonial development, IMF membership and, l–li, 632, 677

    African Department, 677n, 890

    African Development Bank, 89

    African National Congress, 691, 692, 696

    Aghevli, Bijan, 167n, 171, 266, 501, 506, 521–22, 527n, 528, 530n, 534, 552n, 553n, 578, 584n

    Ahmad Mohd Don, 583

    Ahmed, Masood, 86

    Aizenman, Joshua, 94–95

    Akayev, Askar, 399, 400

    Akerloff, George, lxii

    Alarcón, Fabián, 611

    Albania

    • after dissolution of Soviet Union, 277–80

    • Article IV consultations, 277–78

    • corruption investigation in, 894

    • emergency postconflict assistance to, 237

    • IMF lending to, 202, 278, 279–80, 591–92

    • IMF membership, 50–51, 277

    • pyramid schemes, 278–79

    • technical assistance to, 259

    Al-Bashir, Umar, 836

    Albright, Madeleine, 537

    Alesina, Alberto, 520n

    Alexander, Sidney, lv

    Alexander, William E., 146n, 165n

    Algeria

    • cereals window borrowing, 223

    • economic challenges, 688–89

    • economic performance in 1990s, 682

    • exchange rate, 689

    • governance, 682–83, 689

    • IMF lending to, 220–21, 688, 689–90

    Al-Jasser, Muhammad, 219, 750, 752

    All African Council of Churches, 94

    Allen, Mark, 439, 488n

    Allison, Graham, 62n

    Al-Tuwaijri, Abdulrahman, 235n

    Amendments to Articles of Agreement

    • First Amendment (1969), xviii, xx–xxi, xxii, xlviii–xlix, 795

    • Second Amendment (1978), xviii, xxi, xlix, 109, 128, 825n, 870, 874

    • Third Amendment, 37, 775–76, 808–9, 867

    • Fourth Amendment, 42, 771–73, 867

    • liberalization of capital flows, proposal for, 135–39

    • process for enacting, 807, 867

    Amin, Idi, 717

    Amnuay Viravan, 501, 502, 503, 505

    Andean Pact, 6

    Andorra, 50

    Andrews, David, 29n

    Angola

    • economic reforms of 1990s, 12

    • IMF engagement with, 687

    • technical assistance to, 241

    Aninat, Eduardo, 887–88

    Anjaria, Shailendra, 328n, 360n, 374n, 478, 558–59, 889

    Annan, Kofi, 893

    Annual Meetings, IMF/World Bank

    • 1985 (Seoul), 539

    • 1991 (Bangkok), 148, 150, 352, 498

    • 1994 (Madrid), 461, 768, 868

    • 1995 (Washington), 654

    • 1997 (Hong Kong SAR), 322, 543n, 582, 622–23

    • 1998 (Washington), 86, 599, 610–11

    • 2000 (Prague), 868

    • 2002 (Washington), 868–69

    • chairmanship, 868t

    • consideration of Year 2000 issues, 215

    • locations and agendas of, in 1990s, 866–69

    • meeting schedule, 867

    • official record, 867n

    • security concerns, 868

    • Annual Reports, 103, 105, 801 summaries of Summings Up, 161

    Antilles, 119

    Anwar Ibrahim, 580–81, 584, 585

    APEC. See Asia-Pacific Economic Cooperation

    Aquino, Corazon C., 428–29

    Arab Monetary Fund, 244

    Archer, David, 29n

    Argentina

    • Brady Plan implementation, 419–20

    • convertibility scheme, 418–19

    • debt crisis (1980s), liii, 31

    • dollarization of economy, 608–9

    • effects of Asian financial crisis, 609–10

    • exchange rate policies, 25, 26, 27, 606–9

    • extended arrangement, 229n

    • financial crisis (2001–02), liii, 416, 611

    • IMF lending to, 417, 419, 420, 489, 490–91, 609, 610–11

    • Mexican peso crisis and, 488, 489–91

    • outcomes of IMF policies of 1990s, 416–17

    • Plan Bonex, 417

    • privatizations, 417

    • recovery from 1980s debt crisis, 411, 417–21

    • regional trade agreements, 6, 35

    • Reports on Observance of Standards and Codes, 128

    • tax policy, 417, 489–90, 606

    Argy, Victor, lvii

    Arias Sanchez, Oscar, 442

    Aristide, Jean-Bertrand, 35, 36, 39, 845

    Ariyoshi, Akira, 139n

    Armenia

    • after dissolution of Soviet Union, 393–96

    • Azerbaijan conflict, 232

    • in CIS, 351n

    • IMF lending to, 394f, 395–96

    • monetary policy, 393–95

    • regional conflicts, 393, 396

    • repayment of IMF loans, 396n

    Armijos, Ana Lucia, 614

    Arrangements terminology, 639n

    Arriazu, Ricardo, 182

    Article IV consultations. See also Surveillance

    • Albania, 277–78

    • Belgium, 165–66

    • bicyclic procedure, 117–18, 143

    • Brazil, 423, 426, 596–97

    • capacity to avert 1992 European exchange rate mechanism crisis, 174, 176

    • consideration of environmental issues in, 157–60

    • consideration of governance and corruption issues in, 153–54

    • coverage, 118, 118f

    • Czechoslovakia, 266

    • Czech Republic, 266–68

    • European Union, 173–74

    • financial sector surveillance, 146

    • first, 35

    • France, 178–80

    • frequency, 116–18

    • Germany, 174–76

    • Indonesia, 517–18

    • introduction of, 109

    • Japan, 170–73

    • Korea, 540

    • with major economies, 165, 166

    • Malaysia, 580, 582

    • Mauritius, 688

    • Mexico, 116–17, 458, 461–62,

    • military spending surveillance in, 148, 149

    • Namibia, 688

    • Nigeria, 686–87

    • with nonmember territories, 119–20

    • operational guidance for staff, 114–15

    • press information notices, 41, 161–62

    • procedures, 114–15

    • publication of reports, 104, 160–62

    • regional considerations, 16

    • Senegal, 700

    • Seychelles, 688

    • South Africa, 691

    • Summings Up after, 161

    • surveillance under, 109, 110

    • Swaziland, 688

    • Sweden’s 1992 banking crisis and, 143–44

    • Tajikistan, 402

    • Thailand, 498, 499–500, 505

    • types of, 15–16

    • United Kingdom, 177, 178

    • United States, 166–69

    Articles of Agreement (IMF). See also Amendments to Articles of Agreement; Article IV consultations

    • on access limits, 748

    • Article I, xlvi, lv, 125, 155–56, 190

    • Article III, 109n, 442

    • Article IV, xxi, xlvi, 15, 109, 152

    • Article V, 813n

    • Article VI, li, lii, lvii, 131, 748n

    • Article VIII, 44, 109, 119, 128–29, 442. See also Currency convertibility

    • Article IX, 105

    • Article XIV, 109, 109n, 128

    • Article XIX, 765n

    • Article XXII, 759

    • Article XXX, 201n

    • on capital controls, 131, 134–35

    • establishment of, xlvi

    • ratification, 51

    Artus, Jacques, 175, 176, 179

    ASEAN. See Association of South-East Asian Nations

    ASEAN Free Trade Area, 6, 37

    Asia and Pacific Department, 41, 859

    Asian Department, 36, 858–59, 889

    Asian Development Bank

    • assistance to Republic of Korea, 553, 556

    • IMF collaboration with, 89

    • in Manila Framework Group, 624

    • North Korea’s application to, 74

    • response to Indonesia’s 1997 crisis, 524

    • support for Pacific Financial

      • Technical Assistance Centre, 243

    Asian financial crisis (1997). See also

    •  

      • East Asian crises (1997);

      • Indonesia’s financial crisis (1997);

      • Korea’s financial crisis (1997);

      • Thailand’s financial crisis (1997)

    • APEC response, 101

    • argument for private sector involvement in debt workout after, 31

    • causes, 136–37, 141

    • effect on IMF surveillance policies and practices, 126, 141, 146, 181–82

    • effects in Argentina, 606, 609–11

    • effects in Brazil, 596–97

    • effects in Ecuador, 611

    • effects in Europe, 588–92

    • effects in Russia, 323–24, 327

    • G22 response, 101–2

    • IMF Executive Board meeting minutes on, xxiv

    • IMF lending associated with, 189

    • inadequacy in IMF capacity to recognize vulnerabilities in, 617–18

    • international financial regulation as lesson from, 621

    • lessons for IMF in, 616–21

    • loss of private investor confidence as factor in, 616–17

    • political factors in management of, 620

    • postcrisis assessment by Asian policymakers, 621

    • recognition of beginning of, 497

    • regional policy issues, 120

    • short-term foreign borrowing as complicating factor in, 617

    • spread of, 513

    • start of, 506

    Asian Monetary Fund, 207, 621–23, 624

    Asia-Pacific Economic Cooperation (APEC)

    • G20 and, 102

    • IMF study of capital flows, 100–101

    • lessons of 1997 Asian financial crisis, 620

    • meeting on Blake Island (1993), 38, 100

    • meeting in Honolulu (1994), 38, 100

    • meeting in Vancouver (1997), 101, 527

    • membership, 36, 98t, 100

    • origins, 100

    • purpose, 100

    Åslund, A., 359n, 360n, 374n

    Aspe, Pedro, 455, 457, 458, 461

    Asser, Tobias, 289n

    Association of South-East Asian Nations (ASEAN)

    • ASEAN Free Trade Area, 6, 37

    • ASEAN Plus, 624–25

    • IMF and, 87

    • membership, 40, 42, 43

    • proposal for regional funding mechanism, 622

    Attali, Jacques, 783

    Austin, Paul, 165n

    Australia

    • on environmental concerns of IMF, 156

    • Indonesian crisis and, 535

    • inflation-control policies, 29

    • Reports on Observance of Standards and Codes, 128

    • support for Pacific Financial Technical Assistance Centre, 243

    Australia, Reserve Bank of, 506, 509

    Austria

    • European Union membership, 40

    • governance issues in Article IV consultation, 154

    Autheman, Marc-Antoine, 179–80, 205, 206, 238, 273–74, 308, 316, 319, 607, 769

    Authorities, monetary, xx

    Aylward, Lynn, 896n

    Azcona, José, 817

    Azerbaijan

    • after dissolution of Soviet Union, 396–97

    • in CIS, 351n

    • economic status at independence, 396

    • IMF lending to, 201, 394f, 397

    • IMF membership, 68

    • monetary and exchange rate policies, 396–97

    • per capita output, 396

    • regional conflicts, 232, 393, 396

    B

    Bahrain

    • currency in IMF operational budget, 742n

    • Executive Board representation, 877

    Baker, James, 64

    Baker 15 countries, 428, 430, 432–33, 686

    Baker-Miyazawa agreement, 170

    Balance of payments

    • data quality, 162–63

    • and surveillance, 114, 115

    • monetary approach to imbalances, lvi

    • sources of difficulties in financing, 187

    Balance of Payments Manual, 163

    Balcerowicz, Leszek, 438

    Baliño, Tomas, 27, 530n, 549–50

    Balladur, Édouard, 702

    Baltic countries. See also Estonia;

    • Latvia;

    • Lithuania

    • anti-Soviet sentiment in, 361

    • and dissolution of Soviet Union, 11–12, 62, 65

    • effects of Asian crisis, 589

    • establishment of new currencies, 356–57

    • IMF lending to, 366f

    • IMF membership, 66, 349, 361

    • per capita output change in transition, 350t

    • successful economic recoveries, 361–62

    • tradition of democracy and market economics in, 361

    Banda, Hastings Kamuzu, 727

    Banerjee, Biswajut, 12n

    Bangkok Bank of Commerce, 500

    Bangkok International Banking

    • Facilities, 502

    Bangladesh, 230–31

    Bank for International Settlements (BIS)

    • assistance to Brazil, 601

    • assistance to countries in transition, 258, 295–96

    • assistance to Guyana, 817

    • assistance to Mexico, 466–67, 468n, 473, 477, 480

    • founding of Joint Vienna Institute, 90

    • IMF and, 87

    • Korea’s membership, 540

    • Soviet Union and, 65

    Banque centrale des Etats de l’Afrique de l’Ouest. See Central Bank of West African States

    Banque des Etats de l’Afrique central, 701n, 703

    Barkbu, Bergljot B., 662n

    Barro, Robert J., lx, 690

    Basel Committee

    • core principles, 146

    • responsibilities, 127n

    Basu, Anupam, 723

    Batista, Fulgencio, 76

    Beddies, Christian, 662n

    Bédié, Henri Konan, 708

    Behavioral economics, lxii

    Beith, Andrew J., 243

    Bélanger, Gérard, 329n, 340n

    Belarus

    • after dissolution of Soviet Union, 379–83

    • in CIS, 36, 65, 350

    • IMF lending to, 202, 380–83

    • monetary policy, 379–80

    • political environment, 381, 382

    Belgium

    • Article IV consultations, 165–66

    • Executive Board representation, 877

    Bennett, Adam G.G., 27, 363n, 604n

    Benchmarks

    • in stand-by arrangements, 194–95

    • performance criteria versus, 450n

    Benin

    • governance, 682

    • IMF lending to, 705–7

    Bennett, Robert, 474

    Bentsen, Lloyd, 304, 459n, 769–70

    Bérégovey, Pierre, 701, 782

    Berezovsky, Boris, 325

    Bergo, Jarle, 235n, 479n, 695, 769

    Berisha, Sali, 278

    Berlin Wall, fall of, xvii, liii–liv, 11, 59

    Bernanke, Ben S., 29

    Bernes, Thomas A., 135, 319, 719, 779n, 792, 871

    Bernstein, Boris, 633n

    Berra, Yogi, 180

    Berrizbeitia, Luis E., 141n

    Beveridge, William A., 862

    Beza, Sterie T. (Ted), 418, 422n, 424, 459n, 889–90

    Bhagwati, Jagdish, 6

    Bhatia, Rattan, 700

    Bicalho, Maurício Chagas, 879

    Bicyclic surveillance procedure, 117–18, 143

    Biersteker, Thomas J., 686n

    Big bang transition to market economy, 34, 237–38, 262, 266, 438

    BIS. See Bank for International Settlements

    Blair, Tony, 178

    Blanchard, Olivier, 475

    Bléjer, Mario I., lviii, 29, 695n

    Blustein, Paul, 211n, 326n, 330n, 332n, 336n, 375n, 416n, 499n, 518n, 522n, 527n, 528–29, 533n, 534n, 535n, 539n, 546n, 552, 562n, 563, 598n, 603n

    Board of Governors. See also Annual Meetings, IMF/World Bank

    • chairmanship, 867

    • composition, 857

    • IMF accountability structure, 81

    • Interim Committee and, 870

    • resolutions considered by, in 1990s, 866–67

    Bohlen, Celestine, 335,339n

    Bolivia

    • debt restructuring, 432–33, 443–44, 657

    • IMF lending to, 95, 433, 638–39, 647

    • regional trade agreements, 6, 41

    • Resident Representative, 244

    Bongo, Omar, 735

    Boorman, John T. (Jack), 55, 84, 86, 127n, 129n, 163n, 213n, 215n, 322, 354n, 471–72, 478, 488n, 523, 562, 615n, 617n, 620n, 640n, 653, 735, 891

    Bordo, Michael, xlvi, 474n

    Bosnia and Herzegovina

    • after dissolution of Soviet Union, 269–70, 275–77

    • currency and exchange rate policies, 26, 27, 271t

    • Herzegovina conflict, 40, 72, 73, 130

    • IMF lending to, 270f, 276–77, 591, 592

    • IMF membership, 73–74

    • IMF payment arrears, 275–76

    • IMF quota, 72–73

    • inherited arrears, 846–47

    • postconflict emergency assistance, 235

    Botchwey, Kwesi, 106, 643n, 863

    Botswana, 9, 682, 688

    Boughton, James M., xviii, 58n, 104n, 148n, 197n, 455n, 633n, 765n, 772, 868n

    Brachet, Christian, 319n

    Brady, Nicholas, 64, 411

    Brady bonds, liii, 412, 419–20, 431, 432, 434–35, 442, 492, 612, 614

    Brady Plan

    • Argentina’s implementation, 419–20

    • authors, 411

    • Brazil’s implementation, 422, 425

    • Bulgaria’s implementation, 436–37

    • Costa Rica’s implementation, 442

    • Dominican Republic’s implementation, 434–35

    • Ecuador’s debt deferment, 614–15

    • Ecuador’s implementation, 431

    • IMF role, 226–27, 412

    • key elements, 411–12

    • Mexico’s implementation, 427–28

    • Morocco’s implementation, 433

    • Nigeria’s implementation, 433

    • Philippines’ implementation, 428–29

    • Poland’s implementation, 441–42

    • in resolution of 1980s debt crisis, 411

    • success of, 412

    • Uruguay’s implementation, 433

    Braithwaite, Rodric, 64n, 292n, 352n

    Brau, Eduard, 862

    Brazil

    • anti-inflation strategy, 425–26

    • Article IV consultations, 596–97

    • banking sector reforms, 595

    • Brady Plan implementation, 422, 425

    • Collor II plan, 423

    • currency board proposal, 603–4

    • debt crisis (1980s), liii, 411, 421–27

    • domestic opposition to 1998

    • stand-by arrangement, 602

    • effects of Russia’s default crisis, 597

    • exchange rate policies, 27, 44, 595, 596–97, 597, 599, 602–5

    • financial crisis (1998), liii, 8, 31, 189, 595–606

    • fiscal policies, 595–96, 597

    • IMF lending to, 43, 209, 421, 422–23, 600f, 601–2, 606, 678, 794–95

    • inflation-control policies, 29

    • loan negotiations with IMF, 599–601

    • macroeconomic reforms, 423

    • Mexican peso crisis and, 427, 488, 491–92

    • New Brazil (Collor) Plan, 421–22

    • off-market gold sale in repayment of IMF debt, 669–71, 747–48

    • Plano Real, 426–27, 491, 595

    • preemptive short-term lending for (1998), 210–11

    • regional trade agreements, 6, 35

    • removal of exchange rate restrictions, 129

    • use of Compensatory Financing Facility, 216

    • valuation of debts, 422

    Bread for the World, 94

    Bredenkamp, Hugh, 361n

    Bretton Woods conference (1944)

    • exchange rate policies, 22

    • fiftieth anniversary, 455, 868

    • goals, xliv

    • historical milieu, xlv, xlvii

    • participants, xlvii, 51, 76, 446

    • quota distribution formula, 780

    • Soviet Union’s participation, 57–58

    Bretton Woods exchange rate system

    • breakdown of, 202, 870

    • evolution of, 21

    • theoretical challenges to, lix

    BRIC countries, 129. See also specific country

    Brooke, Martin A., 154

    Brown, Gordon, 99, 178, 534, 668, 869, 872–73

    Brown, Scott B., 235

    Brunei Darussalam, 50, 746

    Brunner, Edouard, 786

    Brunner, Karl, lvii

    Bruno, Michael, lix

    Brzezinski, Zbigniew, 351n

    Bubble economies, 8

    Bucaram, Abdalá, 611

    Buffer Stock Financing Facility, 225–26

    • access limits, 749

    • establishment of, 632

    • use by Côte d’Ivoire, 433n

    • use by Indonesia, 516

    • use by Thailand, 498n

    Buiter, Willem, 23n, 95, 173n

    Bulgaria

    • administrative capacity, 436

    • after dissolution of Soviet Union, 280–83, 435

    • banking reforms, 281

    • Brady Plan implementation, 436–37

    • cereals window borrowing, 223

    • exchange rate policies, 26, 27

    • External Contingency Mechanism, 224–25

    • IMF lending to, 201, 224–25, 280, 283, 436–37, 591, 592

    • IMF membership, 50–51, 280, 435–36

    • political environment, 435, 437–38

    • prolonged borrowing, 191–92, 280

    • recovery from 1980s debt crisis, 435–38

    • technical assistance to, 259

    Bulman, Robin, 557

    Bundesbank. See Deutsche Bundesbank

    Bureau of Computing Services, 215, 861–62

    Bureau of Statistics. See also Statistics Department

    • creation of, 860

    • technical assistance activities, 239

    Burgess, W. Randolph, 881n

    Burkina Faso

    • eligibility for debt relief, 659

    • IMF lending to, 707

    Burton, David, 154, 363n, 566n

    Burundi, 682

    Bush (G.H.W.) administration (U.S.), 34, 59, 61–62, 64, 65, 168, 170, 291, 292, 371, 867

    Bush (G.W.) administration (U.S.), 631, 868–69

    Byelorussia. See Belarus

    Byeon, Yangho, 498n

    C

    Cady, John, 165n

    Calamitis, Evangelos, 683n, 890

    Caldera, Rafael, 430

    Callaghan, James, 679 Callen, Tim, 170n

    Calvo, Guillermo, 8n, 24, 25n, 94–95, 132, 460n, 617n

    Cambodia

    • ASEAN membership, 43

    • environmental policies, 158–59, 586–88

    • financial crisis (1997), 586, 588

    • IMF gold transaction, 747

    • IMF lending to, 201, 202, 234, 586–88, 823f

    • IMF membership, 877

    • Paris peace agreement, 36

    • payment arrears, 234, 806, 823–25

    • quota, 784

    Cambridge, University of, 497

    Camdessus, Brigitte, 683, 882

    Camdessus, Michel, lxi, 66, 143, 455, 478, 610–11, 771, 881, 894

    • advocacy for currency boards, 27

    • APEC meetings, 100–101

    • in Argentina, 609

    • on Asian financial crisis, 616

    • in Brazil’s 1998 crisis, 597, 598–99, 603–4

    • in Brazil’s recovery from 1980s debt crisis, 421, 422–24

    • briefings to U.S. Congress, 106

    • career, 882

    • in Caribbean after Hurricane Mitch (1998), 231–32

    • in CFA franc zone negotiations, 701–2, 703

    • commitment to IMF’s Africa program, 683–84, 734–35

    • commitment to South Africa’s recovery, 696, 697

    • concept of high-quality growth, 14

    • confidence in Malaysia, 580–81

    • consideration of Year 2000 issues, 215

    • creation of permanent ESAF, 641–42, 643

    • creation of PRGF, 646

    • criticisms of, 897–98

    • in Czechoslovakia’s application for membership, 54

    • in debate on access limits, 750

    • on debt relief for heavily indebted countries, 652, 653, 654

    • deputies, 882–86

    • development of Brady Plan, 411

    • development of Contingent Credit Lines, 209–10

    • in Dominican Republic’s arrears settlement, 841–43

    • in Ecuador’s recovery program, 614, 615

    • efforts to avert Indonesia’s financial crisis, 517–18

    • efforts to establish global policy standards, 16–17, 124–26

    • efforts to improve data quality, 163

    • efforts to increase Article VIII acceptance, 128–29

    • elections, 36, 41, 882

    • eleven commandments, 17, 124–26

    • Eleventh Review of quotas, 777–78, 779

    • on environmental concerns of IMF, 155–56

    • evolution of conditional lending policies, 18–19

    • extension of Systemic Transformation Facility, 200

    • external review of surveillance procedures, 112–13

    • in Financial Stability Forum, 92

    • funding for concessional lending, 666, 667–68

    • at G7 meetings, 97

    • IMF organizational restructuring, 859, 862

    • in India’s debt restructuring, 448–49

    • Mandela and, 693, 694, 697

    • Mexican peso crisis, 456n, 458, 461, 465, 468, 470–72, 474, 475, 480, 481–82, 484, 487, 791

    • on military spending as factor in aid decisions, 147, 148–49

    • Moi and, 714

    • movement toward capital account liberalization, 134–35, 137–38

    • in Mozambique, 731

    • opening of IMF archives, 105

    • on promoting good governance, 151, 153

    • on proposal for Asian Monetary Fund, 622–23

    • on publication of consultation findings, 162

    • on quota redistribution, 788

    • recommendations to Thailand preceding 1997 crisis, 500, 501

    • relationship with African leaders, 735

    • resignation, 44, 885

    • on resignation of Suharto, 538

    • response to 1991 oil price spike, 221

    • response to antiglobalization protests, 90–91

    • response to East Asian financial crisis, 574, 578

    • response to Indonesia’s 1997 crisis, 523, 524, 527, 528, 530–31, 533,534

    • response to Korea’s 1997 crisis, 546, 551, 554, 557, 560

    • response to Malaysia’s financial crisis, 582, 583

    • response to Thailand’s 1997 crisis, 502, 504–5, 512, 513, 514

    • on role of Interim Committee, 870

    • in Russia’s post-Soviet transition, 290, 297–98, 300, 301, 304–5, 306, 307–8, 315, 319, 321, 322, 325, 326, 327, 331, 333, 335, 336, 337, 338, 339–41, 343, 356, 791

    • significant features of directorship, 734, 896–99

    • in Soviet Union’s interest in IMF membership, 59–60, 64–65

    • SDR allocation controversy, 765–73

    • support for Algeria, 689

    • support for concessional lending, 635

    • support for Nigeria’s recovery, 686–87

    • support for South Africa, 691

    • in transition of post-Soviet economies, 261, 272, 353, 360, 361n, 363, 377, 384, 387

    • on transparency, 160

    • in United Nations conferences, 88–89

    • in U.S. Article IV consultations, 167

    • World Bank–IMF relationship, 86–87

    • World Trade Organization–IMF

    • relationship, 90

    Cameroon, 635

    Canada. See also North American Free Trade Agreement

    • adoption of floating exchange rate, lix

    • assistance to Mexico in peso crisis, 465, 466, 468n, 473, 479–80, 485n

    • financial sector assessment, 146

    • inflation-control policies, 29

    • regional free trade agreement, 6, 38

    Canada, Bank of, 473, 479–80

    Canto, Victor A., lix

    Capacity building

    • institutional development for transition economies, 261–62

    • technical assistance for, 20–21, 240

    • training programs for country officials, 243–45, 861

    Caparello, Michele, 855

    Cape Verde

    • economic performance in 1990s, 687

    • IMF lending to, 687

    Capital flows

    • after debt crisis (1980s), 412

    • capital market reports, 139–41

    • challenges for newly formed Czech Republic, 266–68

    • Chile’s controls, 432

    • to developing countries in 1990s, 7, 132

    • emergency financing arrangements for reversal of, in developing countries, 202

    • evolution of IMF policies, li–lii, lxi–lxii, 17, 30–32, 131–39

    • financial crises of 1990s, 7–8, 31, 132, 133, 136–37, 140–41

    • Fleming-Mundell model, lvii

    • growth of global significance, 131–32

    • IMF capacity to analyze balance sheet vulnerabilities, 617–18

    • IMF mandate for liberalization, 131, 181

    • IMF studies, 100–101, 132

    • IMF surveillance, 131, 132, 133

    • international regulation to prevent Asia-type crises, 621

    • Korean controls before 1997 crisis, 541

    • lessons for IMF surveillance from Asian crisis, 617–20

    • liberalization of financial markets in 1990s, 7, 30

    • Malaysia’s 1994 control regime, 580

    • Malaysia’s 1998 control regime, 583–86

    • in Mexican peso crisis, 461, 464, 488, 489, 491–92

    • role of Supplemental Reserve Facility in emergency response, 207

    • study of APEC region, 132–33

    • in Thailand’s financial crisis, 499, 500, 504

    • Washington Consensus on, lxi-lxii, 131

    Cardoso, Fernando Henrique, 424–25, 426n, 598–99, 601

    Caribbean Development Bank, 817n

    Carry trade, 7, 136–37, 323

    Carson, Carol S., 165n, 892

    Carstens, Augustin, 460n

    Carter, Jimmy, 679

    Cashin, Paul, 226

    Cassell, Frank, 782

    Castenfelt, Peter, 304

    Castro, Fidel, xlix, 76, 77

    Catholic Fund for Overseas

    • Development, 660

    Catholic Relief Services, 94

    Cavallo, Domingo Felipe, 418, 489–90, 607

    CCFF. See Compensatory and

    • Contingency Financing Facility

    Ceauescu, Nicolae, 11, 255, 264–65

    Central African Economic and Monetary

    • Community, 44, 120

    Central African Republic, 847, 848f

    Central Asia Department, 36, 41, 859

    Central Banking Department, 37, 295–96, 371, 372, 860, 890

    Central Banking Service, 239

    Central Bank of West African States (Banque centrale des Etats de l’Afrique de l’Ouest), 701n, 703, 886

    Centrally planned economies. See

    • Dissolution of Soviet Union;

    • Transition from centrally planned to market economy

    Centre d’Etudes Prospectives et

    • d’Information Internationales, 882

    Cereals import window, 223

    Cerra, Valerie, 448n

    Cesarano, Filippo, 22n

    CFA franc zone. See also specific country

    • benefits, 698, 699

    • devaluation (1994), 28, 38, 682

    • exchange rate, 28, 698–704

    • IMF lending to countries of, 704–7

    • IMF policies, 28, 699–704

    • origins, 28, 698

    • participating countries, 28, 699n

    • policymaking in, 701n

    • regional surveillance, 116, 120

    CFF. See Compensatory Financing Facility

    Chabrier, Paul, 838

    Chaiyawat Wibulswasdi, 505

    Chang-Yuel Lim, 548, 549

    Chari, V.V., 28n

    Chavalit Yongchaiyudh, 504–5, 512–13 Chen, Shaohua, 9n

    Chernomyrdin, Viktor, 300, 302, 304–5, 307, 308, 314, 315, 319, 338, 377

    Cherokee language, xix

    Chiang Mai Initiative, 625

    Chile

    • capital controls, 35, 432

    • debt crisis (1980s), liii, 411, 432

    • exchange rate policies, 24

    • inflation-control policies, 29

    • Mexican peso crisis and, 488

    • regional free trade agreements, 41

    Chiluba, Frederick, 831

    China, People’s Republic of

    • arrest of IMF official in, 894

    • assistance to Thailand in 1997 crisis, 509

    • demographic profile, 9

    • economic performance in 1990s, 3, 9

    • on environmental concerns of IMF, 156

    • Executive Board representation, 290n, 874

    • IMF membership, xlix, 255

    • influence on course of regional financial crisis, 573, 574–76

    • poverty rate, 9

    • regional economic associations, 36

    • removal of exchange rate restrictions, 129

    Chirac, Jacques, 40, 179, 180, 314–16, 377

    Chissano, Joaquim, 731

    Chopra, Ajai, 539n

    Chow, Peter C.Y., 619n

    Christensen, Benedicte, 153n, 292n, 351–52

    Christian Aid, 94, 651, 660

    Chuan Leekpai, 513, 514

    Chubais, Anatoly, 305, 307, 308–9, 311, 314, 321, 322, 327, 328, 333, 334, 336, 337

    Chu Ke-Young, 149n

    Chung Duck-Koo, 539n

    Chunnananda, Bodi, 500

    Churchill, Winston, 10

    Chwieroth, Jeffrey M., 134n

    Ciampi, Carlo, 869

    Cippà, Robert F., 378, 724

    CIS. See Commonwealth of Independent States

    CIS-7 countries, 388–89. See also specific country

    Cisternas, Carlos, 614

    Citrin, Daniel A., 334n

    Civil war, 232–33

    Clark, C. Scott, 785

    Clark, Ian D., 204, 238, 863

    Clark, Peter B., 765n

    Clarke, Kenneth, 769, 770

    Clément, Jean A.P., 709n, 734n

    Clinton, Bill, 21, 37, 9196, 101, 210, 877

    • advice to China, 574

    • advice to Indonesia, 527, 528, 529, 531, 534, 538n

    • advice to Korea, 552 addresses to Annual Meetings, 610, 867

    • support for Mexico, 474, 476, 477, 508

    • support for Russia, 300, 314, 320, 327–28, 330, 332n, 335n, 338

    • support for Thailand, 509

    Clinton administration (U.S.), 157, 170, 210, 779, 822n

    • in Korea’s 1997 crisis, 552

    • Mexican peso crisis and, 474–77

    • response to East Asian financial crisis, 574

    • response to Indonesia’s financial crisis, 527, 534

    • response to Thailand’s financial crisis, 508–9

    • in Russia’s transition, 300, 302, 303, 314, 320, 321n, 327–28, 330

    Cochran, H. Merle, 882n

    Codes of good practices, 126–28

    Cold War, xvii, xlix–xlx, liii–liv, 10

    Collins, Stephen, 839

    Collor de Mello, Fernando Affonso, 421, 423–24

    Cologne terms, 44, 661

    Colombia

    • financial sector assessment, 146

    • IMF lending to, 229n, 413

    • recovery from 1980s debt crisis, 413, 433

    • regional trade agreements, 6

    Colosio, Luis Donaldo, 458

    COMECOM. See Council on Mutual Economic Assistance

    Commission of the European Communities, 258, 890

    Committee of Twenty, lix, 870

    Common Market, European, xlviii

    Commonwealth of Independent States (CIS); see also CIS-7 countries

    • financial crisis (1998), 589

    • founding of, 36, 65, 350

    • IMF lending to, 589

    • membership, 65, 350, 351n, 402

    • monetary policies, 354–55

    • purpose, 350–51

    Comoros, 704

    Compensatory and Contingency Financing Facility (CCFF)

    • access limits, 748–49

    • Algeria, 220–21, 689–90

    • Bulgaria, 191, 224, 436

    • Costa Rica, 442n

    • Côte d’Ivoire, 433n

    • Dominican Republic, 434

    • establishment of, 216, 218, 224, 632

    • Ghana, 219–20

    • India, 447, 448

    • Indonesia, 516

    • Israel, 219

    • Macedonia, FYR, 220n

    • Moldova, 219, 391

    • Philippines, 429

    • response to 1991 oil price spike, 221–22

    • Romania, 265

    • Russia, 209, 331

    • Rwanda, 220, 236, 726

    • South Africa, 220, 692, 693–94

    • termination, 225

    • Thailand, 498n

    • use of, 217–18t, 218–25

    • volume of IMF lending under, 189

    Compensatory Financing Facility (CFF)

    • Brazil, 216, 678

    • calculation of indebtedness under, xxii

    • cereals window (1981), 223

    • design, 216–18

    • Egypt, 678

    • Honduras, 818

    • increasing usage of, after oil shocks of 1970s, 17–18

    • Jamaica, 444

    • Kenya, 712

    • purpose, 193, 216, 225, 678

    • South Africa, 691

    • Sudan, 678

    • termination, 225

    Comprehensive Development Framework, 644

    Conable, Barber, 147, 150n

    Concerted lending, liii, 31

    Concessional lending. See also Enhanced

    • Structural Adjustment Facility

    • (ESAF);

    • Heavily Indebted Poor Countries (HIPC) Initiative;

    • Poverty Reduction and Growth Facility (PRGF);

    • Structural Adjustment Facility (SAF)

    • to African countries, 681–82

    • in Armenia’s transition, 395

    • collaboration with borrowers in program design, 644–45

    • cooperation among multilateral agencies in, 87

    • definition, 634n

    • eligibility, 37, 38, 635

    • facilities for, 635

    • funding for, 635, 663

    • growth of, 10, 17–18, 646–47

    • to low-income countries, 17–18, 19

    • origins of, 188

    • Policy Framework Papers for, 84

    • rationale, 634

    • to Uzbekistan, 405

    Concordat on Fund-Bank relations, 83–84, 86

    Conditionality

    • access to credit tranches, xxii

    • borrower resistance to, 196–97

    • criticism of IMF policies, 18–19

    • environmental issues as focus of, 158–59

    • ESAF conditions, 635, 637

    • evolution of IMF policies, 17–19, 187, 188, 193–97, 209, 632–33, 635, 898

    • governance and corruption as focus of, 152

    • guidelines, lxii–lxiii, 18, 94

    • IMF Articles on, 193

    • with inflation targeting, lviii

    • lending to low-income countries, l–li, 632–33

    • lessons from Asian financial crisis, 19, 621

    • structural reforms as focus of, 18, 193–96

    • in Systemic Transformation Facility, 199

    Congo, Democratic Republic of the

    • economic performance in 1990s, 10, 682

    • IMF lending to, 149–50, 847–50

    • known as Zaïre until 1997, 78

    • misreporting of data, 852n

    • payment arrears, 802, 847–50

    • quota, 788

    • suspension of IMF voting rights, 877

    Congo, Republic of

    • emergency postconflict assistance, 236

    • ESAF loans, 236, 635

    • governance, 682

    • PRGF loans, 236

    Contagion, 16, 206, 210, 211, 212, 264, 377, 416, 427, 471–72, 486–92, 513, 515, 518, 544, 547, 573, 576, 579, 581, 583, 589, 595, 597, 609, 897

    Contingent Credit Lines, 43, 99–100, 198, 209–14

    Cooper, Richard N., 106n, 788

    Cooper Committee, 788–89

    Coordinating Group on Exchange Rate Issues, 116

    Corden, W. Max, 94–95

    Corpus of gold sale proceeds, 664, 666

    Corruption

    • evolution of IMF policies, 14, 149–50

    • in Indonesia, 517, 519–20

    • in Kazakhstan, 383–84

    • in Kenya, 712, 713–14

    • loans conditional on reductions in, 152

    • military spending and, 150

    • in Russia’s privatization scheme, 309–11

    • in Russia’s transition, 321

    Corsetti, Giancarlo M., 23n, 173n

    Cortés, Mariano, 614n

    Cortés-Douglas, Hernán, 361n

    Costa Rica

    • Brady Plan implementation, 442

    • IMF lending to, 442, 443

    • recovery from 1980s debt crisis, 413, 442–43

    Costello, Peter, 561

    Cöte d’Ivoire

    • colonial legacy, 698

    • debt restructuring, 432–33, 443–44

    • economic challenges, 688, 708

    • economic performance in 1990s, 9, 698, 709–10

    • exchange rate, 698, 700

    • IMF lending to, 433, 708–10

    • military coup (1999), 886

    • political reorganization (1993), 708–9

    Council (IMF), 870–71

    Council on Foreign Relations, 210

    Council on Mutual Economic Assistance, 10, 11, 12, 60, 256–57, 294

    Counsellors, IMF, 889, 891

    Countercyclical effects of monetary and fiscal policies, lx

    Cowan, Kevin, 432n

    Credit tranches

    • access, xxii

    • definition, xxi-xxii

    • specialized facility borrowing and, xxii

    Crisis response. See also Asian financial

    • crisis (1997);

    • Debt crisis (1980s);

    • East Asian crises (1997);

    • Mexican peso crisis (1994–95)

    • accomplishments of Camdessus era, 896–97

    • capacity to anticipate crises, 181

    • criticism of IMF policies, lvi, 897–98

    • goals of IMF in Camdessus era, 898

    • historical lending patterns of IMF, 188

    • IMF role in, liii, 898

    • natural disaster relief programs, 229–32

    • oil price spike of 1991 Gulf War, 221–23

    • postconflict assistance, 232–37

    • proposal for Asian Monetary Fund, 621–23

    Croatia

    • after dissolution of Soviet Union, 269–70, 273–75

    • breakup of Yugoslavia, 70

    • and conflict in Bosnia and Herzegovina, 273–74

    • currency and exchange rate policy, 271t

    • IMF lending to, 270f, 273–75, 591, 592

    • IMF membership, 70, 73

    • IMF quota, 72–73

    Crockett, Andrew, lvii, 43, 92, 467

    Crow, John, 106, 182, 863

    Cuba

    • after dissolution of Soviet Union, 76

    • IMF membership, 50, 76, 255

    • informal discussions with IMF in 1990s, 76–77

    • United States and, 76

    • withdrawal from IMF, xlix

    Culp, Christopher L., 532n

    Currency boards

    • consideration of, in post-Soviet transition, 27, 355

    • Hong Kong SAR, 26

    • IMF support for, 27

    • implementations in 1990s, 26, 27, 282–83

    • Indonesia’s consideration of, in 1997 crisis, 27, 531–32, 533–34

    • international support for, 27

    • proposal for Brazil, 27, 603–4

    • purpose, 26

    • Estonia, 362–64

    • risks, 27

    Currency convertibility

    • acceptance of Article VIII, 128–29, 130f

    • evolution of economic theory, lix

    • founding goals of IMF, xliv, 128

    • IMF technical assistance to countries in transition, 259

    • Poland’s Article VIII acceptance, 442

    • proposal for IMF mandate, 135–39

    Currency stabilization funds

    • eligibility, 238

    • evolution of IMF policy, 238–39

    • for Poland’s transition to market economy, 237–38

    • Russia’s request for, 238

    • termination, 239

    Currency unions, 27–28. See also CFA franc zone, Eastern Caribbean Currency Union, Economic and Monetary Union in Europe

    Current account

    • aggregate global, 741

    • capital account independence from, in Fleming-Mundell model, lvii effects of floating exchange rate, 22

    • exchange restrictions on transactions, 44

    • globalization of financial markets and, li–lii

    • liberalization goals, 131

    • in Mexico’s peso crisis, 460

    Czechoslovakia. See also Czech Republic;

    • Slovak Republic

    • Article IV consultations, 266

    • in Bretton Woods conference, 51

    • disseveration, 51, 55, 265–66

    • economic reforms preceding disseveration, 265–66

    • fall of Soviet Union and, 11

    • IMF membership, 50–51, 255

    • original IMF membership and withdrawal, xlix, 51, 51n

    • request for IMF membership (1989–90), 54–55

    • stand-by arrangements, 266

    • velvet revolution, 55, 265

    Czech Republic

    • Article IV consultations, 266–68

    • capital flows, 266–68

    • currency union, 266

    • establishment of, 54, 266

    • IMF lending to, 266, 267f, 591

    • IMF membership, 55–56

    • inflation-control policies, 29

    • NATO membership, 321n

    • OECD membership, 41

    D

    Dale, William B., 882n

    D’Amato, Alfonse M., 473, 509

    D’Amato restrictions, 508–09

    Daseking, Christina, 490n, 611n, 649n

    Data dissemination. See also Transparency

    • General Data Dissemination System, 165

    • IMF role in encouraging, 164

    • reporting of capital flows to emerging-market countries, 164

    • Reports on Observance of Standards and Codes, 128

    • Special Data Dissemination Standard, 164–65

    Data Dissemination Standards Bulletin

    • Board, 105

    Data quality

    • core data categories, 163–64

    • enhancement of IMF assessments of, 855–56

    • goals for Russian transition, 295

    • IMF efforts to improve, 162–65

    • impediments to, 163

    • importance of, for IMF operations, 851–52

    • on Korea’s banking sector preceding 1997 crisis, 542–43

    • Mexico’s finances preceding peso crisis, 163–64, 461–63

    • misreported financial data, 799, 852–56

    • problems during Russian transition, 318, 853–54

    • on Thailand’s depleted foreign exchange reserves preceding crisis, 504, 505, 506, 508

    Data Template on International Reserves and Foreign Currency Liquidity, 165n

    Dauster, Jorio, 422, 423

    Dawkins, John, 869

    Dawson, Thomas C., II 104, 165n, 171, 221–22, 302, 355, 420, 428, 449, 666n, 767, 768, 774, 775, 786, 807, 814, 845

    Dayton peace agreement, 40, 73, 74n, 235, 273, 274, 275, 276, 592, 847

    Dean of Executive Board, 221, 654, 806, 842, 878, 879. See also Kafka, Alexandre

    De Broeck, Mark, 349n

    Debt Crisis Network, 651

    Debt crisis (1980s)

    • Argentina’s recovery, 411, 417–21

    • Brazil’s recovery, 411, 421–27

    • Bulgaria’s recovery, 435–38

    • Colombia’s recovery, 433

    • Costa Rica’s recovery, 413, 442–43

    • Dominican Republic’s recovery, 434–35

    • Ecuador’s recovery, 430–31, 612

    • effect on IMF mission, liii global outcomes, liii, 132

    • IMF lending in resolution of, 413, 414–15t

    • Mexico’s recovery, 427–28

    • Morocco’s recovery, 433

    • Nigeria’s recovery, 433

    • Peru’s recovery, 431–32

    • Philippines’ recovery, 428–29

    • Poland’s recovery, 438–42

    • resolution of, 411, 412–13

    • scope of, 411

    • Uruguay’s recovery, 433

    • World Bank–IMF relations and, 83

    Debt relief and restructuring. See also Brady Plan; Heavily Indebted Poor Countries Initiative

    • Argentina’s recovery from 1980s debt crisis, 419–20

    • arguments against, 650

    • Brazil’s recovery from 1980s debt crisis, 424–25

    • Cologne terms, 44

    • Dominican Republic’s, 434

    • Ecuador’s, 431

    • effectiveness, 650

    • eligibility of IMF countries for, 655

    • evolution of IMF commitment to, 642, 650–52, 653–54

    • evolution of World Bank policies, 652–53

    • IMF assessment of need for, 651, 654–55, 658–59t

    • IMF mandate and, 653, 654

    • IMF program for, 20

    • international interest in, 33

    • Jamaica’s, 444–45

    • Naples terms, 39

    • Poland’s, 439–41

    • public campaign for, 651, 660–61

    • resolution of Korea’s 1997 crisis, 566–67

    • Rights Accumulation Programs, 802–6

    • rollovers in Korea’s 1997 crisis, 561–67

    • Russia’s post-Soviet transition, 292, 307, 317, 336, 337

    • Sachs’s lobbying for, 95

    • settlement of Soviet debt, 352–53

    • Uganda’s, 718

    • World Bank’s Debt Reduction Facility for, 444

    • de Fontenay, Patrick, 54–55, 175

    • de Gregorio, José, 432n

    • de Groote, Jacques, 56n, 59n, 76–77, 166, 171, 304n, 767n, 869, 877

    • de Heurtemont, Irène, 886n

    • de Klerk, F.W., 691

    • de Larosière, Jacques, liii, 31, 38, 203, 204, 680, 700, 880

    DeLong, J. Bradford, 451n

    Delors, Jacques, 81–82

    De Maulde, Bruno, 767n

    Deng Xiaoping, 255

    Denmark, ratification of Maastricht Treaty, 23, 173

    De Ocampo, Roberto F., 624

    Dependencia theories, l, liv

    Deppler, Michael, 166, 282

    Deputy Managing Director(s), 39, 86, 882–88

    Desai, Padma, 320n

    Detragiache, Enrica, 25n

    Deutsche Bank, 352–53, 436, 605

    Deutsche Bundesbank, 91, 175, 480, 794

    Deutsche Morgan Grenfell, 597

    Developing countries. See also specific country

    • Article IV consultations, 165

    • corruption and governance issues, 149–54

    • emergency financing arrangements for reversal of capital flows in, 202

    • financial crises of 1990s, 7–8

    • IMF facilities designed for, 632

    • inflows of private sector capital in 1990s, 7, 30, 132

    • intergovernmental organization of, 40, 97

    • military spending as factor in aid decisions, 147–49

    • views on transformation of Interim Committee, 870, 871

    Development Committee

    • Annual Meetings, 866, 867

    • establishment of, 147n

    • G24 influence on, 97

    • in G20 meetings, 102

    • on military spending in developing countries, 147

    • role of, 866

    de Villiers, Dawie, 694

    de Vries, Margaret Garritsen, xviii, 892n

    Diamond, Jack, 240n

    Dillon, K. Burke, 831, 892

    Distribution of income

    • challenges for South Africa’s

    • economic reforms, 694–95

    • in China, 9

    • in concept of high-quality growth, 14

    • goals for countries in transition, 258

    • rationale for structural conditionality, 196

    • trends, 3

    Djohar, Mohamed, 704

    Dodsworth, John R., 120n, 824

    Doe, Samuel, 834

    Dollarization, 25–26

    • in Argentina, 608–09

    • in Brazil, 604

    • in Ecuador, 26, 616

    Dominican Republic

    • debt rescheduling, 434

    • environmental policies, 157

    • Hurricane Georges, 231

    • IMF lending to, 231, 434, 637, 842f

    • payment arrears, 434, 841–43

    • recovery from 1980s debt crisis, 434–35

    Donecker, Wolf-Dieter, 154, 724n

    Donovan, Donal, 398

    Dornbusch, Rudiger, lvi, lvii, 8n, 137n, 360n, 459, 463n, 597

    Doyle, Peter, 697n

    Draghi, Mario, 85

    Drazen, Allan, lxii, 520n

    Droughts, 230, 391, 429, 731–32

    Dubinin, Sergei, 315, 318, 325, 337

    Duisenberg, Wim, 455

    Dunaway, Steven V., 167n, 488n

    Duncan, Daniel Kablan, 708–9

    Duvalier, Francois, 843 Duvalier, Jean-Claude, 843

    E

    Earthquakes, 232, 429, 593

    East African Community. See also

    • Kenya; Tanzania; Uganda disbanding and reestablishment, 44, 710

    • IMF assistance to, 710

    • origins, 710

    East Asian countries. See also East Asian

    • crises (1997);

    • specific country

    • economic performance in 1990s, 3

    • ESAF loans to, 647

    • liberalization of financial markets in 1990s and, 7

    East Asian crises (1997)

    • in Cambodia, 586, 588

    • causes, 19, 31

    • criticism and review of IMF response, lvi, 19, 94, 897

    • effects on capital control policies, lxii

    • effects on IMF policies and operations, liii, lxii

    • in Lao People’s Democratic Republic, 586, 588

    • in Malaysia, 579–86

    • in Philippines, 576–79

    • significance of China’s exchange rate policies in, 573, 574–76

    • spread of, 573

    • in Vietnam, 586, 588

    East Asia-Pacific Central Banks. See Executives’ Meeting of East Asia Pacific Central Banks (EMEAP)

    Eastern Caribbean Currency Union, 28n, 120–21

    East Timor, see Timor-Leste

    EBRD. See European Bank for Reconstruction and Development

    Economic and Monetary Union in Europe

    • Britain’s commitment to, 178

    • convergence criteria, 179

    • Czech Republic reforms for, 268

    • exchange rate policies, 24–25

    • IMF preparations for, 121–23

    • origins of, 23

    Economic growth

    • in African countries, 681–82

    • concept of high-quality growth, 14

    • criticism of IMF policies in 1990s, 897–98

    • as element of IMF programs in Africa, 684

    • explanations for East Asian miracle, 540n

    • in countries of the former Soviet Union, 12

    • global economy of 1990s, 3–5, 4f, 9–10, 681

    • as goal of lending, 196, 646

    • goals for global economic policy standards, 124–26

    • IMF role in low-income countries, 631–32

    • Keynesian orientation of IMF and, lv–lvi

    • outcomes of Korean financial crisis, 567–68

    • sustainability of, 86, 91, 123, 125, 126

    • in Thailand before 1997 crisis, 498, 500

    Economic Security Council, 81–82

    Ecuador

    • Brady Plan debt deferment, 614–15

    • conflict with Peru, 431, 611

    • debt-restructuring needs, 612

    • dollarization of economy, 26, 616

    • economic challenges of 1990s, 611

    • financial crisis (1998), 611–16

    • IMF loans, 431, 613, 615

    • natural disasters, 611

    • oil exports, 430, 611

    • political environment, 611

    • recovery from 1980s debt crisis, 430–31

    • regional trade agreements, 6

    Edinburgh agreement (1992), 23

    EFF. See Extended Fund Facility

    Egypt

    • Executive Board representation, 877

    • IMF lending to, 229n, 678

    • IMF membership, 677

    • Mexican peso crisis and, 488

    Eichengreen, Barry, xlvi, 95, 137n, 139n, 497, 539n, 580n, 617n

    El Salvador, 37, 231–33

    Eleven Commandments, 17, 124–26

    EMEAP, see Executives’ Meeting of East Asia-Pacific Central Banks

    Emergency Financing Mechanism

    • access controls, 206

    • antecedents, 202–4

    • distinctive features, 205

    • Executive Board approval, 205–6

    • Korea, 539–40

    • origins of, 40, 204–5, 493–94

    • Philippines, 578–79

    • Thailand, 507

    • trigger for activation of, 205

    • use of, 206, 207–8, 494

    Emergency postconflict assistance. See Postconflict assistance

    Endara Galimany, Guillermo, 819

    England, Bank of, 23, 177, 178, 240

    Enhanced Structural Adjustment Facility (ESAF)

    • access limits, 638

    • additional arrangements, 41

    • African countries, 680, 686

    • Albania, 278, 279–80

    • Armenia, 395, 396

    • Azerbaijan, 397 Benin, 705–7

    • Bolivia, 433, 638–39, 647

    • borrower avoidance of, 637–38

    • Bosnia and Herzegovina, 276–77

    • Burkina Faso, 707

    • Cambodia, 158–59, 234, 586–87

    • conversion to PRGF, 20, 646

    • commitment period, 41

    • concerns about effectiveness of, 633–34

    • conditionality, 635, 637

    • Congo, Republic of, 236

    • Côte d’Ivoire, 433, 433n, 709

    • debt-relief program and, 655–56

    • definition of arrangements in, 639n

    • effectiveness, 633–34, 640, 898

    • eligibility criteria, 635, 638

    • eligible countries, 635–37

    • emergency postconflict assistance and, 237

    • enlargement and extension (1994), 20, 38, 638–39

    Equatorial Guinea, 707

    establishment of, 19–20, 633, 878

    Ethiopia, 721, 724

    Extended Fund Facility and, 640

    external evaluations of, 106

    funding, 641, 643, 645, 663–67, 734, 747, 812–13

    • Georgia, 399

    • global distribution, 647

    • G7 endorsement, 38

    • growth of, 646–47

    • Haiti, 846

    • Kenya, 712, 714

    • Kyrgyz Republic, 400

    • Macedonia, FYR, 272

    • Mali, 707

    • Mongolia, 285

    • Mozambique, 731, 732–33

    • natural disaster emergency lending, 230

    • Pakistan, 648

    • as permanent program, 20, 634, 641–43

    • Philippines, 429

    • problems in borrower ownership and commitment, 643–45

    • prolonged borrowing under, 191

    • purpose, 19–20, 633, 634, 646, 898–99

    • resources and loans outstanding, 674

    • Rwanda, 236, 726–27

    • self-sustaining, 638

    • Sierra Leone, 813, 829

    • structural policy conditions, 194

    • successor facility (1994–96), 639–41

    • Switzerland’s role in, 56

    • Tajikistan, 403–4

    • Tanzania, 715, 716

    • as temporary program (1987–93), 20, 637–39

    • Togo, 708

    • top borrowers, 648t

    • Uganda, 717, 718

    • use by countries in transition, 201, 202

    • Uzbekistan, 405

    • Vietnam, 588

    • World Bank–IMF relations and, 83, 86

    • Zambia, 647, 813, 832

    Enlarged access policy, 56, 748, 790

    Enoch, Charles A., 27, 165n, 281, 531

    Enterprise for the Americas Initiative, 34, 168

    Environmental issues

    • in concept of high-quality growth, 14

    • deforestation, 158–60, 586–88

    • evolution of IMF policies, 155–60

    • globalization and, 6

    • integrated framework approach to technical assistance, 91

    • as subject of conditional lending, 18, 158–59, 586–88

    • as subject of IMF surveillance, 180–81

    Equatorial Guinea, 707

    Erb, Richard D., 95, 357n, 362, 363n, 371, 802, 882n, 883

    Ercel, Gazi, 592

    Eris, Ibrahim, 422

    Eritrea

    • economic performance in 1990s, 687

    • Ethiopian conflict, 723–24

    • IMF membership, 687

    • secession, 51

    Erlanger, Stephen, 338n

    ESAF. See Enhanced Structural

    • Adjustment Facility

    Esdar, Bernd, 211n, 550, 641, 654–55, 664, 716n, 791

    Estonia, 362–65. See also Baltic countries

    • economic recovery after transition, 349, 350t

    • exchange rate in transition period, 26, 364

    • fall of Soviet Union, 11–12

    • IMF membership, 66, 363

    • independence, 36, 362

    • monetary policy, 354–55, 356–57, 362, 363–65

    • quota, 785

    Ethiopia

    • airline–power company transaction, 721–22

    • effectiveness of IMF lending to, 720–21

    • Eritrea conflict, 723–24

    • IMF insistence on liberalization as loan condition, 722–23

    • IMF lending to, 632, 678

    • IMF membership, 51, 677

    • misreported financial information, 852, 854

    Eurodollar, lii, 25, 27–28

    European Bank for Reconstruction and Development

    • assistance to economies in transition, 258, 295, 351

    • establishment of, 34, 89, 782

    • founding of Joint Vienna Institute, 90

    • headquarters, 35, 782–83

    • IMF collaborations, 87, 89–90

    • Köhler presidency, 43

    • Larosière presidency, 38

    • Soviet Union and, 13, 59–60

    European Central Bank, 123

    European Communities, 34, 36, 882

    • Swedish application, 142–43

    European Currency Unit, 23, 35

    European Department

    • large-scale short-term lending scheme, 203

    • leadership, 889, 890

    • on payments union proposal for countries in transition, 259

    • preparations for European monetary integration, 121–22

    • restructuring in 1990s, 858

    European II Department, 36, 66–67, 385, 858

    European Monetary Institute, 38, 123

    European Monetary System

    • establishment of, 43

    • IMF relationship to, 16, 121–23, 174, 176

    • membership, 35, 41

    • exchange rate crisis, 23, 37–38, 121, 122, 141–44, 173–74, 175–76

    • success of, 25n

    European Network for Debt and Development, 660

    European Payments Union, xlviii, 259

    European Union

    • Article IV consultations, 173–74

    • assistance to economies in transition, 295

    • Bulgaria’s membership, 283

    • creation of, 5

    • IMF and, 87

    • membership, 40

    • Monetary Committee, 622

    • on promoting good governance, 151–52

    • Stability and Growth Pact, 25, 42

    Evans, E.A., 219, 642, 782, 827

    Evans, Huw, 133, 180, 476–77, 479n, 716n, 719, 769

    Evans, Owen J., lvii, 134n, 158, 723n

    Exceptional circumstances clause, 555n, 752, 753t

    Exchange and Trade Relations Department, 114, 139–40, 3 5 2, 860, 890, 891

    Exchange rate mechanism (ERM);

    • see European Monetary

    • System Exchange rates. See also Currency boards;

    • Currency unions;

    • Dollarization;

    • Floating exchange rate system after Second World War, xlviii–xlix

    • Algeria, 689

    • Argentina, 606–9

    • Azerbaijan, 396–97

    • bipolar view, 23–24, 884

    • Brazil, 426–27, 595, 596–97, 599, 602–5

    • CFA franc zone, 698–704

    • challenges in development of policy standards, 123–24

    • challenges to reform in African countries, 685–86

    • China, 574–75

    • Coordinating Group on Exchange Rate Issues, model for assessing, 115–16

    • Côte d’Ivoire, 698, 700

    • Estonia, 26, 364

    • European Monetary System, 23

    • Fleming-Mundell model, lvii founding goals of IMF, xlvi global capital flows in 1990s and, 7–8

    • G10’s founding goals, 96

    • IMF policies and preferences, 24, 27, 28

    • IMF study of APEC region, 100

    • India’s dual rate scheme, 450

    • in Indonesian financial crisis, 518–19, 521, 522f, 532–33, 538

    • inflation targeting and, 29

    • Korea, 539, 559f

    • Latvia, 367, 368

    • Lithuania, 369

    • Malaysia, 581–82

    • Mexico, 458–65, 483

    • Philippines, 577, 578–79

    • Poland, 438

    • roles and responsibilities of international organizations, 83

    • Russia in transition, 296, 306, 311–13, 318, 324, 325, 338, 344

    • Rwanda, 725

    • Second Amendment to Articles of Agreement on, xxi

    • South Africa, 695, 696

    • supplemental consultation procedures, 111–12

    • surveillance, xxi, lix, 15–17, 109, 114–16, 123–24

    • Sweden’s 1992 banking crisis, 142–44

    • Thailand’s, before 1997 crisis, 499, 500, 501, 503–6

    • Thailand’s response to 1997 crisis, 505–6, 510–11, 512f, 515

    • Turkmenistan, 388

    • Ukraine, 376, 377–78

    Exchange restrictions. See also Article

    • VIII;

    • Article XIV;

    • Currency convertibility

    • national security justification for restrictions, 130–31

    Exchange Stabilization Fund, 474, 475, 479, 484, 508–9

    Executive Board and Executive Directors, 875

    • access to side letters, 873–74

    • after membership of countries of the former Soviet Union, 68–70

    • appointment or election of, xx, 290n, 857

    • authorities and responsibilities, xx, 857, 873

    • changes in composition and constituencies in 1990s, 874–77

    • Deanship, 878, 879

    • G7 membership, 99

    • historical record of decisions by, xviii, xxiii–xxiv, xxv

    • IMF accountability structure, 81

    • interaction with United Nations staff, 88

    • length of service, xx, 877, 878, 879n

    • Managing Director and, 873

    • meeting minutes, xxiii–xxiv, xxiv, xxv, 105n

    • meetings on World Economic and Market Developments, 111

    • membership, xx, liv, 857, 874, 903–9

    • quota size and representation on, 787, 874

    • in setting of Russia’s quota, 290–91

    • Temporary Alternate Executive Directors, xx

    • use of videoconferencing, 555

    • voting shares, 857

    Executives’ Meeting of East Asia-Pacific Central Banks, 35, 41, 625

    Experimental economics, lxii

    Extended Fund Facility (EFF)

    • Algeria, 689–90

    • Argentina, 229n, 419, 420, 421, 489, 490–91, 607, 610

    • Azerbaijan, 397

    • Croatia, 273, 275

    • distinctive features, 226, 227

    • Egypt, 229n

    • ESAF and, 640

    • establishment of, 226, 632

    • India, 445

    • Kenya, 679

    • Mexico, 227, 428, 458n, 752

    • Moldova, 391, 392

    • Panama, 443 Peru, 431–32, 822

    • Philippines, 227, 429, 576

    • Poland, 440

    • precautionary, 227–29

    • purpose, 226, 679

    • Russia, 313–17, 328, 331, 791

    • structural policy conditions, 194

    • Ukraine, 375, 378–79

    • use of, 226–27, 228t, 229n

    • Venezuela, 227, 430

    • volume of IMF loans under, 189

    External Contingency Mechanism

    • Bulgaria, 224–25

    • establishment of, 224

    • purpose, 224

    • symmetry provision, 224

    • termination, 225

    • use of, 224

    External Relations Department, 889

    F

    Facilities for lending. See also specific facility

    • access limits, 748–19, 750

    • distribution of IMF lending, 189, 190f

    • extensions, 201

    • as lending window, xxiin

    • origins of, 188

    • preemptive short-term financing facility, 209–11

    • purpose, 197

    • rationale, 197

    • streamlining of IMF programs, 229

    • unintended outcomes, 197

    Faini, Riccardo, 666

    Fajgenbaum, José, 426, 492

    Federal Reserve. See United States Federal Reserve System

    Feldstein, Martin, 617n

    Felman, Josh, 530n

    Fernandez, Roque B., 418, 607

    Fernández, Vicente J., 238

    Fernandez-Ansola, Juan J., 331n

    Fernández Ordóñez, Miguel A., 782, 787

    Fforde, John, 881n

    Fiji, 243

    Filosa, Renato, 73, 84n

    Finaish, Mohamed, 219, 877

    Finance One (Thailand), 503

    Financial Action Task Force (FATF), 151–52

    Financial Sector Assessment Program (FSAP), 17, 43, 146–47

    Financial Sector Liaison Committee (IMF and World Bank), 85–86

    Financial Stability Forum (FSF), 32, 43, 87, 91–92

    Finch, C. David, 114n, 203n

    Finland

    • European Union membership, 40

    • exchange rate policies, 23

    • inflation-control policies, 29

    Finland, Bank of, 240

    Finnemore, Martha, xlix, l

    Fiorentino, Robert V., 6

    First credit tranche, xvi, 198, 199, 230, 233, 299, 403, 447n, 749

    First Deputy Managing Director, 39, 883. See also Fischer, Stanley

    First World War, xliii, xlv

    Fiscal Affairs Department, 892

    • functions, 239

    • military spending surveillance, 149

    • technical assistance to economies in transition, 262–64

    • technical assistance to Russia, 296, 317n

    Fiscal policies

    • Argentina, 418–19, 610

    • Brazil, 595–96, 597

    • to control inflation, 24

    • countercyclical effects, lx

    • Fleming-Mundell model, lvii

    • France, 179–80

    • Germany, 174–76

    • global capital flows in 1990s and, 7–8

    • Indonesia, 517

    • Japan, 170

    • Keynesian orientation of IMF and, lv–lvi

    • Korea, 540, 547–48, 550, 558

    • Mexico, 470, 471

    • and monetarist theory of aggregate demand, lvii–lviii

    • in monetary approach to balance of payments, lvi

    • Russia, 296, 298, 305, 324–25

    • South Africa, 694–95

    • Thailand, 511, 513, 514

    • transparency reports on, 128

    Fischer, Stanley, lxi–lxii, 3, 90, 91, 113, 238n, 274, 462n, 478, 540n, 779, 838, 883–86

    • advocacy for bipolar view, 24

    • advocacy for commitment to capital liberalization, 136

    • advocacy for transparency in IMF operations, 104

    • on Argentina’s 1990s economy, 611

    • on Asian financial crisis (1997), 137, 497

    • in Brazil’s crisis, 598, 599, 602–3, 604–5

    • contagion concerns arising from Mexican peso crisis, 488, 489–90

    • on currency stabilization funds, 238n

    • development of preemptive short-term lending facility, 210–11

    • in Ecuador’s financial crisis, 612–13

    • efforts to promote IMF staff diversity, 892

    • as First Deputy Managing Director, 39, 883–84, 885–86

    • in Indonesia’s 1997 crisis, 517, 520, 523, 528, 529–30, 535, 536, 538

    • in Japan, 172

    • in Korea’s 1997 crisis, 545, 548, 549, 553, 558, 562, 563–64, 566

    • in Malaysia’s financial crisis, 583

    • in Manila Framework Group, 624

    • in Mexican peso crisis, 455, 456–57, 459, 464, 465–66, 467, 468, 470–71, 474, 475, 497, 884

    • in Russia’s transition, 305–6, 315, 318, 319, 320, 324, 327, 329, 333, 334–35, 884

    • in South Africa’s program, 695, 696–97

    • in Thailand’s 1997 crisis, 501–2, 503, 504–07, 513

    • training program for IMF staff, 861

    • in Uzbekistan, 405

    Fisman, Raymond, 528n

    Fleming, Marcus, xlivn, lvi

    Fleming-Mundell model, lvi–lvii

    Flickenschild, Hans M., 154

    Floating exchange rate system

    • bipolar view, 23–24

    • Brazil’s implementation, 604–5

    • conceptual basis, liv

    • definition, xxi

    • evolution of international financial architecture, 22–25

    • flexible management, 23

    • goals of Second Amendment to Articles of Agreement, xxi

    • IMF ratification of, xxi, xlix

    • theoretical basis, lix

    Floating facilities, 748–49, 750

    Floods, 230–31, 732

    Fogelholm, Markus, 834

    Foglizzo, Jean, 65

    Folkerts-Landau, David, 141n, 355, 460n, 464n, 541–42, 597–98, 605

    Forecasting models, lvii

    Fraga, Arminio, 604–5, 606

    Franc des Colonies Française d’Afrique. See CFA franc zone

    France

    • Article IV consultations, 178–80

    • CFA franc zone and, 698–99, 702

    • entry into European Monetary Union, 179–80

    • exchange rate mechanism crisis (1992), 178–79

    • exchange rate policies, 23

    • in founding of IMF, xlvii quota, 781, 782–83

    • on Soviet Union’s membership in IMF, 64

    • trade policies after First World War, xlv–xlvi

    France, Banque de, 882

    Franco, Gustavo Henrique de Barroso, 599, 602, 603n, 606

    Franco, Itamar, 424, 425, 602

    François, Christian, 708–9

    Free trade areas, 5–6

    Frenkel, Jacob A., lvn, 94–95, 889n, 891

    Friedman, Milton, liv, lvii, lix

    Friends of the Earth, 94, 156

    FSF. See Financial Stability Forum

    Fuenfgelt, Lore, 892n

    Fujimori, Alberto, 431, 821, 822n

    Fukui, Hiroo, 291, 302, 767n

    Fukuyama, Francis, 12

    Fundamentals band, 896

    Fund for International Development, 669

    Fyodorov, Boris, 302, 303–4, 334

    G

    G5. See Group of Five

    G7. See Group of Seven

    G8. See Group of Eight

    G10. See Group of Ten

    G20. See Group of Twenty

    G22. See Group of Twenty-Two

    G24. See Group of Twenty-Four

    G33. See Group of Thirty-Three

    GAB. See General Arrangements to Borrow

    Gabon, 688, 708

    Gaidar, Yegor, 288, 289–90, 294, 297, 298, 300, 303–4, 319, 336, 353

    Game theory, lxii

    Gandhi, Indira, 445

    Gandhi, Rajiv, lx, 35, 445–46, 447

    Garber, Peter M., 355n

    Garcia, Alan, 431, 819

    Garcia, Gillian, 145

    Gardner, Richard, xlvii

    GATT. See General Agreement on Tariffs and Trade

    Gazprom, 300, 321

    Gedeon, Tibor, 55

    Geethakrishnan, K.P., 838

    Geithner, Timothy F., 507

    General Agreement on Tariffs and Trade (GATT). See also Uruguay Round;

    • World Trade Organization

    • Committee on Balance of Payments Restrictions, 90

    • IMF and, 87, 90

    • Mexico’s membership, lx, 427

    • proposal for council to oversee, 81–82

    • U.S. policies, 168

    General Arrangements to Borrow (GAB), 789–95

    • G10 oversight, 96, 97

    • membership, 56

    • activation for Russia (1998), 43, 332, 759

    General Data Dissemination System, 165

    General Department

    • assets, 741, 742

    • balance sheet, 742, 743t

    • financing structure, 752–59

    • gold stocks, 746–48, 749f

    • growth of reserves in 1990s, 752

    • income statement, 754–55t

    • operational value of assets, 742

    • resources, 742–46, 747f

    • stress of membership growth in 1990s, 746

    General Resources Account

    • function of, xxi lending to African countries, 682

    • prolonged borrowing from, 191

    • rate of charge, 753–56

    • SDR holdings, 760

    General Review of Quotas

    • Eleventh, 43, 106, 756, 760, 777–80, 788–89

    • historical record, 775t

    • Ninth, 37, 99, 759, 774–76, 780–84

    • schedule, 774

    • Tenth, 776–77

    Georgia

    • after dissolution of Soviet Union, 397–99

    • in CIS, 351n

    • currency and exchange rate reforms, 397–99

    • IMF lending to, 394f, 398, 399

    • technical assistance to, 259

    Gerashchenko, Viktor, 60, 300, 305, 337, 357n

    German Democratic Republic, xvii, 35, 50–51, 174, 176

    Germany, Federal Republic of

    • Article IV consultations, lx, 174–76

    • as creditor to IMF, lii exchange rate mechanism crisis (1992), 175–76

    • IMF membership, xlviii

    • quota, 783

    • reunification, 35, 51, 174, 176

    • settlement of Soviet debt, 352–53

    • on Soviet Union’s membership in IMF, 64

    Gerson, Philip R., 606n

    Ghana

    • Compensatory and Contingency Financing Facility, 219–20

    • economic performance in 1990s, 682

    • governance, 682

    • IMF membership, 677

    Ghosh, Atish R., 617n

    Gianviti, Francois, 155–56, 615n, 784n, 888

    Gilbert, Christopher L., 226

    Gil-Diaz, Francisco, 460n

    Gill, Bates, 619n

    Gilman, Martin, 327, 335, 340n

    Ginandjar Kartasasmita, 535, 536–37, 538

    Gingrich, Newt, 456n, 475

    Giscard d’Estaing, Valerie, 679

    GKO market. See under Russian Federation

    Glasnost, 11, 58

    Glass-Steagall Act, 30, 44

    Globalization

    • capital flows in, li–lii

    • criticism of Washington Consensus, lxi, 5

    • protests against, 90–91

    • role of IMF and, lii trends in 1990s, xvii–xviii

    • welfare outcomes, 6, 9

    Godeaux, Jean, 163, 295–96

    Godeaux Report, 163, 371

    Goh Chok Tong, 529

    Gold

    • and HIPC Initiative financing, 44, 746

    • collapse of official market (1960s), 188

    • IMF stock, 746–48, 749f

    • IMF valuation, 666, 748n

    • India’s 1991 sale, 447–48

    • pledge to help finance Rights Accumulation Programs, 812–13

    • proposed sales to finance concessional lending, 663, 664–68, 669–72, 673t, 747–48

    • Russia’s inheritance from Soviet Union, 288

    • SDR based on, xxi, 796

    Goldfajn, Ilan, 8n

    Gold standard

    • breakdown of, li, liii, lix, 22

    • First World War and, xlv

    Goldstein, Morris, lvn, 197

    Gold tranches, xxi–xxii

    Golub, Stephen S., 170n

    Gondwe, Goodall E., 683, 716, 735, 890

    Gonville and Caius College (Cambridge), 497

    Gonzales-Garcia, Jesus, 165n

    Goos, Bernd, 177, 750

    Gorbachev, Mikhail, 11, 58–59, 62, 63–65, 66, 256, 287, 397

    Gordhan, Pravin, 694

    Gordon, James, 568n

    Gordon, Michael R., 327, 329, 331n

    Gordon, Robert J., lvii

    Gore, Al, 302, 326n, 585n

    Gosbank, 60, 62, 289, 353. See also Russia, Central Bank of

    Governance

    • Article IV reports, 153–54

    • IMF training programs, 243–45, 861

    • institutional development for transition economies, 261–62

    • legal basis for IMF surveillance, 152

    • South Africa’s transition to democracy, 691–93, 695, 696

    • surveillance, 149–54

    • Tanzania, 715–16

    • technical assistance to Bulgaria to improve, 436

    • Ukraine’s capacity at independence, 370

    Graham, George, 474n

    Granville, Brigitte, 359n

    Gray statements, xxiv

    Great Britain. See United Kingdom

    Great Depression, xlvi

    Great Recession (2007–08), 30

    Great Society programs (U.S.), li

    Greece

    • IMF lending to, 555n

    • Macedonia, FYR, and, 73

    • Reports on Observance of Standards and Codes, 128

    Green, Pippa, 696n

    Greenspan, Alan, 8, 59, 167, 459n, 473, 483, 486n, 562

    Grenville, Stephen, 519n, 526, 535n

    Gros, Daniel, 24n

    Grosche, Guenter, 174

    Group of Five (G5), 97

    • Plaza accord, 170

    Group of Seven (G7), 97–100

    • 1988 summit meeting (Toronto), 33, 649

    • 1990 summit meeting (Houston), 34, 59

    • 1991 summit meeting (London), 36, 63

    • 1992 summit meeting (Munich), 298–99, 639n

    • 1993 summit meeting (Tokyo), 38

    • 1994 summit meeting (Naples), 21, 37

    • 1995 summit meeting (Halifax), 21, 205, 652

    • 1996 summit meeting (Lyon), 772

    • call for independent evaluation office in IMF, 862–63

    • on debt relief for heavily indebted countries, 652, 661

    • debt-service-reduction operations, 649

    • development of code of good practices, 127

    • development of emergency financing mechanism, 205, 493–94

    • establishment of New Arrangements to Borrow, 792

    • Financial Stability Forum, 43, 91–92

    • Gorbachev’s entreaties to, 63–64

    • G20 and, 102

    • IMF quota setting, 782–83

    • at IMF/World Bank Annual Meetings, 867

    • in Interim Committee reform, 872

    • membership, 98t

    • on military spending in developing countries, 147

    • ministerial meeting in Cologne (Köln) (1999), 32, 102n, 661, 872

    • on postconflict assistance, 232, 233

    • on private sector involvement in debt workout, 31, 32

    • response to 1998 financial crisis, 91, 598

    • response to Korea’s 1997 crisis, 551, 563–64

    • response to Mexico’s peso crisis, 474, 478, 479

    • in ruble area dissolution, 355

    • in Russia’s post-Soviet transition, 288–89, 291, 292–93, 297–98, 299, 300, 302, 303, 304, 307, 314, 331, 337, 343

    • in Soviet debt settlement, 351–52

    • SDR allocation controversy, 769–70, 772

    • support for ESAF successor program, 641

    • support for preemptive short-term

    • financing facility, 201, 211

    • in Ukraine’s transition, 373

    Group of Eight (G8)

    • 1997 summit meeting (Denver), 85

    • 1998 summit meeting (Birmingham), 327, 375n, 870

    • 1999 summit meeting (Köln; Cologne), 32, 661, 872

    • call for World Bank–IMF cooperation in emerging economies, 85

    • on Indonesian crisis (1998), 327

    • on Interim Committee transformation, 872

    • membership, 98t

    • origins, 97, 320

    Group of Ten (G10)

    • Basel Committee on Banking Supervision, 146

    • formation of, 96

    • in General Arrangements to Borrow, 56, 790

    • in IMF–World Bank cooperation, 85

    • meetings, 97n

    • membership, 98t

    • response to Mexican peso crisis, 480–81, 791

    • role of, 96–97, 662

    • Switzerland and, 56

    Group of Ten (East Asia-Pacific Central Banks), 35

    Group of Eleven, 769

    Group of Twenty (G20), 100–02

    • first meeting, 44

    • membership, 98t

    • origins of, 97, 102

    Group of Twenty-Two (G22), 871, 872

    • in development of code of good practices, 127

    • initiatives after Asian financial crisis, 101–2

    • origins, 101

    • purpose, 101

    • on transparency and accountability, 104

    Group of Twenty-Four (G24)

    • assistance to Bulgaria, 437

    • effectiveness, 100

    • formation of, 97

    • at IMF/World Bank Annual Meeting, 867

    • membership, 98t

    Group of Thirty-Three, 102

    Group of Seventy-Seven, 97

    Guidotti, Pablo, 607

    Guinea-Bissau

    • in CFA franc zone, 28, 41

    • emergency postconflict assistance, 236

    • governance, 682–83

    Guistiniani, Alessandro, 724n

    Guitian, Manuel, 134, 174, 562, 860, 890

    Gulde, Anne-Marie, 27, 380n

    Gulf War (1991)

    • economic disruptions related to, 221, 232, 429, 435, 436, 446

    • IMF lending associated with, 189, 218, 219

    • IMF response to oil price spike, 221–23

    • India-U.S. relations and, 447, 449

    • start of, 34, 35

    • U.N. sanctions on Iraq, 850

    Gupta, Sanjeev, 149n

    Gurgen, Emine, 150n, 384n

    Gutt, Camille, 880

    Guyana

    • debt-relief program, 657–59

    • IMF lending to, 641n, 816f

    • payment arrears, 806, 815–17

    Guzmán-Calafell, Javier, 464n

    H

    Haas, Richard, 12n, 361n

    Haberler, Gottfried, lix

    Habibie, Bucharuddin Jusuf, 531, 537, 538

    Hacche, Graham, 110n

    Hahnemann, Niels Peter, 713n

    Haiti

    • coup against Aristide, 36, 130, 232, 845

    • election of Aristide, 35, 845

    • IMF emergency lending after Hurricane Georges, 231

    • IMF lending to, 843, 844, 846

    • payment arrears, 843–47

    • Resident Representative, 244

    • return of Aristide, 39, 846

    • sanctions on military dictatorship in, 130, 845

    Hamann, A. Javier, 25n

    Hammoudi, Mohamed Ali, 219

    Hanbo Steel Industry, 541

    Hanke, Steve H., 26n, 364n, 531–32

    Hansen, Kai Aaen, 724n

    Hansen, Leif, 405

    Hansson, Ardo, 363–64

    Harden, Blaine, 712

    Hardy, Martin, 489

    Harrod, Roy, xlvii, 82n

    Harmann, Hellmut, 55n

    Harvard Institute for International Development, 516

    Hashimoto, Ryutaro, 528

    Hausmann, Ricardo, 617n

    Havel, Vaclav, 11, 55, 265

    Havrylyshyn, Oleh, xxn, 12n, 235n, 262n, 349n, 479n

    Hayarimana, Juvenal, 725

    Headquarters building, IMF, 863–66

    Heavily Indebted Poor Countries (HIPC) Initiative, 10, 83, 649–63

    • completion points, 662, 719

    • criticism of, 93

    • eligibility criteria, 655, 656–57, 660, 662, 718–19

    • eligible countries, 657–60

    • enhancement, 44, 93, 661–62

    • evolution of IMF commitment to, 41, 642, 661

    • financing, 44, 746

    • funding, 662–63, 665, 668

    • input from nongovernmental organizations on, 93–94

    • Mozambique, 733–34

    • origins, 20, 33, 649–56, 878

    • resources and loans outstanding, 674

    • sustainability assessment, 662, 685

    • Tanzania, 710

    • Uganda, 710, 718–20

    Hedge funds, 8, 32, 177, 582

    Henning, C. Randall, 474n, 625

    Hernandez-Cata, Ernesto, 289n, 301, 304, 354, 355, 359n

    Hicklin, John E., 577, 578, 622

    Hicks, Ronald, 54n

    High-quality growth, 14–15

    • good governance requirements for, 151

    • implications for surveillance, 141

    Hill, Hal, 519n

    Hino, Hiroyuki, 154

    HIPC Initiative. See Heavily Indebted Poor Countries Initiative

    Hirsch, Alan, 696n

    HIV/AIDS, 9

    Hole, Peter C., 371–72, 373, 379n, 439

    Honduras

    • Hurricane Mitch, 231–32

    • IMF lending to, 231–32, 818f

    • payment arrears, 806, 817–18

    Hong Kong Monetary Authority, 509, 793

    Hong Kong Special Administrative Region (SAR)

    • advanced economy classification, 540n

    • Article IV consultations, 35

    • currency board, 26

    • monetary and fiscal policies in East Asian financial crisis, 575

    • regional economic associations, 36

    • Reports on Observance of Standards and Codes, 128

    • technical assistance and consultations, 119–20

    • transfer from United Kingdom to China, 42, 574–75

    Horiguchi, Yusuke, 167n, 306, 310, 311, 313, 315, 319–20, 322

    Horsefield, J. Keith, xviii, 632, 720, 790n, 861n, 882

    Houben, Aerdt, 437

    Houphouët-Boigny, Félix, 698, 708, 886 Hoxha, Enver, 277

    Human Resources Department, 44, 861, 892

    Hungary

    • after dissolution of Soviet Union, 264

    • debt crisis (1980s), liii IMF lending to, 263f, 264, 444, 591

    • IMF membership, 11, 58, 255

    • Mexican peso crisis and, 488–89

    • misreporting of financial data by, 852

    • NATO membership, 321n

    • OECD membership, 41

    • repayment of IMF loans, 264, 444

    • Soviet Union and, 11

    Hun Sen, 588, 824

    Hurricanes, 231–32, 818

    Hussein, Saddam, 850

    I

    IBRD. See International Bank for Reconstruction and Development

    IDA. See International Development Association

    IEO. See Independent Evaluation Office

    Iglesias, Enrique V., 595

    Il Houng Lee, 153n

    Illarionov, Andrei, 294

    ILO. See International Labor Organization

    IMF. See International Monetary Fund

    IMF-AMF Regional Training Program, 243–44

    IMF Institute, 239, 861

    IMF-Singapore Regional Training

    • Institute, 243

    IMF Staff Papers, 103

    Income inequality. See Distribution of income

    Indebtedness to IMF, measure of, xxii

    Independent Evaluation Office, 106, 379n, 701n, 862–63

    • assessment of IMF’s interaction with Jordan, 192–93, 854

    • definition of prolonged borrowing, 190n

    • review of IMF response to East Asian crisis (1997), 19

    Ingves, Stefan, 144n

    India

    • economic performance in 1990s, 3, 9, 451–52

    • exchange rate policy, 129, 450

    • Gulf War (1991) and, 446, 447, 449

    • IMF lending to, 445, 446, 447, 448–49, 450, 451

    • IMF membership, 446

    • IMF quota, 446–47

    • lessons of economic recovery, 452

    • liberalization process, lx–lxi, 445–46, 449–52

    • military spending, 148–49

    • as nuclear power, 42

    • political problems, 446, 448

    • poverty rate, 9

    • relationship with IMF, 446–47, 449

    • sale of gold stocks, 447–48

    • United States and, 449

    India, Reserve Bank of, 448

    Indonesia

    • antigovemment violence, 894

    • Article IV consultations, 517–18

    • corruption in, 517

    • distribution of wealth in, 516

    • economic growth before 1997 crisis, 515–16

    • exchange rate policies, 27

    • financial crisis. See Indonesia’s financial crisis (1997–98)

    • IMF lending to, 515–16, 516

    • IMF membership, 515

    • IMF technical assistance, 517

    • Mexican peso crisis and, 488

    • Suharto resignation, 537, 620

    Indonesia, Bank, 509, 518–19, 525

    Indonesian Bank Restructuring Agency, 531

    Indonesia’s financial crisis (1997–98), 515–39

    • bank closures in response to, 523, 524, 526

    • banking reform to prevent, 520

    • conflicting views of Indonesian economists, 519–20

    • crony capitalism in, 519–20

    • currency board proposal, 531–32, 533–34

    • events and policies leading to, 8, 31, 146, 517–18, 519

    • exchange rate policies, 518–19, 521, 522f, 532–33, 538

    • IMF lending in response to, 42, 206, 520–21, 524, 525f, 538–39

    • IMF reform agenda, 529–30, 536–37

    • Indonesians’ perception of IMF staff, 521–23

    • interest rate adjustments in, 523, 527

    • international assistance in response to, 524–25, 528–29

    • lack of bank deposit guarantees in, 526–27, 530

    • macroeconomic issues in, 520

    • monetary policy in, 518–19, 527

    • negative perception of IMF role in resolving, 19, 530–31

    • onset, 513, 518–19

    • political environment, 197, 327, 537, 538

    • public response to price increases, 536–37

    • resolution, 535–39, 891

    • structural reforms to resolve, 523–24, 529–30, 536

    • Suharto illness in, 527–28

    • Suharto’s repudiation of IMF agreement, 531–34

    Inflation

    • and Argentina’s recovery from 1980s debt crisis, 420

    • in Brazil’s indexation strategy for, 425–27, 595, 596–97

    • and Britain’s entry into exchange rate mechanism, 177

    • in Czech Republic, 268

    • and evolution of international financial architecture, 28–30

    • in global economy in 1990s, 3, 4f

    • IMF policies and preferences for control of, 29

    • monetarist theory of aggregate demand and, lvii–lviii

    • Poland’s strategy for, 438–39

    • use of real exchange rate to control, 24

    • targeting. See Inflation targeting

    Inflation targeting, lviii, 28–30

    • in Brazil, 425–27, 595, 596–97, 604–5

    • in United Kingdom, 178

    • need for transparency in, 103–4

    Information, economics of, lx

    Ingves, Stefan, 187

    Integrated Framework for Trade-Related

    • Technical Assistance to Least Developed Countries, 91

    Inter-American Development Bank

    • assistance to Argentina, 420

    • assistance to Mexico in peso crisis, 473, 480, 485n

    • IMF and, 89

    Interbank Coordinating Council of the

    • Heads of National Banks, 354, 356

    Interest rates

    • in Brazil’s response to 1998 crisis threat, 598

    • and global capital flows in 1990s, 7

    • on IMF loans, 634, 753, 759. See also Rate of charge on IMF lending

    • Japan’s policies in 1990s, 170

    • in Malaysia’s response to 1997 crisis, 581–82

    • in Mexican peso crisis (1994–95), 145, 466

    • in Philippines’ response to 1997 crisis, 576–77

    • in Korea’s response to 1997 crisis, 550, 552–53, 557–59, 563

    • in Indonesia’s response to financial crisis, 523, 527

    • surcharge on IMF member payment arrears, 813–15

    • in Sweden’s 1992 banking crisis, 143–44

    • in Taylor rule for inflation targeting, 29–30

    Interim Committee. See also International Monetary and Financial Committee

    • Annual Meetings, 866, 867, 868t

    • approval of debt-relief plan, 655

    • on capital controls, 134, 135, 136, 138–39

    • chairmanship, 869

    • decision-making procedures, 99, 870

    • Declaration on Cooperation for Sustained Global Expansion, 124

    • development of code of good practices, 126–28

    • effort to establish standards for economic policies, 16–17, 124–26

    • endorsement of economic liberalization, lxi

    • establishment of, 870

    • on European monetary integration, 25, 122

    • evolution of conditional lending policies, 18

    • on good governance goals, 152, 153

    • G7 and, 97, 99–100

    • in IMF organizational structure, 857

    • implementation of HIPC Initiative, 719n

    • Madrid Declaration, lxi, 39, 125, 134

    • on military spending surveillance, 148

    • Ninth Review of Quotas, 774–75

    • Partnership for Sustainable Global Growth, 125

    • proposals for IMF Council, 870–72

    • replacement organization, 44, 620, 872–73

    • response to 1991 oil price spike, 221–22

    • role of, 870

    • spring meetings, 869

    International Bank for Reconstruction and Development (IBRD), 433n. See also World Bank

    International Court of Justice, 74

    International Development Association (IDA), 86, 433n

    • assistance to Armenia, 395

    • assistance to Mozambique, 731

    • eligibility criteria for concessional lending, 395, 635

    • International Financial Statistics, 103, 294, 860

    International Labor Organization

    • IMF collaboration, 87

    • origins of, xliv

    • proposal for council to oversee activities of, 81–82

    • in Russia’s transition, 296

    International Monetary and Financial

    • Committee, 102. See also Interim Committee

    • establishment of, 44, 872–73

    International Monetary Fund (IMF),

    • generally. See also Executive Board and Executive Directors;

    • Management, IMF;

    • Membership,

    • IMF;

    • Staff, IMF;

    • specific borrower;

    • specific department

    • administrative expenses, 759

    • archives, xxiii–xxv, 13, 105

    • area departments, 858–59

    • Asian Monetary Fund proposal and, 622–23

    • bedrock economic concepts, liv borrowing by, 789–95

    • capital controls, li–lii, 30–32, 133–34

    • as capitalist club, 255

    • CFA franc zone policies, 699–704

    • Cold War and, xlix–xlx

    • criticism of policies, lvi, lxi, 5, 18–19, 91, 92–93, 94, 95–96

    • development after Second World War, xlviii-xlix

    • efforts to improve transparency, 13, 43, 93, 103–6

    • evolution of intellectual and analytical orientation, xlix–l, liv–lxiii, 24

    • evolution of World Bank relationship with, l, 82–87

    • external evaluations, 106, 106n, 862–63

    • founding goals, xliv, xlv–xlvi, lv, lxiii–lxiv, 82

    • functional departments, 859–61

    • G7 and, 97, 99–100

    • G20 and, 102

    • headquarters building, 863–66

    • historical events leading to founding of, xliii–xlviii, lxiii history of, xviii–xix

    • as international credit union, lii

    • liquidity challenges, 332

    • outreach to academic community, 94–95

    • policies toward regional trade agreements, 6

    • publications, 103

    • relations with other multilateral agencies, 41, 87, 90–92

    • relations with regional development banks, 89–90

    • response to challenges of 1990s, 12–15

    • role in economic growth and development, 631–32

    • significant events of 1990s, xvii–xviii, 34–44, 896–97

    • as specialized agency of United Nations, 88–89

    • specialized language and terminology of, xix–xxiii

    • structure and governance, xx, 741n, 900–903

    International Natural Rubber Agreement, 226

    International Trade Organization, xlvii–xlviii

    Iran, Islamic Republic of, 219, 783

    Iraq. See also Gulf War (1991)

    • invasion of Kuwait, 34, 120, 850, 893

    • payment arrears, 850

    • quota, 788

    • sanctions on, 850

    Isard, Peter, 116n, 765n, 772

    Israel

    • advanced economy classification, 540n

    • Compensatory and Contingency Financing Facility, 219

    • inflation-control policies, 29

    • regional peace treaties, 39

    • and technical assistance to Palestinian authorities, 240

    Israel, Bank of, 886, 891

    Italy

    • exchange rate policies, 23, 37

    • loan to IMF, 789

    • on Soviet Union’s membership in IMF, 64

    • stand-by arrangement (1970s), 56

    Ito, Takatoshi, 6, 100n, 141n, 460n, 464n, 540n

    Ivanova, Anna, 197n

    Izvorski, Ivailo, 412n

    J

    Jacobsson, Per, xlivn, 880

    Jàcome, H., 611n

    Jafarov, E., 380n

    Jamaica

    • debt restructuring, 444–45

    • IMF lending to, 444

    • recovery from 1980s debt crisis, 444

    James, Harold, xlix, li, 58n, 60n

    James, Marzenna, xlix, 58n, 60n

    Japan

    • aid to Russia, 332

    • Article IV consultations, 170

    • assistance to Brazil in 1998 crisis, 601

    • assistance to Korea in 1997 crisis, 546

    • assistance to Thailand in 1997 crisis, 506, 509, 510, 623

    • on environmental concerns of IMF, 156

    • financial crisis (1997), 136–37

    • IMF membership, xlviii IMF Regional Office for Asia and the Pacific in, 859

    • influence of new classical economics, lx

    • loans to IMF, 781, 789–90

    • lost decade, causes and policy responses, 170–73

    • opposition to North Korea’s IMF membership, 75

    • opposition to North Korea’s membership in Asian Development Bank, 74

    • quota review, 780–83

    • support for Pacific Financial Technical Assistance Centre, 243

    • technical assistance grants from, 241n

    • U.S. views on policies of, 170, 171–72

    Japan, Bank of, 170, 525

    Japanese Export-Import Bank

    • assistance to Argentina, 420

    • lending to Bulgaria, 437

    Jarvis, Chris, 278n

    Johnson, Harry, lvi

    Johnson (Lyndon) administration (U.S.), li

    Johnson, Simon, 534n

    Johnson-Sirleaf, Ellen, 835n

    Joines, Douglas, H., lix

    Joint Africa Institute, 244

    Joint Financial Sector Assessment Program, 85–86

    Joint Vienna Institute

    • founding of, 37, 90, 258–59

    • origins, 243, 861

    • sponsors, 243n

    • training seminars, 93

    • use of training services, 243

    Jonung, Lars, 364n

    Jordan

    • misreported financial information, 852, 854

    • peace treaty with Israel, 39

    • prolonged borrowing, 192–93

    • technical assistance to Palestinian authorities, 240

    Joshi, Vijay, 445n, 451n

    Jubilee 2000 Campaign, 94, 651, 660

    Juppé, Alain, 180, 315n

    K

    Kabila, Joseph, 850

    Kabila, Laurent-Désiré, 850

    Kadannikov, Vladimir, 314

    Kaeser, Daniel, 56n, 122, 235n, 311, 482, 787n, 876

    Kafka, Alexandre, 84, 203, 221–22, 238 as Dean of Executive Board, 221, 654, 806, 842, 878, 879

    Kafka, Franz, 878

    Kagalovsky, Konstantin, 290, 291, 356, 876

    Kahler, Miles, 880n

    Kahn, Robert, 612n

    Kallas, Siim, 362, 363, 364

    Kaminsky, Graciela L., 617, 619n

    Kang Chungson, 542n

    Kang Jung-Ho, 238

    Kang, Kyong Shik, 75, 543n, 546, 547, 548

    Kaps, Carola, 335n

    Kapteyn, Arend, 765n

    Kapur, Devesh, 699n

    Kapur, Ishan, 384, 385, 404

    Karimov, Islam Abduganievich, 404, 405

    Kasianov, Mikhail M., 853

    Kaunda, Kenneth, 830

    Kazakhstan

    • after dissolution of Soviet Union, 383–86

    • in CIS, 351n

    • conditions at time of independence, 383

    • corruption in, 383–84 IMF lending to, 229n, 385–86, 385f

    • introduction of national currency, 359

    • monetary policy, 384

    • privatization program, 383

    • Russian financial crisis and, 386

    Kehoe, Patrick J., 28n

    Keller, Peter M., 400, 402

    Kelly, Margaret R., 75, 89n, 521, 861, 892

    Kemp, Jack, ix

    Kenen, Peter B., 259

    Kengo wa Dondo, Léon, 849

    Kennedy administration (U.S.), 880

    Kenward, Lloyd R., 531n, 532n

    Kenya. See also East African Community corruption in, 150, 152, 712, 713–14

    • East African Community membership, 44

    • economic performance in 1990s, 10, 682, 710–13

    • governance, 682

    • IMF lending to, 679, 710, 711f, 712, 713–14

    Keynes, John Maynard, xix, xlv, xlvi, xlvii, xlviii, li, 22, 58, 82, 193, 487, 497, 544

    Keynesian macroeconomics, liv–lvii

    Keys, Derek, 694

    Khan, Mohsin, lvn, 100, 132, 135n, 861

    Kharas, Homi, 323n, 332n

    Khodorovsky, Mikhail, 326

    Kiekens, Willy, 135, 212, 274, 332n, 381, 462, 877

    Kihwan Kim, 546, 563

    Kimaro, Sadikiel N., 726

    Kim Dae-Jung, 539, 554, 557, 559, 563, 568, 620

    Kim Jong-Il, 540n

    Kim Kihwan, 559

    Kincaid, G. Russel, 116n

    King, Mervyn, 104, 127n

    Kiriyenko, Sergei, 326, 327, 328, 331, 334, 336, 337

    Kirk, Donald, 539n

    Kirmani, Naheed, 718

    Klaus, Vaclav, 265–66, 268n

    Knight, Malcolm D., 356n

    Knöbl, Adalbert, 361n, 362, 363, 364, 368

    Kochhar, Kalpana, 584n

    Koch-Weser, Caio, 885

    Koen, Vincent, 289n, 349n, 356n

    Kohl, Helmut, 292, 298, 314–16, 528

    Köhler, Horst, 33, 43, 298, 352, 529, 885–86

    Kok, Wim, 150

    Köln Debt Initiative, 661

    Koopman, Tjalling, xlivn

    Korea, Bank of, 509, 557–58, 564

    Korea, Democratic People’s Republic of, 50, 74, 241

    Korea, Republic of

    • Article IV consultations, 540

    • currency undervaluation consultation (1987), 112

    • economic performance preceding 1997 crisis, 539–41

    • financial crisis. See Korea’s financial crisis (1997)

    • IMF lending to, 17, 42, 207–9, 752

    • on IMF membership of North Korea, 75

    • IMF recommendations for structural reforms, 540–41

    • quota, 783

    Korea’s financial crisis (1997), 8, 19, 31, 101, 146, 513

    • citizen donations to alleviate, 566

    • debt rollovers, 561–67

    • exchange rate fluctuations and policies, 559f

    • fiscal policies, 550, 558

    • foreign exchange reserves in, 543–45, 547, 551, 553–54, 560, 563

    • IMF lending in, 197, 206, 546–47, 555–56, 560, 565, 568–69, 600–601

    • IMF surveillance of banking sector preceding, 541–44

    • interest rate policies in, 550, 552–53, 557–59, 563

    • international assistance, 546, 553, 556, 561

    • loss of confidence in first recovery strategy, 556–61

    • monetary policy reforms, 550

    • negotiation of first reform program, 547–56

    • obstacles to early IMF intervention, 545

    • onset, 544–47

    • public perception of IMF role in, 568

    • resistance to loan conditionality in response to, 197

    • resolution, 566–69, 599

    • structural reforms in response to, 540–41, 552

    Kravchuk, Leonid, 66, 371

    Krosby, Quincy M., 826–27

    Krueger, Anne O., 6, 540n, 543n

    Kuchma, Leonid, 373, 375, 376, 379

    Kukk, Kalev, 362n

    Kuwait. See also Gulf War (1991)

    • freezing of assets during Iraqi occupation of, 130

    • Iraq invasion, 34, 120, 850, 893

    Kyrgyz Republic

    • after dissolution of Soviet Union, 399–402

    • in CIS, 351n

    • conditions at time of independence, 399

    • IMF lending to, 37, 199, 400, 401f

    • IMF membership, 399–400

    • misreported financial information, 852

    • monetary policy, 357, 399–400

    • name changes, 78n

    • relations with Russia, 400

    L

    Laar, Mart, 362n, 365

    Labor standards

    • globalization and, 6

    • integrated framework approach to technical assistance, 91

    Lachman, Desmond N., 144

    Laffer, Arthur B., lix

    Lahti-Kotilainen, Leena, 892

    Lainela, Seija, 359

    Lanciotti, Giulio, 458

    Landau, Jean-Pierre, 701, 750, 785

    Lane, Timothy, 438n, 616, 617n

    Lang, Joseph, 289n Lao People’s Democratic Republic ASEAN membership, 42

    • financial crisis (1997), 586, 588

    • IMF loans to, 587f

    Laske, Gerhard, 204

    Lateef, Sarwar, 104n, 455n, 868n

    Latin America. See also specific country debt crisis (1982), 188, 411, 619

    • economic performance in 1990s, 3

    • IMF lending in 1980s and 1990s, 414t

    • liberalization of financial markets in 1990s and, 7

    • recovery from 1980s debt crisis, 412–13

    • regional surveillance and consultations, 121

    • vulnerability to 1998 financial crisis, 594, 595

    Latvia. See also Baltic countries exchange rate in transition period, 367, 368

    • fall of Soviet Union, 11–12

    • IMF loans, 367, 368

    • IMF membership, 66

    • independence, 36, 365

    • monetary policy, 354–55, 356–57, 362, 365–67, 368

    Latvia, Bank of, 367

    Lau, Lawrence J., 540n

    League of Nations, xliii-xliv, xliv

    Lebanon

    • Executive Board representation, 877

    • financial sector assessment, 146

    Lebedev, Platon, 326

    Leddy, Thomas, 215, 440n, 509n, 561

    Lee Kyung Shik, 546

    Lee Yong Wook, 623n

    Le Fort, Guillermo, 24n, 29n

    Legal Department, technical assistance activities, 239, 240, 371

    Liederman, Leonardo, 132

    Le Manchec, Marie-Hélène, 662n

    Lemierre, Jean, 564

    Lending by IMF. See also Conditionality;

    • Stand-by arrangements;

    • specific facility

    • access limits, xxi, 748–52

    • to African countries, 678–81

    • analysis of borrower’s capacity to repay, 810

    • approval in advance of need, 203, 209–10

    • basic rate of charge, 753–56

    • benchmarks, 450n

    • to countries in arrears, 413, 851

    • data needs for, 851–52

    • debt-reduction strategy of Brady Plan, 411–12

    • definition of prolonged borrowing, 190n

    • distributional effects, 196

    • economic growth as goal of, 196

    • evolution of IMF policies and operations, 17, 188, 741–42

    • first request to IMF (1947), 632

    • founding goals of IMF, 190

    • growth in prolonged borrowing, 189–93, 192f

    • historical patterns, 188–93, 189f, 646–47

    • IMF financial assistance as, xxii–xxiii

    • individual differences in needs of borrowers, 187, 240

    • interest rate, 753, 759

    • to low-income countries, l-li, 19–20, 631–34, 645–46

    • misreporting of financial data in application for, 799, 851–56

    • monitoring practices after Mexican peso crisis, 493

    • natural disaster relief, 229–32

    • outright disbursements, 188

    • as percentage of quota, 555

    • performance criteria, 194–96, 450n

    • prior action requirements, 195

    • prohibition on arms purchases with loans, 148n

    • proposals for emergency financing arrangements, 202–4

    • in resolution of 1980s debt crisis, 414–15t

    • to resolve arrears, 851

    • resources for, 742–46, 799

    • response to 1991 oil price spike, 221–23

    • scope of, in 1990s, 246–49t

    • to countries in transition, 258, 262, 263f, 264, 265

    • types of loans, 188

    • without conditions, 193

    Lending by World Bank, 82

    Lesotho, 25

    Letters of Intent, 873–74

    • not required for disaster relief, 229–30

    • and side letters, 873–74

    Lewis, John P., 699n

    Lewis, Karen K., 104n

    Liang, Hong, 226

    Liberia

    • declaration of noncooperation against, 834

    • economic performance in 1990s, 10, 682

    • IMF lending to, 833f

    • payment arrears, 806, 833–35

    • political instability, 833, 834

    • repayment of IMF loans, 835n

    Libya

    • economic performance in 1990s, 688

    • Executive Board representation, 876–77

    • objections to lending to Israel, 219

    • sanctions on, 130, 877

    Liechtenstein, 25, 50

    Lieftinck, Pieter, 879n

    Lind, Göran, 144n

    Linde, Armando, 418n

    Lindgren, Carl-Johan, 145, 617n

    Link, Krzysztof, 201, 479n, 876

    Lipschitz, Leslie, 174n, 175n, 692, 693

    Lipton, David, 95, 298, 328n, 330, 536, 552, 563

    Lissakers, Karin, 21n, 105, 134, 161, 172, 180, 201, 206, 238, 310, 319, 329, 456n, 458, 474, 500, 528, 537, 550, 607, 659, 695, 713n, 751, 765n, 769, 777–78, 871, 877

    Lithuania. See also Baltic countries

    • economic recovery after transition, 370

    • exchange rate in transition period, 26, 369

    • fall of Soviet Union, 11–12

    • IMF advice in transition of, 368–70

    • IMF loans, 369

    • IMF membership, 66, 68, 368

    • independence, 36, 368

    • monetary policy, 354–55, 356–57, 362, 368–70

    Lithuania, Bank of, 370

    Little, I.M.D., 445n

    Liviatan, Nissan, 460

    Lloyd, John, 304n

    Locke, Mary, 779n

    London Club, 340, 612

    • Côte d’lvoire agreement, 709–10

    • in settlement of Soviet debt, 352–53

    London terms, 36, 649

    Long-Term Capital Management, 8, 32, 43, 91, 779

    Lopes, Francisco, 602–3

    Lorie, Henri R., 381

    Loser, Claudio M., 464n, 466, 467, 468, 470, 472, 478, 594n, 598n, 841, 889–90

    Low-income countries. See also Concessional lending;

    • Heavily Indebted Poor Countries Initiative;

    • specific facility

    • of CIS, 589n

    • concessional lending to, 634–37

    • debt-reduction assistance, 443–44

    • debt-sustainability analysis, 662, 685

    • economic performance in 1990s, 9–10

    • eligibility for ESAF loans, 635–37

    • evolution of IMF lending policies, l-li, 19–20, 631–34, 645–46

    • evolution of international financial architecture, 32–33

    • IMF facilities designed for, 632, 678–79

    • IMF membership, 632

    • role of IMF in, 631–32

    • transition experiences of countries of the former Soviet Union, 388–99

    • World Bank financing for debt reduction, 432–33

    LTCM. See Long-Term Capital Management

    Lukashenko, Alexander, 381, 382

    Lustig, Nora, 460n

    Lutz, Friedrich, lix

    Lyon terms, 33, 649

    M

    Maastricht Treaty, 5, 23, 36, 121, 173, 179

    Macedonia, former Yugoslav Republic of (FYR)

    • after dissolution of Soviet Union, 269–73

    • currency and exchange rate policy, 271t

    • Greece and, 73

    • IMF lending to, 220n, 270f, 272, 591–92

    • IMF membership, 70, 73, 271

    • IMF quota, 72–73

    • independence, 70

    • inherited arrears, 846–47

    • repayment of IMF loans, 273

    Machel, Samora, 730

    MacMillan, Margaret, xlv

    Macroeconomic policies

    • behavioral theories, lxii challenges to reform in African countries, 684, 685–86

    • Fleming-Mundell model and, lvii founding goals of IMF, lv Keynesian, liv, lv–lvi

    • post-Keynesian development, 28

    • responsibilities under Concordat, 83

    • rules-based systems, 21

    • scope of Article IV consultations, 114, 115

    • standardization of data on, 89

    • supply-side, lix–lx

    • as target of conditional lending, l–li, 193–94

    Madagascar, 682

    Madrid Declaration, lxi, 39, 125, 134

    MAE. See Monetary and Exchange Affairs Department

    Mahathir Mohamad, 580, 581, 582, 583, 584, 621

    Mahuad, Jamil, 611, 612, 615, 616

    Major, John, 64

    Malan, Pedro, 83, 87n, 423, 425, 598, 602–3, 606n

    Malawi, 682, 720, 727–30

    Malaysia

    • anti-IMF sentiment in, 582–83, 586

    • Article IV consultations, 580, 582

    • Bank Negara, 509, 581, 583

    • capital control policies, 580, 583–86

    • environmental policies, 157

    • exchange rate policies, 581–82

    • financial crisis (1997), 573, 579–86

    • IMF lending to, 579

    • imprisonment of political opposition, 584, 585

    • Mexican peso crisis and, 488

    Mali

    • eligibility for debt relief, 660

    • governance, 682

    • IMF lending to, 707

    Mallaby, Sebastian, 86, 96, 153n, 235, 518n, 653, 654n

    Management, IMF, 875. See also Managing Director

    • accountability, xxv–xxvi, 81

    • authorities and responsibilities, xx decision-making process, 99, 857

    • definition, xx, 879

    • Deputy Managing Directors, 39, 86, 882–88

    • participants, 880

    • structure, xx, 39, 44, 68–70, 81, 857

    Managing Director. See also Camdessus, Michel

    • accountability, xxv

    • at APEC meetings, 100–101

    • authorities and responsibilities, 880

    • deputies, 39, 86, 882–88

    • Executive Board and, 873

    • at G7 meetings, 97

    • at IMF/World Bank Annual Meeting, 867

    • interaction with United Nations staff, 88

    • office holders, 880

    • selection of, 857, 880–82

    • in surveillance consultation procedures, 111–13

    Mancera, Miguel, 458, 466, 472, 481

    Mandela, Nelson, 34, 39, 691, 693, 694, 695, 696, 697

    Manila Framework Group, 101, 207, 548, 624

    Manison, L.G., 54n

    Mankiw, N. Gregory, 28n

    Manuel, Trevor A., 24n, 631, 696–97

    Mao Zedong, xlix

    Marcos, Ferdinand, 428–29

    Mar’ie Muhammad, 517–18, 520, 524, 529

    Márquez-Ruarte, Jorge, 167n, 171, 322–23, 324n, 325, 327, 330–31, 338–39, 376n

    Marshall Islands, 50

    Marshall Plan, xlviii

    Martin, Paul R., 123n

    Marxism, liv

    Massachusetts Institute of Technology (MIT), 62n, 455, 459, 505, 883

    Mathematical models for investment, 8

    Mathieson, Donald J., 132, 135n, 137n, 580n

    Matyukhin, Georgi, 355

    Mauritania, 639n, 682, 852n

    Mauritius, 141n, 688, 742n, 852n

    Mayer, Wolfgang, lxiii

    Mayne, Stephen, 561n

    Maystadt, Philippe, 124, 127, 770, 771, 869

    Mazankowski, Don, 301

    McCallum, Bennett, 29n

    McDermott, C. John, 226

    McDonald, Donogh, 174n

    McDonald, Ian, 898n

    McGuirk, Anne Kenny, 281, 282–83

    McLenaghan, John, 296, 854, 861, 892

    McLeod, Ross H., 527

    Meade, James, lix

    Meles Zenawi, 721

    Membership in IMF

    • African countries, l–li, 632, 677–78

    • after dissolution of Soviet Union, xvii, xlix, liii–liv, 11, 50–51, 66, 68–70, 349, 361

    • as capitalist club, 255

    • as creditor and debtor nations, lii, lxiii Czechoslovakia’s application (1989–90), 54–55

    • discussions with North Korea, 74–76

    • Executive Board representation, xx, 68–70

    • financial effect of increase in 1990s, 746

    • increase in 1990s, 50–51, 52–53t, 857–58

    • informal discussions with Cuba, 76–77

    • low-income countries, 632

    • of new states emerging out of Yugoslavia, 70–74

    • original members, 49

    • reserve tranche requirements, xxi socialist economies in, 255

    • Soviet Union’s interest in (1989–91), 58–61, 63–65

    • suspension of rights, for countries in arrears, 807–8, 809

    • Switzerland’s, 56–57, 787–88

    • universal, l, 49–50

    • withdrawals from, 51

    Mendoza, Enrique G., 460n

    Menem, Carlos, 416, 417, 418, 421, 606, 607, 608, 609–10

    Mengistu Haile Mariam, 721

    MERCOSUR. See Southern Common Market

    Mesaki, Hachiro, 201, 235n, 655, 832

    Mexican peso crisis (1994–95)

    • data on Mexico’s finances preceding, 461–63

    • data sources, 457n

    • domestic policy constraints and, 463–64

    • effect on global capital flows, 132

    • effects in Asia, 499, 573

    • effects in Brazil, 427

    • effects on economic liberalization trends, lxi effects on IMF emergency response capabilities, 493–95

    • effects on IMF monitoring practices, 493

    • effects on IMF surveillance procedures, 16, 111, 112, 113–14, 115, 133, 145, 163, 181, 493–94

    • Eleventh Review of quotas and, 777

    • events and policies leading to, 140–41, 456, 457–63

    • financial sector response, 145

    • as first financial crisis of twenty-first century, 456n

    • fiscal reforms to address, 470, 471

    • G10 response, 480–81

    • IMF historical record, xxiv IMF involvement at outset, 465–69

    • IMF lending associated with, 189, 470, 475–79, 481–83, 484, 485–86, 600, 791

    • IMF role in addressing, liii, 469–72

    • interest rate interventions, 466

    • lessons for IMF from, 619

    • loan package, 479–80

    • Mexican financial reforms in response to, 483

    • Mexico’s economy at time of, 455

    • origins of, 8, 133

    • peso valuation, 459, 460, 461, 463–64, 474, 483

    • proposal for emergency financing mechanism in context of, 204–5

    • resolution, 31, 480–86

    • risk of contagion, 471–72, 486–92

    • significance of, 456, 487–88

    • start of, 39, 456–57, 463–65

    • unemployment rate, 485

    • U.S. involvement in response to, 464, 466, 467, 473–77, 481–82, 484, 485n, 486n

    Mexico; see also Mexican peso crisis (1994–95)

    • Article IV consultations, 116–17, 458, 461, 462

    • Chiapas uprising, 463

    • debt crisis (1982), 31, 116–17

    • exchange rate policies, 458, 459, 460–61, 461

    • IMF lending to, 49, 227, 229n, 428, 458n, 462, 752

    • in North American Free Trade Agreement, 6, 38, 168, 428, 458, 462, 463–64, 466

    • liberalization process, lx OECD membership, 39, 428, 459

    • off-market gold sale in repayment of IMF debt, 671, 747–48

    • political assassinations, 458–59, 460, 461

    • recovery from 1980s debt crisis, 411, 412–13, 427–28

    • tesobonos, 460, 462, 473

    Mexico, Bank of, 464, 481

    Micronesia, 50

    Middle Eastern Department, 240, 677n, 889

    Mihaljek, Dubravko, 120n

    Mikesell, Raymond F., 58n

    Milesi-Ferretti, Gian Maria, 581n

    Military spending

    • corruption and, 150

    • in developing countries as factor in aid decisions, 147–49

    • evolution of IMF lending policy, 18

    • in Indonesia, 517

    • prohibition on IMF loans for, 148n

    • as subject of IMF surveillance, 180–81

    Millennium Development Goals, 33, 96, 685

    Miller, Merton H., 532n

    Miller, Rich, 304n

    Milleron, Jean-Claude, 378, 871

    Miloševic, Slobodan, 74

    Minsky, Hyman, liv

    Mirakhor, Abbas, 879

    Mishkin, Frederic S., 106n, 863

    Misreporting in loan process, 799, 852–56

    MIT. See Massachusetts Institute of Technology

    Mitterrand, François, 33, 89, 701, 783

    Mitton, Todd, 584n

    Miyazawa, Kiichi, 781

    Mkapa, Benjamin W., 715–16

    Mobutu Sese Seko, 10, 149–50, 847–50

    Moggridge, Donald, xlvii

    Moghadam, Reza, 513, 593n

    Mohammed, Azizali, 889

    Mohammed, Yacoob Yusef, 235n

    Moi, Daniel arap, 712–13, 714

    Moldova

    • cereals window borrowing, 223

    • in CIS, 351n

    • eligibility for ESAF loans, 637

    • exchange rate in transition period, 390

    • IMF lending to, 219, 391, 392

    • monetary policy, 354–55, 389–90

    • per capita output, 391–92

    • political environment, 392

    Moldova, National Bank of, 390, 391

    Momani, Bessma, xlix, 290n, 786n

    Monaco, 50

    Mondale, Walter F., 534

    Monetarism, liv, lvii-lviii

    Monetary and Exchange Affairs Department (MAE), 890

    • creation of, 37, 860

    • financial market surveillance, 145

    • in Indonesia’s financial crisis, 523

    • technical assistance to Moldova, 389–90

    • technical assistance to Palestinian authorities, 240

    • technical assistance to Russia, 317n

    • technical assistance to transition economies, 262, 281

    • in Thailand’s 1997 financial crisis, 506

    Monetary approach to balance of payments, lvi

    Monetary authorities, xx

    Monetary Committee of European Union, 622

    Monetary policy

    • in Argentina, 608–9

    • in Armenia, 393–95

    • in Azerbaijan, 396–97

    • in Belarus, 379–80

    • in Brazil, 426–27

    • challenges to reform in African countries, 685–86

    • countercyclical effects, lx currency board schemes, 26–27

    • currency unions for, 27–28

    • in dissolution of Soviet ruble area, 353–61, 372, 380, 384–85

    • in Estonia, 362–65

    • evolution of dollarization policies, 25–26

    • in Georgia, 397–98

    • in German reunification process, 174–76

    • global capital flows in 1990s and, 7–8

    • in Indonesia, 518–19, 527, 536

    • with inflation targeting, lviii, 28–29

    • in Japan, 170

    • in Kazakhstan, 384

    • in Korea, 540, 550

    • in Kyrgyz Republic, 399–400

    • in Latvia, 365–67, 368

    • in Lithuania, 368–70

    • in Moldova, 389–90

    • monetarist theory of aggregate demand, lvii-lviii

    • in Poland, 438–39

    • role of IMF Central Banking Department, 860

    • in Russia, 296, 356, 357, 360

    • in South Africa, 694–95

    • in Thailand, 510–11

    • in Tajikistan, 402–3

    • transparency reports on, 128 in Turkmenistan, 386–87

    • inUkraine, 371, 372, 374–75

    • in Uzbekistan, 404

    Mongolia

    • after dissolution of Soviet Union, 283–85

    • economic reforms of 1990s, 12

    • IMF lending to, 202, 284–85

    • IMF membership, 50–51, 284, 858–59

    • institutional capacity, 285

    • technical assistance to, 259

    Montenegro, 71n, 74n. See also Yugoslavia, Federal Republic of

    Monterrey Consensus, 685

    Moody’s Investors Services, 500, 502

    Moreira, Marcilio Marques, 423

    Morgenthau, Henry, Jr., xlvii

    Morocco

    • debt crisis (1980s), liii IMF lending to, 433, 688

    • recovery from 1980s debt crisis, 413, 433

    Morse, Jeremy, 882

    Moss, Frank, 77n

    Mountford, Alexander, 472n

    Mourmouras, Alex, lxiii, 197n

    Mozambican Debt Group, 94

    Mozambique

    • debt rescheduling, 731

    • economic performance in 1990s, 682

    • economic reforms of 1990s, 12

    • effectiveness of IMF lending to, 720, 730, 733

    • eligibility for debt relief, 657

    • governance, 682

    • IMF lending to, 731–33

    • IMF membership, 730

    • independence, 730

    • natural disasters, 731–32

    • technical assistance to, 732

    Mozhin, Aleksei, 212, 235n, 318, 333

    Mudavadi, Musalia, 713

    Mulder, Christian, 618n

    Mulford, David C., 291, 352, 411

    Mundell, Robert, lvi, 23n. See also Fleming–Mundell model

    Muñiz, Carlos G., 815

    Munzberg, Reinhard, 891

    Museveni, Yoweri K., 717

    Mussa, Michael, lix, 95, 111, 139n, 322, 355, 416n, 551, 552–53, 611n, 765n, 772, 792, 884, 889n, 891

    Mwinyi, Ali Hassan, 715

    Myanmar, 42

    N

    NAB. See New Arrangements to Borrow

    NAFTA. See North American Free Trade Agreement

    Nagorno-Karabakh, 393, 396

    Nagy, Piroska M., 310n

    Namibia

    • Article IV consultations, 688

    • currency, 25

    • governance, 682

    • IMF membership, 51, 677

    • technical assistance, 241

    Naples terms, 39, 650, 718

    Narvekar, Prabhakar R., 39, 171, 499, 534, 862, 885, 886–87, 889

    Nashashibi, Karim, 689n

    National security. See also Military spending

    • justification for exchange restrictions, 130–31

    NATO. See North Atlantic Treaty Organization

    Natural disaster relief evolution of IMF lending policies, 229–30

    • IMF emergency lending in 1990s, 230–32

    • to Turkey, 593

    Nauru, 50

    Nazarbayev, Nursultan, 383, 384

    Negative pledge clauses, 411n

    Neiss, Hubert, 449, 568n, 584n, 859, 894

    • in Indonesia’s financial crisis, 515, 521, 522–23, 524, 535, 536

    • in Korea’s financial crisis, 542, 545, 546, 551, 552, 558, 562, 563

    • in Thailand’s financial crisis, 506–7, 508

    Nemtsov, Boris, 337n

    Netherlands

    • Antilles consultations, 119

    • assistance to Bosnia and Herzegovina, 275, 847

    • assistance to FYR Macedonia, 272

    • assistance to Rwanda, 726n

    • Central Bank, 847

    • desire to head the European Bank for Reconstruction and Development, 782

    • Executive Board constituency, 70, 876

    • in Financial Stability Forum, 92

    • as General Arrangements to Borrow creditor, 790

    • on handling of Dominican Republic’s arrears, 842

    • opposition to rise in access limits, 750

    • quota, 780, 789

    • support for HIPC Initiative, 654

    New Arrangements to Borrow (NAB), 791–95

    • activation for Brazil, 43, 602, 794–95

    • funding, 106

    • ratification, 41, 509, 793–95

    Newlyn, W.T., 26n

    Newman, Barry, 273, 716n, 778

    Newman, Graham, 54n

    New Zealand

    • inflation-control policies, 28–29

    • support for Pacific Financial Technical Assistance Centre, 243

    Nicaragua, 232

    Niger, 682

    Nigeria

    • corruption, 153–54

    • debt crisis, 413, 433, 686

    • economic performance in 1990s, 10, 682

    • governance, 43, 682–83, 686–87

    • IMF lending to, 686–87

    • IMF membership, 686

    • structural reforms of 1980s, 686

    Nimatallah, Yusuf A., 806

    Nixon administration (U.S.), 880

    Niyazov, Saparmurat, 387

    Nongovernmental organizations

    • advocacy for IMF consideration of environmental outcomes, 156

    • assistance to economies in transition, 258

    • criticism of conditional lending policies, 18–19

    • evolution of IMF relationship with, 93–94

    • pressure for debt-relief initiatives, 642, 651, 660–61

    • on promoting good governance, 152

    Noriega, Manuel, 819

    North American Framework Agreement, 468n, 473

    North American Free Trade Agreement (NAFTA), 6, 38, 168–69, 428, 458

    North Atlantic Treaty Organization (NATO)

    • in Bosnia and Herzegovina conflict, 73, 235

    • membership of countries of the former Soviet Union, 321n

    • in Serbia-Kosovo conflict, 74n, 340

    North Korea. See Korea, Democratic People’s Republic of

    Nove, Alex, 295n

    Nuclear technology

    • concerns about dissolution of Soviet Union, 258

    • India, 42

    • Pakistan, 42, 642

    • Ukraine, 370, 377

    Nukul Commission, 498, 499n, 500, 502n, 504

    Nukul Prachuabmoh, 499n

    Nurkse, Ragnar, xlivn

    Nyerere, Julius, lx, 715

    O

    Obasanjo, Olusegun, 43, 153–54, 686–87

    Obote, Milton, 717

    Obstfeld, Maurice, 23n

    Odling-Smee, John, 65, 84n, 310n, 358n, 359n, 360n, 364n

    • in managing dissolution of Soviet Union, 64, 351–52, 354, 355–56, 357

    • in Russia’s transition, 289–90, 297–98, 307n, 311–12, 318, 327, 330, 333, 336, 338, 344

    OECD. See Organization for Economic Cooperation and Development

    Office of Internal Audit, 862

    Official development assistance

    • debt relief and, 33, 650

    • patterns in 1990s, 10

    • role of IMF, 631–32

    Oil-exporting countries, capital flows, lii, 131–32

    Oil Facilities (1970s)

    • funding, 56

    • Jamaica, 444

    • origins, 17–18, 221n

    • purpose, 678

    • subsidy account for, 635, 678–79

    • use of, 679

    Oil Facility Subsidy Account, 632

    Oil import window (1991–92), 221–23

    Oil shocks (1991), 221–23, 429, 430, 436, 446

    Oil shocks (1970s), liii, 17–18, 188

    Okyu Kwon, 550

    O’Loghlin, Charles, 329

    Omnibus Budget Reconciliation Act (U.S.) (1990), 167

    O’Neill, Jim, 129n

    Önis, Ziya, 593n

    Open-economy macro model, liv, lvi–lvii

    Organization for Economic Cooperation and Development (OECD)

    • assessment of Korea’s finances before 1997 crisis, 543n

    • assistance to economies in transition, 258

    • Economic Policy Committee, 87

    • founding of Joint Vienna Institute, 90

    • IMF and, 87

    • membership, 39, 41, 428, 442, 459, 540

    • on promoting good governance, 152

    • response to dissolution of Soviet Union, 13–14

    • Russia’s membership, 320

    • in Russia’s transition, 295, 296

    • Soviet Union and, 59–60, 65

    Organization for Petroleum Exporting Countries, 669

    Organization of American States, 152, 845

    Ortiz Martinez, Guillermo, 456n, 460, 468–69, 470, 472, 474, 481, 483, 485

    Ossowski, Rolando, 438n

    Ostry, Jonathan D., 170n, 581n

    Osunsade, Festus L., 54

    Otker-Robe, Inci, 29n

    Ouattara, Alassane D., 39, 282n, 551–52, 683, 695, 698, 791, 885, 886

    Overby, Andrew N., 882

    Owen, Barbara, 54n

    Owen, David, 342n

    Ownership of reforms

    • in African countries, 684–85

    • evolution of IMF policies, 19, 197, 898

    • IMF strategies to improve, 644–45

    • shortcomings of IMF implementation of ESAF arrangements, 643–44

    Oxfam International, 94, 651, 660

    Ozanne, Julian, 713n

    P

    Pacific Financial Technical Assistance Centre, 243

    Pacto de Solidaridad Económica, 463–64, 468

    Pakistan

    • Executive Board representation, 877

    • IMF lending to, 648

    • military spending, 148–49

    • misreported financial information, 852, 853n

    • natural disaster relief loans, 230

    • as nuclear power, 42, 648

    Palau, 50

    Palestinian authorities, technical assistance to, 240

    Panagariua, Arvind, 451n

    Panama, 232

    • exchange rate policies, 25

    • IMF lending to, 443

    • Noriega, Manuel, 819

    • payment arrears, 443, 806, 814, 819

    Paraguay

    • currency in IMF operational budget, 742n

    • regional trade agreements, 6, 35

    • Resident Representative, 244

    Paramanova, Tatiana, 305, 308

    Parente, Pedro, 599

    Paris Club, 33, 35, 36, 39, 44, 882

    • Brazil’s debt, restructuring of, 424

    • debt-rescheduling policies, 193

    • debt-service-reduction operations, 649

    • Dominican Republic’s debt, restructuring of, 434

    • Ecuador’s debt, restructuring of, 431, 612

    • IMF and, 87

    • Jamaica’s debt, restructuring of, 444–45

    • loan eligibility linked to IMF-supported programs, 637

    • Mozambique’s debt, restructuring of, 731

    • Peru’s debt, restructuring of, 432

    • Poland’s debt, restructuring of, 439–41

    • Russia’s membership, 320

    • in Russia’s post-Soviet transition, 292, 317

    • Soviet debt, restructuring of, 353

    • Uganda’s debt, restructuring of, 718

    Paris peace conference (1919), xliv–xlvi

    Pastor, Gonzalo, 297n, 354n, 358n, 359n, 360n

    Pauly, Louis, xlivn Payment arrears, 800–51

    • by Bosnia, 275–76

    • burden sharing mechanism, 753, 801, 811

    • causes of, 800

    • cooperation among multilateral agencies in settling, 87

    • cost of, to IMF, 799, 851

    • declarations of noncooperation, 834, 836

    • by Dominican Republic, 434–35

    • emergency lending for, 233–34

    • evolution of IMF policies to address, 800–802

    • extent of, in 1990s, 799, 800, 801f, 802, 804–5t

    • IMF lending policy during debt crisis (1980s) recovery, 413

    • interest rate surcharge on overdue balances, 801, 813–15

    • new cases in 1990s, 841–51

    • by Panama, 443 paths to clearance, 851

    • by Peru, 431

    • preventive measures, 810

    • prohibition on new borrowing to countries with, 801

    • protection of IMF reserves against, 810–13

    • public censure of countries with, 806–7

    • remedial strategy for pressuring countries with, 808–9, 836

    • Rights Accumulation Programs, 85, 802–6, 812, 814, 822, 831

    • sanctions, 775

    • significance of, for IMF mission, 799

    • Special Contingent Account, 668–69

    • successful resolutions, 815–32

    • suspension of IMF membership rights of countries with, 807, 837–38, 877

    • Third Amendment provisions, 37

    • unresolved cases, 832–41

    Payments union proposal for countries in transition, 259

    PDR.See Policy Development and Review Department

    Peiris, Shanaka J., 734n

    Pell, Claiborne, 299n

    Perestroika, 11, 58

    Peretz, David, 291, 293, 299, 700

    Pérez, Carlos Andres, 430

    Pérez, Lorenzo L., 606n

    Performance criteria, 194–96, 450n

    Perrelli, Roberto, 618n

    Peru

    • conflict with Ecuador, 431

    • IMF lending to, 229n, 431, 821f, 822

    • Mexican peso crisis and, 488

    • payment arrears, 85, 431, 819–22

    • recovery from 1980s debt crisis, 431–32

    • Rights Accumulation Program, 431, 806

    Pesenti, Paolo A., 23n, 173n

    Peterson, Arne B., 240

    Peterson Institute for International Economics, 891

    Philippines

    • exchange rate policies, 577, 578–79

    • financial crisis (1997), 206, 573, 576–79

    • IMF lending to, 227, 229n, 429, 576, 577f, 578–79, 637

    • Mexican peso crisis and, 488

    • misreported financial information, 852, 853n

    • natural disasters, 429

    • recovery from 1980s debt crisis, 413, 428–29

    Phillips, Steven, 289n

    Pinochet, Augusto, 432

    Pinto, Brian, 323n, 332n

    Plaza accord (1985), 170

    Plois, Hélène, 892n

    Polak, Jacques J., xlivn, lv, lvi, 137n, 202, 203, 455, 765n, 886n

    Poland

    • big bang economic reform, 34, 237–38, 262, 438

    • borrowing in transition, 263f

    • Brady Plan implementation, 441–42

    • debt crisis (1980s), liii

    • debt restructuring, 439–41

    • democratization, 11

    • exchange rate policies, 438

    • Executive Board representation, 876

    • IMF lending to, 438, 440, 441, 591

    • IMF membership, xlix, 11, 58, 77, 255

    • inflation-control policies, 29

    • monetary policy, 438–39

    • NATO membership, 321n

    • OECD membership, 41, 442

    • recovery from 1980s debt crisis, 438–42

    • repayment of IMF loans, 262, 442

    • transition to market economy, 262–64, 438

    Poland, National Bank of, 262

    Policy Development and Review Department (PDR), 114n, 116, 891

    • and advice to Ecuador, 612

    • creation of, 860

    • development of Emergency Financing Mechanism, 205

    Policy Framework Papers, 84, 644, 707

    Policy implementation at national level. See also Article IV consultations; Ownership of reforms

    • consideration of local conditions, 240, 685

    • evolution of World Bank–IMF cooperation on, 82–87

    • IMF engagement with local stakeholders and experts, 93–94

    • IMF strategies for achieving, lxii–lxiii

    • IMF technical assistance for, 20–21

    • political challenges in Russia, 293

    • reform of centrally planned economies of former Soviet Union, 10–12

    • shortcomings of ESAF programs, 643–44

    • strategies for improving borrower ownership and commitment, 644–45

    Political economy of macroeconomics, lxii–lxiii

    Pomfret, Richard, 358n

    Portugal, Murilo, 602n

    Postconflict assistance, 40, 232–37

    • to Albania, 279

    • to Bosnia and Herzegovina, 275, 276

    • to Rwanda, 726

    • to Tajikistan, 403

    Posthumus, Godert A., 84n, 641, 695, 750, 751–52, 787

    Potter, Barry H., 240n Potter, Frank, 150n

    Pou, Pedro, 608n

    Pound, Edward T., 77n

    Poverty reduction

    • economic growth in 1990s and, 9

    • as element of IMF programs in Africa, 684

    • evolution of IMF policies, 633–34, 645–46

    • Millennium Development Goals, 33

    Poverty Reduction and Growth Facility (PRGF), 734

    • balance sheet, 673t

    • Bangladesh, 231

    • Bolivia, 647

    • Cape Verde, 687

    • Congo, Democratic Republic of the, 850

    • Congo, Republic of, 236

    • country-based approach, 685

    • emergency postconflict assistance and, 237

    • establishment of, 44

    • funding, 667n, 668, 669, 670–71t, 674, 748

    • Macedonia, FYR, 272

    • Moldova, 392

    • origins, 20, 646

    • resources and loans outstanding, 674

    • Sâo Tomé and Príncipe, 687

    • Tanzania, 716

    Poverty Reduction Strategy Papers, 644–45

    Powell, Robert, 649n

    Prader, Johann, 479n, 877

    Prebisch, Raúl, 1

    Press Information Notices, 161–62. See also Public Information Notices

    Preston, Lewis T., 36, 83–84, 455

    PRGF. See Poverty Reduction and Growth Facility

    PRGF-HIPC Trust, 667t, 668–69, 672t, 674, 748

    Primakov, Yevgeny, 338, 339–41, 341

    Principal-agent theory, lxii

    Prior action requirements, 195

    Private sector involvement in debt workout procedures, liii, 31

    • Brazil’s response to 1998 threat, 599

    • Ecuador’s need for, in 1998 crisis, 612–13, 614

    • evolution of IMF policies, 493

    • Korean financial crisis, 564

    • lessons of Asian financial crisis, 616–17

    • lessons of Mexican peso crisis, 493

    Privatization

    • in Argentina, 417

    • in Kazakhstan, 383

    • in Russia, 84–85, 308–11

    Prokopenko, Vassili, 380n

    Prolonged use of IMF resources, 189–93, 280

    Public-choice theory, lxii

    Public Information Notices, 105, 162

    Puentes, Hernan, 478

    Purchase/repurchase of foreign exchange or SDRs, xxii–xxiii

    Putin, Vladimir, 341

    Q

    Quirk, Peter J., 23n, 134n, 380n

    Quotas. See also General Review of Quotas

    • and access limits, xxi, 748–52

    • of countries of the former Soviet Union, 67–68, 69t

    • of Czechoslovakia’s successor states, 55–56

    • distribution, 780–84, 788–89

    • Executive Board representation and, 787

    • facilities borrowing and, xxii

    • India’s, 446–47

    • influence of G7, 99

    • largest loans as percentage of, 555

    • measures of member indebtedness to IMF, xxii

    • member deposit requirements, 742

    • membership growth in 1990s and, 50

    • for new members, 784–88

    • of new states emerging out of Yugoslavia, 71–73

    • Russia’s, 290–91, 294

    • size, 773–74, 776

    • for states of former Soviet Union, 67–68, 69t

    • Switzerland’s, 56, 57

    R

    Rabin, Yitzhak, 40

    Radelet, Steven, 526, 532n

    Rainford, Roderick, 713n

    Ramakrishnan, Uma, 195n

    Ramos, Fidel V., 429, 578

    Rao, P.V. Narasimha, 448, 452

    Rate of charge on IMF lending, 753–56

    Rational expectations theory, lvii, lx

    Ravallion, Martin, 9n

    Rawlings, Jerry John, 219

    Raymond, Robert, 123n

    Razin, Assaf, 94–95, 581n

    Reagan administration (U.S.), lx, 891

    Reagan, Ronald, 59

    Real estate bubble

    • in Japan, 170

    • in Malaysia, 581

    • in Thailand, 499–500, 501, 502

    Real exchange rate rules, 24

    Recent Economic Developments reports, 160

    Recession, U.S. (1990), 167–68

    Reed, John S., 422

    Regional development banks, IMF relationship with, 89–90

    Regional free trade agreements; see also Association of South-East Asian Nations (ASEAN); North American Free Trade Agreement (NAFTA); Southern Common Market (MERCOSUR)

    • economic outcomes, 6

    • IMF concerns, 168–69

    • trends in 1990s, 5–6

    • U.S. policies, 168

    Regional monetary funds, 621–23

    Regional Office for Asia and the Pacific, 42, 121, 859

    Regional surveillance, 16, 120–23, 594–95, 624

    Regling, Klaus, 536

    Reichmann, Thomas, 422, 423

    Reinhart, Carmen M., 24, 25n, 100, 132, 503n, 617, 619n

    Remuneration to creditors, 668, 669n, 671–72, 754t, 756–59

    Reports on Observance of Standards and Codes, 17, 43, 128

    Repše, Einars, 367

    Rerngchai Marakanond, 501, 505

    Research Department, 889, 891

    • capital market surveillance reports, 140

    • creation of, 860

    • econometric forecasting models, lvii

    • exchange rate assessment methodology, 115–16

    • outreach to academic economists, 94–95

    • on payments union proposal for countries in transition, 259

    • in post-Soviet currency transition, 355

    Reserve tranche, xxi–xxii

    Resident Representatives, 88, 244–45

    Reverse stand-by arrangements, 203

    Rhee In-Je, 557

    Rhode, Paul W., 3n

    Rhodes, William R., 422, 566

    Ricci, Luca Antonio, 696n

    Richburg, Keith B., 534n

    Rieffel, Lex, 32n, 612n, 649n

    Rights Accumulation Programs, 85, 431, 802–6, 812, 814, 822, 831

    Riksbank (Sweden), 144

    Robb, Caroline M., 645n

    Robichek, E. Walter, 203n

    Robinson, David J., 498n, 503, 581, 622

    Robinson, David O., 342n

    Rocha, Manuel, 618n

    Rodriguez Maradiaga, Oscar, 232

    Rodrik, Dani, 137n, 451n

    Rogoff, Kenneth, lv, lix, 23n, 503n, 884n

    Rojas-Suárez, Liliana, 132

    Roldös, Jorge, 460n

    Romania

    • after dissolution of Soviet Union, 264–65

    • IMF lending to, 201, 263f, 265, 591, 592

    • IMF membership, 11, 255

    • IMF technical assistance to, 265

    • misreported financial information, 852

    • repayment of IMF loans, 265

    • Soviet Union and, 11

    Roncesvalles, Orlando, 289n

    Roosevelt (F.D.) administration (U.S.), 30, 255

    Rooth, Ivar, 880

    Rose, Andrew, 497

    Rose, Brian, 886n

    Roubini, Nouriel, 95, 335

    Rubin, Barry, 593n

    Rubin, Robert E., 8n, 327, 330n, 333n, 336, 456n, 467n, 470, 473, 474, 477, 481–82, 483, 509, 512, 529, 551n, 552, 562, 563, 574n, 585n, 599, 609n

    Ruble area, 27, 344, 351, 353–61, 367, 368, 372, 379–80, 384, 385, 386, 389–90, 393, 395, 397–98, 399–400, 402, 404

    Ruding, Onno, 801, 882

    Ruíz Massieu, José Francisco, 461

    Rule K-1, 841–42

    Russia, Central Bank of, 62, 289, 296, 353, 853–54. See also Gosbank

    Russian Federation

    • assumption of Soviet debt, 352

    • banking reform, 295, 296

    • Belarus and, 379, 383

    • Black Tuesday (1994), 305

    • capital account restrictions, 320

    • challenges of post-Soviet transition, 287–88

    • in CIS, 36, 350–51

    • Compensatory and Contingency Financing Facility, 209, 331

    • currency reform, 296

    • currency stabilization fund, 238

    • current account surplus, 343–44

    • debt rescheduling, 292, 307, 317, 337

    • default crisis (1998), 334–37, 376–77, 597

    • devaluation of ruble (1998), 330, 345

    • in development of code of good practices, 127

    • diplomatic recognition, 65

    • dissolution of ruble area, 356, 357, 360

    • domestic political challenges, 290, 293, 300, 301, 302–3, 307, 314, 315, 317–18, 321–22, 326, 330, 332–33, 334, 340, 341

    • economic legacy of Soviet Union, 288

    • economic performance in 1990s, 3, 342

    • effects of Asian crisis, 588–92

    • emergency financing (1998), 206

    • end of borrowing from IMF, 341–42

    • exchange rate policy, 296, 306, 311–13, 318, 324, 325, 338, 339, 344

    • exchange restrictions, 129

    • Executive Board representation, 874, 876

    • Extended arrangement, 43, 313–17, 328, 331

    • financial crises (1997–99), liii, 8, 43, 189, 209, 287, 323–42, 386, 391

    • financing needs, 292

    • Fiscal Action Plan, 324–25

    • fiscal policy reforms, 296, 298, 305, 324

    • Gazprom, 300, 321

    • GKO market, 320, 323, 325, 326, 328, 331, 332, 334, 335, 336

    • gold reserves, 288, 288n

    • governance capacity, 290

    • G7 in post-Soviet transition, 288–89, 291, 292–93, 297–98, 299, 302, 303, 304, 307, 314, 331, 337, 343

    • IMF advocacy for currency board, 27, 338

    • IMF lending during post-Soviet transition, 309f, 333–34, 601, 790–91

    • IMF membership, liv, 288, 294

    • IMF preparations for post-Soviet transition, 65, 295–96, 343

    • IMF quota, 67, 290–91, 294, 784, 874

    • initial stabilization, 289–90, 343

    • international organizations involved in post-Soviet transition, 295, 331–32

    • international support in absence of reform, 343–44

    • issues of flexibility and constancy in IMF policy during transition, 344

    • Kyrgyz Republic and, 400

    • lessons from transition in 1990s, 342–45

    • miscommunication of IMF response to default threat, 336

    • misreporting of financial data in, 318, 853–54

    • as nuclear power, 258, 287, 345

    • oligarchs, 84–85, 309–10

    • per capita output change during transition, 350t

    • political significance of IMF lending to Yeltsin administration, 344

    • potential cost of failure of post-Soviet transition, 257–58, 345

    • price controls, 289, 296

    • privatization programs, 84–85, 308–11

    • reformers’ understanding of market economics, 294

    • repayment of IMF loans, 342

    • revenue floor agreement, 322

    • ruble stabilization program, 292

    • Russian legislature in post-Soviet transition, 293

    • stand-by arrangements, 297–300, 305–08

    • Systemic Transformation Facility, 202, 301–5

    • Supplemental Reserve Facility, 209

    • Tajikistan and, 402, 403

    • tax policies and collections, 295, 306–7, 314, 316–17, 319–20, 321, 326, 329, 330, 334

    • technical assistance to, 241, 259, 294–96, 317n

    • treasury bill market, 320, 323, 325, 326–27, 328, 330–31, 332, 334, 335

    • Ukraine and, 370

    • U.S.-Yeltsin telephone diplomacy, 330

    • Yeltsin’s commitment to reform, 303–4

    Russo, Massimo, 64, 279n, 438n, 890

    Rustomjee, Cyrus, 716

    Rwanda

    • economic performance in 1990s, 682, 725

    • exchange rate, 725

    • Hutu-Tutsi conflict, 39, 232, 724, 725

    • IMF lending to, 220, 236, 720, 724–25, 726–27

    • IMF membership, 724

    • technical assistance to, 726

    Ryzhkov, Nikolai, 60

    S

    Saad, Ahmed Zaki, 879n

    Saal, Matthew I., 145

    SAARC Preferential Trading Arrangement, 6, 37

    Sachs, Jeffrey, lix, 62n, 95–96, 298, 311n, 363–64, 526, 558–59

    SAF. See Structural Adjustment Facility

    Safety net programs, 261, 398

    Sahay, Ratna, 12n

    Saito, Kunio, 488n, 859

    Sakakibara, Eisuke, 509n, 623, 885

    Salinas de Gortari, Raul, 461

    Salinas de Gortari, Carlos, 458, 460, 461, 464

    Samuelson, Paul, 294

    Sanctions

    • IMF, on countries in arrears, 37, 775

    • IMF approval of national security restrictions, 130–31

    Sandilands, Roger J., 58n

    Sanger, David E., 327, 526n, 538n

    Sang-Woo Nam, 540n

    San Marino, Republic of, 50

    Santaella, Julio, 460n

    Santos, Alejandro, 323n

    Santos, Corentino V., 701, 787

    Sâo Tomé and Principe, 687

    Sarel, Michael, 29n

    Saudi Arabia, xlviii

    • on environmental concerns of IMF, 156

    • Executive Board representation, 290n, 874, 876

    • loan to IMF, 789

    • objections to lending to Israel, 219

    Saunders, Ruth, 475, 478

    Savastano, Miguel, 460n

    Savisaar, Edgar, 362

    Saxena, Sweta C., 448n

    Schadler, Susan, 132n, 640, 643

    Schaechter, Andrea, lviii, 29

    Schinasi, Garry, 542n

    Schleifer, Andrei, lviii, 29

    Schmidt, Helmut, 147, 679

    Schoenberg, Stefan, 180, 310, 462, 472, 476–77, 479n, 607, 664, 713n, 751

    Schuler, Kurt, 364n

    Schwartz, Anna J., 474n

    Schweitzer, Pierre-Paul, 880

    Scott, Alison M., 645n

    SDR, 795–96

    • allocation, 765–73, 795–96

    • composition, 761, 762–63t, 795–96

    • creation of, xviii, xx, 741, 760, 795

    • declining role of, 760

    • functions of, xx-xxi, xlviii-xlix, 760, 764–65, 796

    • in IMF resources, 742

    • interest rate, 753–56

    • proposal for one-time allocation to transition countries (1994), 100

    • purchase/repurchase of, xxii–xxiii

    • reconstitution, 796

    • special allocation, 42, 770, 772–73. See also Amendments to Articles of Agreement, Fourth Amendment

    • U.S. dollar equivalents, xxiii

    • use of, 760, 766t

    • value, xxi, xxiii, 795

    • as variable-weight basket, 761–64

    SDR Department, 760–774

    • balance sheet, 760, 761t

    Seade, Jesus, 612n

    Second World War, xliii–xliv, xlvii–xlviii, lxiii, 257

    Secretary of IMF, 890–91

    Securities markets, Reports on Observance of Standards and Codes, 128

    Senegal, Article IV consultations, 700

    Sengupta, Arjun K., 767n September 11, 2001, terrorist attacks, xvii, 868

    Serbia, 273, 591n. See also Yugoslavia, Federal Republic of

    Serbia and Montenegro. See Yugoslavia, Federal Republic of

    Serra Puche, Jaime, 463–64, 466, 467–68

    Seychelles, Article IV consultations, 688

    Shaalan, A. Shakour, 122, 211, 871, 877, 879, 889

    Shadman-Valavi, Mohammad, 375, 376n

    Shadow banks, 7

    Shafer, Jeffrey R., 456–57, 464, 470

    Sharer, Robert, 716n

    Sharif, Nawaz, 648

    Shekhar, Chandra, 447

    Sheng, Andrew, 104, 127n, 173n, 623n

    Shevardnadze, Eduard, 397

    Shevtsova, Lilia, 309

    Shields, Jon, 779n

    Shokhin, Aleksander, 339

    Short, Clare, 668

    Side letters, 873–74

    Sierra Leone

    • economic performance in 1990s, 10

    • emergency postconflict assistance, 236

    • IMF lending to, 641, 813, 828f, 829

    • internal conflict, 148, 829, 894

    • payment arrears, 814, 827–29

    • Rights Accumulation Program, 806

    Sigurdsson, Jon, 649n

    Sihanouk, Norodom, 823, 824

    Silent revolution, lx–lxi

    Silent Revolution: The International Monetary Fund 1979–1989 (Boughton), xviii–xix, xxv

    Simha, S.L.N., 446n

    Singapore

    • advanced economy classification, 540n

    • IMF-Singapore Regional Training Institute, 243

    • quota, 783, 788

    Singapore, Monetary Authority of, 509, 525

    Singh, Anoop, 191, 507, 515, 542, 584n, 622

    Singh, Manmohan, 448, 449, 770

    Singh, V.P., 446, 447

    Singson, Gabriel, 576, 578

    Sirat, Michel, 479n

    Sirivedhin, Tanya, 156, 814

    Sivaraman, M.R., 621

    Skidelsky, Robert, xlvii

    Slezevicius, Adolfas, 369

    Slovakia, National Bank of, 268–69

    Slovak Republic

    • after dissolution of Soviet Union, 268–69

    • establishment of, 55

    • IMF lending to, 267f, 269, 591

    • IMF membership, 55–56

    • repayment of IMF loans, 269

    Slovenia

    • after dissolution of Soviet Union, 269–70

    • breakup of Yugoslavia, 70

    • currency and exchange rate policy, 271t

    • IMF membership, 70, 73, 746

    • IMF quota, 72–73

    • inherited arrears, 846–47

    Smee, Douglas, 458, 695

    Smith, Bruce J., 119

    Sobel, Mark, 218n, 340n

    Social welfare

    • Korean reforms after 1997 crisis, 568

    • needs of transition economies, 261

    Soedradjad Djiwandono, 518, 523, 525n, 527, 529, 531n, 532

    Sokolov, Venyamin, 339

    Solchaga, Carlos, 869

    Somalia

    • economic performance in 1990s, 10, 682

    • IMF lending to, 840f

    • IMF membership, 877

    • payment arrears, 806, 839–41, 851

    • political instability, 840–41

    Somprasong Land, PLC, 501

    Soros, George, 177, 335, 582, 604

    Soros Foundation, 258

    Sotero, Paulo, 424n

    South Africa, 688, 690–98

    • economic performance in 1990s, 9, 682

    • exchange rate policies, 24, 695, 696

    • financial sector assessment, 146

    • governance, 682–83, 695, 696

    • IMF lending to, 220, 223, 688, 691, 692, 693–94

    • IMF membership, 677, 690–91, 877

    Southard, Frank A., Jr., 882n

    South Asian Association for Regional Cooperation, 6, 37

    South Centre, 40

    South Commission, 448

    Southeast Asia and Pacific Department, 36, 41, 859

    Southern Common Market (MERCOSUR), 6, 35, 40, 41

    South Korea. See Korea, Republic of

    South Pacific Forum, 243

    Soviet Union. See also Cold War

    • consideration of IMF membership (1989–91), 58–61, 63–65

    • economic system, 256–57, 294–95

    • founding of IMF and, xlvii, xlix, 49, 57–58, 255, 290–91

    • Special Association agreement, 36, 61–65, 240, 289

    • strategies for transition to market economy, 61, 62–63

    • trade system, 256–57

    • training of economists in, 294

    Soviet Union, dissolution of. See also Russian Federation; Transition from centrally planned to market economy; specific country arising from

    • armed conflicts arising from, 232–33, 393, 396

    • attempted coup against Gorbachev, 64, 287

    • causes of, 10, 11

    • central Asian countries, 399

    • challenges for IMF, liv, 13, 66–68, 351

    • challenges for newly independent states, 256

    • Cuban economy and, 76

    • debt settlement after, 351–53

    • disposition of nuclear stockpile, 258

    • dissolution of ruble area, 353–61, 372, 380, 384–85

    • events of, xvii, 11, 34, 36, 62, 65–66

    • formation of CIS, 36, 65, 350–51

    • gradualist strategy, 256

    • growth in IMF membership after, xvii, xlix, lii–liv, 11, 50–51, 66, 68–69, 349

    • historical significance, xvii

    • IMF goals for newly independent states, 351

    • IMF lending to newly independent countries, 590–91t

    • low-income countries, 388–89

    • middle-income countries, 370

    • quotas of IMF members from, 784–85

    • response of international organizations, 13–14, 66–67, 351

    • separation of Baltic countries, 11–12, 62, 65

    • World Bank–IMF relations and, 83

    Spain

    • inflation-control policies, 29

    • quota, 786–87

    Special Association agreement with

    • Soviet Union, 36, 61–65, 67–68, 240, 289

    Special Contingent Accounts, 668–69, 753, 801, 811–12

    Special Data Dissemination Standard, 164–65

    Special Disbursement Account, 666, 673t, 756

    • IMF resources for, 742–43

    Special Drawing Rights. See SDR

    Special facilities. See Facilities for lending

    Spencer, Grant H., 380n, 787

    Spencer, Michael G., 355n

    Spillover and feedback effects, 19, 181

    Srejber, Eva, 154, 484n, 651, 655, 722

    Srinivasan, T.N., 451n

    SRF. See Supplemental Reserve Facility

    Sri Lanka, 893–94

    St. Kitts and Nevis, 232, 637

    Stability and Growth Pact of the European Union, 25, 42, 122–23

    Stackhouse, John, 150n

    Staff, IMF, 888–96

    • after dissolution of Soviet Union, liii–liv, 66–67, 857–58

    • awareness of political conditions, 857

    • changes in 1990s, 857–58, 888–92

    • compensation, 895–96

    • continuing education, 861

    • contributions of, xxv–xxvi

    • effort to increase diversity of, 89, 892

    • Fundamentals band, 896

    • immunity, 894–95

    • interaction with United Nations staff, 88

    • length of service, 886n

    • mandatory retirement, 858

    • operational guidance for Article IV consultations, 114–15

    • personality issues, 521–23

    • recruitment of African nationals, 683–84

    • resources allocated to countries in transition, 258, 259

    • safety concerns, 893–95

    • support services, 861–62

    • for technical assistance, 239, 240

    • work on Soviet Union’s transition to market economy, 59–60

    Staff Association, 893

    Staff reports, 104, 105

    Stalin, Joseph, xlix, 11, 58

    Stals, Christian L., 696

    Standard & Poor’s rating of Korean debt, 544

    Standards for economic policies

    • challenges in development of, 123–24

    • data collection and dissemination policies, 164–65

    • efforts to establish global standards, 16–17, 124–26

    • lessons from Asian financial crisis, 620

    • Madrid Declaration, 39

    • rationale, 123

    Stand-by arrangements

    • Albania, 278

    • Algeria, 689

    • approval in advance of need, 203

    • Argentina, 417, 419, 490

    • Belarus, 380–81

    • benchmarks, 194–95

    • in Brady Plan, 412

    • Brazil, 43, 421, 424, 601–2, 606

    • Bulgaria, 191

    • Cape Verde, 687

    • Costa Rica, 442, 443

    • Czechoslovakia, 266

    • Czech Republic, 266, 267f

    • definition, xxii

    • Ecuador, 615

    • evolution of IMF lending policies, 188

    • External Contingency Mechanism and, 224

    • Georgia, 399 growth of, in 1990s, 17

    • Hungary, 852

    • India, 447, 450

    • Indonesia, 42

    • inflation targeting and, 29

    • Italy, 56

    • Kazakhstan, 386

    • Kenya, 712

    • Korea, 42, 555–56

    • largest, 42, 555

    • Latvia, 367

    • Lithuania, 369

    • Malawi, 730

    • Mexican peso crisis, 470, 479, 485–86, 752

    • Mongolia, 284–85

    • Nigeria, 686

    • phasing, 447n

    • Philippines, 429

    • Poland, 438, 441

    • recovery from 1980s debt crisis, 413

    • Russia, 297–300, 305–8

    • simultaneous Systemic Transformation Facility loans, 199, 201–2

    • Slovak Republic, 267f

    • structural conditionality, 194, 195f, 196

    • Tajikistan, 403

    • Tanzania, 715

    • Thailand, 508

    • Turkey, 592, 593, 752

    • Ukraine, 374–75

    • United Kingdom, 56

    • Uzbekistan, 405

    • volume of IMF loans as, 189

    • Zambia, 752

    Stanislaw, Joseph, 1

    Statistics Department, 892

    • creation of, 861

    • technical assistance to Poland, 262–64

    • technical assistance to Russia, 317n

    Statistics, international. See also Bureau of Statistics; Statistics Department

    • data quality, 162–65

    • IMF departments, 860–61

    • IMF publications, 103, 860

    • System of National Accounts, 89

    Stent, Angela, 309

    Stepanov, M.S., 58

    Stepshin, Sergei, 341

    STF. See Systemic Transformation Facility

    Stich, Otto, 787

    Stiglitz, Joseph, lv, 96, 320n, 558–59, 617n, 884n

    Stone, Mark R., lviii, 29

    Stone, Randall, 305n, 318n

    Strauss-Kahn, Dominique, 870

    Structural Adjustment Facility (SAF)

    • Bolivia, 647

    • concerns about effectiveness of, 633–34

    • conditionality, 19, 635

    • effectiveness, 637

    • establishment of, 19, 632–33

    • Ethiopia, 721

    • funding for, 635, 663, 743

    • growth of, 646–47

    • Haiti, 844

    • limitations, 637

    • loans to African countries, 680

    • resources and loans outstanding, 674

    • Rwanda, 725

    • Säo Tomé and Príncipe, 687

    • Sierra Leone, 641, 829

    • structural policy conditions, 194

    • successor ESAF and, 641

    • Tanzania, 715

    • termination of, 41

    • top borrowers, 648t

    • Uganda, 717

    • World Bank–IMF relations and, 83

    • Zambia, 641, 647

    Structural adjustment loans, 82, 83. See also Structural Adjustment Facility

    Structural policies

    • Algerian reforms, 689

    • conditions on loans to African countries, 681

    • in countries of the former Soviet Union, lvii, 14

    • in efforts to resolve Indonesia’s financial crisis, 523–24, 529–30, 536

    • evolution of IMF policies in 1990s, lv, 14, 18, 193–96, 632–33

    • IMF insistence on liberalization of Ethiopian economy, 722–23

    • Korea’s, IMF recommendations for reform of, 540–41, 552

    • lessons from Asian financial crisis, 620

    • needs of postcolonial African economies, xliv

    • needs of transition economies, 196

    • ownership of reforms, 197

    • reform conditions for Malawi’s loan, 729–30

    • scope of Article IV consultations, 115

    • surveillance, 141–49

    Stuart, Brian C., 862

    Sturzenegger, Federico, 378n, 615n, 648n

    Subramanian, Arvind, 451n

    Sub-Saharan Africa. See also specific country

    • economic performance in 1990s, 3, 9, 733

    • ESAF loans in, 647

    • Executive Board representation, 874

    • liberalization of financial markets in 1990s and, 7

    Sudan

    • economic performance in 1990s, 10, 682

    • IMF lending to, 837f

    • IMF membership, 677

    • payment arrears, 806, 835–39, 851, 877

    • U.S. sanctions on, 131

    Suez crisis, lii, liii, 188, 678, 880

    Sugisaki, Shigemitsu, 123n, 509, 510, 553, 578, 887

    Suharto regime (Indonesia), 327, 515, 516, 518, 519–20, 521, 524, 527–29, 530–31,535–38, 537, 582, 620, 887

    Sukarno, 515n

    Sullivan, Paige, 351n

    Summers, Lawrence, 604, 623

    • in Indonesia’s financial crisis, 508, 524, 527, 529

    • in Korea’s financial crisis, 563

    • in Mexico’s peso crisis, 464, 467, 470, 473, 475, 478, 483, 484

    • in Russia’s transition, 302, 327, 336

    Summing Up, Chairman’s, 891

    • language of, xxv

    • publication of summaries, 161

    Supplemental consultations, 111–12

    Supplemental Reserve Facility (SRF), 42

    • Brazil, 209, 602, 606

    • Contingent Credit Line and, 211

    • creation of, 198

    • distinctive features, 207, 208 extension, 213n

    • Korea, 207–9, 560

    • need for, 206–7 origins, 207

    • purpose, 189, 198, 207

    • Russia’s request for, 327–28

    • safeguards, 208

    • termination, 209

    • use of, 207–9

    • volume of IMF lending under, 189

    Supplementary Financing Facility, 56, 790

    Supply-side economics, lix–lx

    Surveillance. See also Article IV consultations

    • after Asian financial crisis (1997), 126, 146, 181–82

    • after Mexican peso crisis (1994–95), 16, 111, 112, 113–14, 115, 145, 163, 181, 493–94

    • analysis of balance sheet

    vulnerabilities, 617–18

    • before Article IV, 109

    • Article IV provisions, 109, 110

    • assessment of countries’ fundamental policies, 124

    • bicyclic procedure, 117–18, 143

    • biennial reviews, 115, 133, 160, 181

    • bilateral, 110, 126n, 180

    • of capital flows, 30, 115, 131, 132, 133

    • capital market reports, 139–41

    • challenge of, 15

    • codes of good practices, 126–28

    • conceptual origins, lix

    • consultation procedures, 111–14

    • Crow report, 106, 182

    • data quality concerns, 162–65, 851–52

    • definition, 15

    • effectiveness at preventing crises, 109

    • efforts to establish policy standards for, 16–17, 123–26

    • efforts to increase Article VIII acceptance, 128–29

    • enhanced procedures, 219

    • of environmental policies and practices, 155

    • of European Economic and Monetary Union, 123

    • evolution in 1990s, 16–17, 109, 180–82

    • evolution of economic theory and, lix, lx

    • external evaluation of IMF procedures and performance, 106, 112–13

    • financial sector, 141–47, 181

    • goals of Second Amendment to Articles of Agreement, xxi

    • of governance and corruption, 149–54

    • inadequacies of, in predicting Asian crises, 617–18

    • multilateral, 110, 110n

    • need for standards, 123

    • over major economies, 110, 165–66

    • rationale, 15

    • regional application, 16, 120–23, 594–95

    • reviews of principles and procedures in 1990s, 111

    • role of Monetary and Exchange Affairs Department, 860

    • rollover of Korean debt in 1997 crisis, 564–65

    • scope of coverage, 109, 114–16, 128, 141, 182

    • of structural policies, 141

    • supplemental consultations, 111–12

    • transparency, 160–62

    • Whittome report recommendations, 112–14, 181

    • World Bank–IMF relations and, 83

    Surveillance Committee, 111

    Sustainable growth, 86, 91, 123, 125, 126, 632

    Sutela, Pekka, 359

    Sutt, Andrea, 363n, 364n

    Swaziland, 25, 688

    Sweden

    • banking crisis (1990s), 142–45

    • currency devaluation (1982), 111

    • European Union membership, 40, 142–43

    • inflation-control policies, 28, 29

    Swiss National Bank, 789

    Switzerland

    • Executive Board representation, 874, 876

    • IMF membership, liv, 56–57, 68–70, 746

    • quota, 785–88, 874

    • support of IMF programs as nonmember, 56

    Systemic Transformation Facility (STF)

    • access limits, 199, 200–201, 751

    • Armenia, 395–96

    • associated arrangements, 199, 200t, 201–2

    • Azerbaijan, 397

    • Belarus, 381, 382

    • Cambodia, 586

    • conditionality, 199

    • contingent credit lines, 43

    • Croatia, 273

    • distinctive features, 199

    • establishment of, 37, 198–99

    • expiration, 41, 201

    • extension, 199–201, 873

    • Georgia, 398

    • as instrument to leverage reforms, 381n

    • Kazakhstan, 385–86

    • Kyrgyz Republic, 400

    • Latvia, 367

    • Macedonia, FYR, 272

    • Moldova, 391

    • purpose, 189, 198

    • repayment terms, 199

    • Romania, 265

    • Russia, 301–3, 304–5

    • Sierra Leone, 829

    • Slovak Republic, 269

    • Ukraine, 373

    • use of, by country, 200f, 201–2

    • Uzbekistan, 405 Vietnam, 827

    • volume of IMF loans under, 189

    System of National Accounts, 89

    T

    Taiwan Province of China

    • advanced economy classification, 540n

    • regional economic associations, 36

    Tajikistan

    • after dissolution of Soviet Union, 349, 402–4

    • civil unrest, 402, 403

    • in CIS, 351n

    • emergency postconflict assistance, 237

    • IMF lending to, 401f, 403–4

    • IMF membership, 68, 402

    • misreported financial information, 852, 853n

    • monetary policy, 357, 402–3

    • per capita output, 349

    • Tajikistan, National Bank of, 402

    Talbott, Strobe, 300n, 302n, 303, 330, 335n, 337n, 341

    Taner, Güne§, 592

    Tanzania. See also East African Community

    • East African Community membership, 44

    • economic performance in 1990s, 9, 12, 682

    • economic reforms of 1990s, 12

    • IMF lending to, 711f, 715

    • liberalization process, lx

    • political leadership, 715–16

    • relations with IMF, 715

    • structural reforms, 716

    Tanzi, Vito, 151, 611n, 888

    Tax policy

    • in Argentina, 417, 489–90, 606

    • environmental suggestions in U.S. Article IV consultation, 157

    • in Estonia, 365

    • in Indonesia, 517

    • in Korea, 568

    • in Mexico, 483

    • in Russia, 295, 306–7, 314, 316–17, 319–20, 321, 326, 329, 330, 332–33, 334

    • and supply-side economic theory, lix–lx

    Taylor, Charles, 829, 833–34

    Taylor, Gregory, 215

    Taylor, Jack, 535n

    Taylor, John B., 29

    Taylor rule, 29

    Technical assistance, 239–44

    • to African countries, 683

    • to Bulgaria, 436

    • consideration of local conditions in, 240

    • to countries in transition to market economy, 240, 258–59, 260t, 262–64, 265, 268–69, 270–71, 273, 276, 281, 282–83

    • evolution of IMF programs, 20–21, 239

    • financed by UNDP, 88

    • financial sector, 141

    • to improve governance, 149

    • to Indonesia, 517–18

    • inquiries from Cuba about, 77

    • integrated framework approach, 91

    • to Lithuania, 369–70

    • to Mozambique, 732

    • to Russia, 241, 259, 294–96, 317n

    • to Rwanda, 726

    • scale of, 20

    • scope of activities, 20

    • target areas, 20–21

    • training programs for country officials, 243–45, 861

    • transparency reports, 128

    • to Turkmenistan, 387n, 388

    • Year 2000 issues, 215

    Technology and General Services Department, 44, 861–62

    Technology bubble, 8, 167, 169

    Teja, Ranjit, 278, 498n

    Tellez, Luis, 470, 471, 481

    Temporary Alternates, xx

    Tendulkar, Suresh D., 451n

    Ter-Minassian, Teresa, 60, 295, 599n, 602, 604, 605n, 609, 610, 892

    Ter-Petrossian, Levon, 393

    Thailand

    • Article IV consultations, 498, 499–500, 505

    • currency in IMF operational budget, 742n

    • exchange rate, 499, 500, 501, 503–6

    • finance companies, 502–3, 507

    • financial crisis. See Thailand’s financial crisis (1997)

    • IMF lending to, 498

    • IMF membership, 498

    • infrastructure spending, 498

    • Mexican peso crisis and, 488, 499

    • post–Second World War development, 498

    Thailand, Bank of, 504, 506

    Thailand’s financial crisis (1997)

    • depletion of foreign exchange reserves preceding, 504, 505, 506, 508

    • Eleventh Review of quotas and, 778

    • events and policies leading to, 8, 19, 31, 146, 498–506

    • exchange rate, 510–11, 512f, 515

    • finance companies in creation of, 502–3, 507

    • financial restructuring in response to, 507

    • fiscal policies to resolve, 513, 514

    • government’s request for IMF aid, 506–7

    • IMF lending in response to, 206, 507, 508, 511–12, 514, 515f, 600

    • international assistance, 506, 508–10, 623

    • political environment, 19, 511–12, 620

    • recognition of seriousness of, 497, 502

    • regional assistance, 101, 623

    • regional contagion, 513, 518

    • repayment of IMF loans, 514–15

    • resistance to loan conditionality in, 19, 197

    • resolution of, 514–15

    • start of, 42, 506

    • strategic options for resolving, 510–11

    Thanong Bidaya, 505, 506, 512–13

    Tharman Shanmugaratnam, 621

    Thatcher, Margaret, 265–66

    Thomas, Alun, 195n

    Thomsen, Poul, 271

    Thornhill, John, 334n

    Thornton, John, 612, 614

    Thyegesen, Niels, 182

    Tietmeyer, Hans, 91, 480, 769, 770

    Timor-Leste, 25–26, 241, 538

    Tito, Josip Broz, 70

    Togo, 708

    Tolstoy, Leo, 187

    Toniolo, Gianni, 3n

    Toquebout, Christelle, 6

    Toronto terms, 33, 36, 649

    Torres, Angel, 788n

    Tosovsky, Josef, 268n

    Touré, Mamoudou, 683, 692n, 889n, 890

    Towers, Graham, 881

    Trade policies

    • after First World War, xlv–xlvi

    • after Second World War, xlviii

    • founding goals of IMF, xliv, xlv–xlvi

    • globalization outcomes, 6

    • goals for global economic policy standards, 124, 125

    • IMF responses to globalization, li–lii

    • liberalization in 1990s, 5

    Tranches, defined, xxi–xxii

    Transition from centrally planned to market economy. See also Dissolution of Soviet Union; Systemic Transformation Facility; specific country

    • big bang approach, 34, 237–38, 262

    • Camdessus’s priority areas, 261

    • challenges for IMF, 198, 257

    • challenges for newly independent states, 349, 350

    • currency convertibility reforms in, 259

    • determinants of recovery outcomes, 262n

    • economic challenges for countries in, liv, 198, 240, 260–61

    • emergency postconflict assistance during, 236–37

    • experiences of central Asian nations, 399–405

    • experiences of existing IMF members, 262–65

    • experiences of low-income countries, 388–99

    • experiences of middle-income countries, 370–88

    • experiences of new IMF members, 265–85

    • governance needs for, liv

    • gradualist strategy of Soviet Union, 256

    • IMF goals for countries of the former Soviet Union, 351

    • IMF lending associated with, 189, 263f, 265

    • IMF resources dedicated to, 258, 262–64

    • IMF tools for managing, 258

    • initial stabilization, 256, 258, 261, 289–90

    • institutional development for, 261–62

    • international organizations providing assistance for, 258–59, 351

    • loan access limits, 751

    • need for popular consensus, 261

    • need for special facility for, 198

    • need for structural conditionality in loans for, 196

    • per capita output change, 349, 350t

    • potential cost of failure, 257–58

    • preservation of regional trade in, 350

    • proposal for eastern payments union, 259

    • purpose of Systemic Transformation Facility, 198

    • range of economic outcomes, 349

    • recovery outcomes, 12

    • risk of backlash, 258

    • social welfare protections in, 261

    • technical assistance for, 240, 258–59, 260t, 262–64, 265, 268–69, 270–71, 273, 276, 281, 282–83

    • training programs for country officials in, 243

    Transparency

    • access to IMF archives, 105

    • advocates for, 104

    • arguments in favor of, 103–4

    • Article IV consultations, 41

    • codes of good practices, 126–27

    • commitment to openness in international transactions, 129

    • confidential review of surveillance procedure evaluation and, 112–13

    • in program development for low-income borrowers, 644–45

    • evolution of IMF operations, 102–3, 160–62

    • G22 on, 104

    • IMF efforts to improve in 1990s, 13, 43, 93, 103–6

    • military spending data, 148

    • need for confidentiality and, 103

    • publication of Article IV consultation reports, 104, 160–62

    • quality of economic data, 164

    • Reports on Observance of Standards and Codes, 128

    • side letters and Letters of Intent, 873–74

    • in transition to market economy, 261

    Transparency reports, 128

    Treaty of Asuncion, 35

    Treaty of Versailles, xliii, xlv, xlvi

    Trichet, Jean-Claude, 419–20

    Treichel, Volker, 280n, 716n

    Treisman, Daniel, 309, 330

    Tripartite Agreement (1936), xlvi

    Tripartite documents, 84

    Truman, Edwin M., 475, 507–08

    Truman, Harry S., 867

    Trust Fund

    • establishment of, 17–18, 632, 635, 679, 897

    • financing, 746

    • funding for Structural Adjustment Facility from, 635, 663

    Tseng, Wanda 547n, 548n, 551n, 558, 568n

    Tunisia

    • economic performance in 1990s, 682

    • IMF lending to, 229n, 688

    • Reports on Observance of Standards and Codes, 128

    Turkey

    • earthquake, 232, 593

    • financial crisis (1990s), liii, 592–93

    • IMF lending to, 232, 592, 593, 594f, 752

    • IMF membership, 592

    • Mexican peso crisis and, 488–89

    • regional conflicts, 393

    Turkmenistan

    • after dissolution of Soviet Union, 386–88 in CIS, 351n

    • exchange rate in transition period, 388

    • IMF membership, 68

    • monetary policy, 386–87

    • natural resources, 387

    • quota, 785

    Turtelboom, Bart, 123n

    Twain, Mark, 3

    Twin deficits, lvii

    U

    Uganda. See also East African Community East African Community membership, 44

    • economic performance in 1990s, 9, 682, 717–18

    • eligibility for HIPC Initiative, 718–20

    • IMF lending to, 711f, 717, 720

    • per capita income, 717

    • Report on Observance of Standards and Codes, 128

    Ukraine

    • in CIS, 36, 65, 350–51

    • economic reforms (1994–97), 373–75

    • economic status at independence, 370, 371–72

    • exchange rate in transition period, 376, 377–78

    • Executive Board representation, 876

    • fall of Soviet Union, 12

    • financial crisis (1998), 375–79, 589

    • grain exports, 374

    • IMF lending to, 370, 373, 374–76, 377–79

    • IMF membership, 66

    • IMF policies in transition, 371–72

    • independence, 371

    • misreported financial information, 852, 853n, 854–55

    • monetary policy, 354–55, 357, 371, 372, 374–75

    • as nuclear power, 370, 377

    • parliament’s resistance to reform, 376

    • quota, 784–85

    • regional relations, 370

    • Report on Observance of Standards and Codes, 128

    • technical assistance to, 241, 259

    • U.S. relationship, 370–71

    Ukraine, National Bank of, 372, 374–75, 376, 378

    Ulatov, Sergei, 323n, 332n

    Uniform adjustable norm, 758–59. See also Remuneration to creditors

    United Arab Emirates

    • Executive Board representation, 877

    • IMF-AMF Regional Training Program, 243–44

    United Arab Republic, 71n

    United Kingdom

    • Article IV consultations, 177, 178

    • contribution to HIPC Initiative, 668

    • exchange rate mechanism crisis (1992), 176–78

    • exchange rate policies, 37

    • in founding of IMF, xlvii

    • inflation-control policies, 29

    • medium-term financial strategy, 176–77

    • quota, 781, 782–83

    • Reports on Observance of Standards and Codes, 128

    • on Soviet Union’s membership in IMF, 64

    • stand-by arrangement (1970s), 56

    • Suez crisis, lii

    • trade policies after First World War, xlv–xlvi

    United Nations. See also International Labor Organization

    • accountability of international organizations, 81

    • Administrative Council on Coordination, 88

    • Conference on Environment and Development (Rio de Janeiro, 1992), 88

    • East Timor mission, 241

    • Economic and Social Council, 14, 81, 88

    • Economic Commission on Latin America, 1

    • Fourth World Conference on Women (Beijing, 1995), 89

    • IMF and, 87, 88

    • International Conference on Population and Development (Cairo, 1994), 88

    • membership, 50, 72, 365

    • Millennium Development Goals, 33

    • in Russia’s transition, 295, 296

    • sanctions by, 130–31, 269, 271, 877

    • Statistical Office, 296

    • UNDP, 87, 88, 152, 243

    • UNICEF, 87

    • World Summit for Social Development (Copenhagen, 2005), 88–89, 651

    United States. See also Bush administrations;

    • Clinton administration

    • advocacy for consideration of environmental outcomes of IMF policies, 155

    • advocacy for transparency in IMF operations, 104

    • Article IV consultations, 166–69

    • Cuba and, 76

    • early attempts at international economic cooperation, xliii–xliv

    • economic performance after Second World War, xlviii

    • efforts to resolve Indonesian crisis, 524, 535

    • in election of Managing Directors, 880–81, 882

    • environmental suggestions in Article IV consultation with, 157

    • financial sector deregulation in 1990s, 30, 44

    • in founding of IMF, xlv–xlvi, xlvii–xlviii, lv

    • IMF criticism of twin deficits, lvii

    • IMF funding from, 106

    • IMF membership applications opposed by, 50, 54, 75, 77

    • IMF outreach to Congress of, 106

    • India and, 449

    • in Korean debt restructuring, 562–63

    • lending to Bosnia and Herzegovina, 275

    • Mexico’s peso crisis and, 464, 466, 467, 468n, 473–77, 479, 481, 484, 485n, 486n

    • monetarist policies of Federal Reserve, lviii

    • national saving rate, 167

    • North Korea and, 74, 75

    • opposition to lending to Croatia, 273–74

    • opposition to lending to Panama, 443

    • overvaluation of currency, 116

    • perceived influence over IMF management and policy, 880–81, 882

    • policy on IMF quotas, 775–76, 777–79

    • proposal for suspension of membership rights for countries in arrears, 807–8

    • ratification of New Arrangements to Borrow, 793–94

    • recession (1990), 167–68

    • regional free trade agreements, 6, 34, 38

    • rejection of gold standard, li reported statements of, in Chairman’s Summing Up, xxv

    • response to Thailand’s financial crisis, 507–9

    • in Russia’s post-Soviet transition, 297–98, 302, 320, 327–28, 329, 330, 332n, 336

    • sanctions on Sudan, 131

    • Savings and Loan crisis (1980s), 503n

    • on settlement of Soviet debt, 352

    • on Soviet Union’s membership in IMF, 58–59, 61–62, 64

    • swap line assistance to Mexico, 459, 465, 468n

    • technology bubble, 167, 169

    • trade policies, 168

    • in Ukraine’s transition, 370–71

    • veto power in IMF, 778

    • Vietnam War, li views on Japan’s economic policies, 170, 171–72

    • and Washington Consensus, lxi–lxii, 5

    United States Federal Reserve System, 8, 59, 575n

    • on dollarization proposal in Argentina, 608, 609n

    • and Mexican peso crisis, 459, 466, 467n, 475, 481

    • in response to financial crisis in Korea, 562

    • in response to financial crisis in Thailand, 507

    • in U.S. Article IV consultations, 167, 168

    Upper credit tranches, xxii

    Upper-tranche arrangements, xxii

    Uruguay

    • recovery from 1980s debt crisis, 433

    • regional trade agreements, 6, 35

    Uruguay Round

    • conclusion, 39

    • goals for global economic policy standards, 124, 125

    • success of, 5

    • trade reforms, 40

    USSR. See Soviet Union

    Utsumi, Makoto, 411, 781

    Uzbekistan

    • after dissolution of Soviet Union, 404–5 in CIS, 351n

    • exchange rate in transition period, 404

    • IMF lending to, 201, 401f, 404–5

    • IMF membership, 404

    • monetary policy, 404

    V

    Vähi, Tiit, 362–63

    Valdés, Rodrigo O., 8n

    Valdez Albizu, Héctor, 878

    Valdivieso, Luis M., 241

    van Beek, Frits, 121n

    van Campenhout, André, 877n, 879n

    van Dormael, Armand, 58n

    van Houten, Jan, 493

    Van Houtven, Leo, xxv, 54, 889n, 891

    van Wijnbergen, Sweder, 460

    Vasselin, Pascal, 341n

    Vatican, 94

    Vavilov, Andrei, 302

    Vávra, David, 29n

    Veale, Jennifer, 544

    Végh, Carlos, 24

    Venezuela

    • banking crisis (1994), 430

    • IMF lending to, 227, 430

    • oil economy, 430

    • recovery from 1980s debt crisis, 413, 430

    • regional trade agreements, 6

    Verdeja, Luis, 6

    Vetrovsky, Jiri, 54–55

    Videnov, Zhan, 282

    Videoconferencing, 555

    Vieira de Mello, Sergio, 235n

    Vietnam

    • economic reforms of 1990s, 12

    • financial crisis (1997), 586, 588

    • IMF lending to, 201, 202, 587f, 588, 826f, 827

    • payment arrears, 806, 814, 825–27

    • regional economic associations, 40

    Vietnam War, li

    Vishnevskaya, Maria, 309

    Vittas, Harilaos, 785

    Volcker, Paul, lviii, 529

    Voluntary Contribution Account, 442

    Vulture funds, 411

    W

    Wade, Robert Hunter, 722

    Wagner, Thomas, 512n

    Walesa, Lech, 439

    Wang, Jian-Ye, 398n

    Warsaw Pact, 10, 11

    Washington Consensus, 131

    • as basis for global economic policy standards, 17, 125

    • meaning, lxi–lxii, 5

    Waterman, Ewen, 200, 204, 695, 869

    Watson, C. Maxwell, 140n

    Webb, Richard, 699n

    Website, IMF, 105, 106n

    Weisberg, Jacob, 8n, 330n, 333n, 456n, 470, 473, 474n, 482n, 483, 529, 551n, 552, 563, 574n

    Werner, Alejandro, 459,463n

    Werner, Martin, 481

    West African Economic and Monetary Union, 5–6, 38, 41, 120, 703

    Western Hemisphere Department, 167, 889–90

    White, Harry Dexter, xlv–xlvi, xlvii–xlviii, xlix, li, lv, 49, 57–58, 193

    Whitelaw, R.J., 110n

    Whittome, L. Alan, 54n, 59, 62n, 112, 181, 295n, 493–94, 888–89

    Whittome report, 106, 112–14, 181, 493–94, 889

    Wicks, Nigel, 351

    Widjojo Nitisastro, 519, 520, 527

    Wijnholds, J. Onno de Beaufort, 180, 211, 274, 479n, 765n

    Williams, David, 556, 792

    Williams, Ewart, 459n

    Williams, Richard C., 140

    Williamson, John, lxi, 131, 617n

    Wilson, Michael, 869

    Wilson, Woodrow, xliii, xlv

    Witteveen, H. Johannes, 680, 880

    Wolf, Thomas, 59n, 60, 150n, 360n, 384n

    Wolfensohn, James D., 40, 86–87, 153, 331, 556, 585n, 595, 644, 652–53

    Won-Am Park, 540n

    Woods, Ngaire, 320n, 898n

    Working Group on Safety of Staff and Fund Missions, 894–95

    World Bank

    • assistance to Argentina, 420

    • assistance to CIS, 589

    • assistance to Korea, 553, 556

    • assistance to Mexico in peso crisis, 473, 480, 485n

    • assistance to Thailand, 509

    • assistance to countries in transition, 259, 351

    • borrower ownership and commitment issues in programs of, 643–44

    • CFA franc zone policies, 699

    • in clearance of IMF payment arrears, 851

    • coordination of international assistance to African countries, 684

    • Debt Reduction Facility, 432–33, 444

    • evolution of debt-relief policies, 652–53

    • evolution of IMF relationship with, l, 82–87

    • Financial Sector Assessment Program, 43, 146

    • founding goals, xliv, 82

    • founding of Joint Vienna Institute, 90

    • in future of IMF mission, lxiii HIPC Initiative, 10, 20, 93–94

    • IMF lending to low-income countries coordinated with, l–li

    • lending, 82, 433n

    • lending to Bulgaria, 437

    • loan eligibility linked to IMF-supported programs, 637

    • in Manila Framework Group, 624

    • payment arrears program, 85

    • in post–Second World War Europe, xlviii

    • on promoting good governance, 152

    • proposal for council to oversee activities of, 81–82

    • response to dissolution of Soviet Union, 13–14

    • response to Indonesia’s 1997 crisis, 524

    • in Russia’s transition, 295, 296, 302, 331, 332

    • Soviet Union and, 59–60, 61–62, 65

    • Stiglitz’s criticism of IMF, 96

    • technical assistance to East Timor, 241

    World Bank Group, 82, 102. See International Bank for Reconstruction and Development (IBRD);

    • International Development Association (IDA)

    • G20 and, 102

    • Wolfensohn presidency, 40

    World Conference on Women (Beijing, 1995), 89

    World Development Report, 147

    World Economic and Market Developments, 111, 122

    World Economic Forum (1994), 474

    World Economic Outlook, lix, lxii, 103, 110, 122, 139, 140, 891

    World Summit for Social Development, 651

    World Trade Organization

    • 1996 meeting (Singapore), 90

    • 1999 meeting (Seattle), 6, 90–91

    • antiglobalization protests against, 90–91

    • establishment of, 5, 40, 90

    • IMF collaborations, 87, 90–91

    • IMF cooperation agreement, 41

    • membership, 539–40

    • policies toward regional trade agreements, 6

    • purpose, 5

    • Russia’s membership, 320

    Wyplosz, Charles, 497

    Y

    Y2K Facility. See Year 2000 Facility

    Yamazaki, Koji, 781

    Yanagita, Tatsuo, 545n, 559n

    Yavlinsky, Grigory, 62–63

    Year 2000 Facility, 198, 214–16

    Yeltsin, Boris, 37, 62, 65, 357n

    • challenges of Russia’s post-Soviet transition, 287

    • commitment to reform, 303–4, 305, 307–8, 315, 316–17, 321–22, 328–29

    • default crisis (1998), 336, 337

    • financial crisis response, 327

    • health problems, 318

    • loan negotiations with IMF, 297, 298, 314–15

    • political challenges in reform process, 300, 301, 302–3, 307, 314, 317–18, 334, 341

    • presidential decrees, 332–33

    • on reform in Russia, 287, 288, 313

    • in setting of Russia’s IMF quota, 291

    Yemen, People’s Democratic Republic of, 51

    Yemen, Republic of, 51, 229n

    Yemen Arab Republic, 51

    Yergin, Daniel, 1

    Yoo, Yungho, 543n

    Yoshimura, Yukio, 329

    Young, Alwyn, 540n

    Young Sam Kim, 546, 552, 554, 557

    Yugoslavia, Federal Republic of (Serbia and Montenegro)

    • after dissolution of Soviet Union, 269–70

    • conditional lending in 1990s, 18

    • currency and exchange rate policy, 269, 271t

    • establishment of, 70–71

    • IMF membership, 74

    • IMF quota, 72–73

    • inherited arrears, 846, 847

    • Kosovo conflict, 340

    • obstacles to IMF membership, 50

    • sanctions on, during conflict in Bosnia and Herzegovina, 130, 271

    Yugoslavia, Socialist Federal Republic of, 846

    • debt crisis (1980s), liii

    • disseveration, 51, 70–74, 269, 432

    • economic system, 269

    • IMF membership, 11

    • relations with Soviet Union, 11

    • unfulfilled obligations to IMF, 72n

    Yuschchenko, Victor, 377

    Z

    Zadornov, Mikhail, 341

    Zaïre. See Congo, Democratic Republic of the

    Zambia

    • economic challenges, 688

    • IMF lending to, 641, 647, 752, 813, 832

    • payment arrears, 85, 806, 814, 829–32

    Zapatista National Liberation Army, 463

    Zavoico, Basil, 363n, 364n

    Zedillo Ponce de León, Ernesto, 460, 461, 464, 467–68, 471, 485

    Zelmer, Mark, lviii, 29

    Zéroual, Liamine, 689

    Zeti Akhtar Aziz, 583

    Zettelmeyer, Jeromin, 378n, 405n, 615n, 648n

    Zhelev, Zhelyu, 282

    Zhivkov, Todor Khristov, 435

    Zhixiang Zhang, 211–12

    Zimbabwe, 682

    Zulu, Justin, 75, 129n, 890

    Zyuganov, Gennady, 314

    The Cherokee are a nation of Native Americans, with a distinct language. During the Second World War (when Keynes made his reference), the U.S. Army employed Cherokee and other Native Americans as “code talkers” to convey secret information.

    A complete list of abbreviations used in this book follows this Preface.

    The one exception in this period was Oleh Havrylyshyn, who served as Alternate to the Executive Director from the Netherlands from 1993 to 1996. A native of Ukraine (when it was part of the Soviet Union), Havrylyshyn at that time was a citizen of Canada.

    Readers seeking a more detailed introduction to the structure and governance of the Fund may wish to begin by reading Chapter 17. Appendix II of that chapter presents a complete list of constituencies and Executive Directors for the 1990s. For a more detailed guide to the operations of the Fund, see IMF, Treasurer’s Office (2001).

    Note that a statement that the Fund lends a country a given amount of SDRs should be interpreted to imply an amount in currencies and/or SDRs equivalent to the given SDR value.

    “Tranche” is also used at the Fund to describe a disbursement under an arrangement, as in the hypothetical example described in the opening paragraph of this section.

    When a financial institution lends under special conditions, the conventional jargon refers to the process as a lending “window.” At the Fund, such windows are usually called “facilities.”

    The IMF also makes conventional loans, most notably through the concessional facilities discussed in Chapter 13.

    When a member country draws on its reserve tranche, which represents international reserve assets that the member has deposited with the Fund (and in effect still owns), the drawing is not a credit, and the member has no obligation to repay it.

    With few exceptions, the exchange rate between dollars and SDRs is the monthly average rate at the time of the reported transaction or commitment. For example, the dollar value of a stand-by arrangement is converted from the SDR value at the exchange rate prevailing at the time of the commitment, not at the exchange rate that prevailed afterward during the life of the arrangement. In the 1990s, the monthly average dollar value of the SDR ranged from a low of $1.30 in April 1990 to a high of $1.58 in April 1995. Its average value was $1.40.

    For specific and current information on access to the archives, see http://www.imf.org/external/np/arc/eng/archive.htm or search for “archives” on http://www.imf.org. Footnotes in this book cite Executive Board documents using standard IMF notation: TT/yy/nn, where TT is the type of document, yy is the year of issue, and nn is the number within that year’s series of such documents. For a list of document types cited in this History, see section C of the Abbreviations. Citations to internal memorandums and other unnumbered documents include the location of the document in the archives.

    In quoting from the portions of the minutes that are in indirect speech, I generally have taken the liberty of restoring the presumed original form by replacing a past with a present tense.

    The Fund’s charter specifies that “the staff of the Fund, in the discharge of their functions, shall owe their duty entirely to the Fund and to no other authority” (Article XII, Section 4(c)). On appointment, each staff member must “solemnly affirm … that I will accept no instruction in regard to the performance of my duties from any government or authority external to the Fund” (Rule N-14). To an extraordinary degree, Fund staff have demonstrated an ability to operate as international civil servants.

    The positions listed for individuals identified with specific countries are not comprehensive. Where two or three position titles are listed, the first ones generally refer to key positions held during the period covered in this book. The last usually indicates the individual’s position at the time of the interview. (In a number of cases, these individuals subsequently held higher positions.)

    Former staff who held senior government positions in the 1990s are listed under their home country, as are Executive Directors and their staff. Other former staff and retirees are included in this first list.

    In this book, the abbreviation SBA is used only in tables and figures, not in the text.

    For a complete list of departments and offices, see Appendix I to Chapter 17. The absence of an ending date indicates that the terminology was still in effect at the end of 2010.

    EBS documents typically relate to the use of Fund financial resources by member countries.

    SMs typically relate to Article IV consultations and other surveillance reports.

    MEFP and MEP were used interchangeably, with no substantive distinction.

    When PINs were introduced in 1997, they were called Press Information Notices. The terminology changed in July 1998.

    Also see Chapter 14, footnote 43.

    In 2009, the FSF was reconstituted to become the Financial Stability Board.

    This listing does not include abbreviations for national entities such as central banks.

    For all its weaknesses, the League of Nations did undertake certain economic tasks, including lending for financial stabilization. It also demonstrated the potential benefits of multilateral economic cooperation, at least to those who worked there. Its staff included a highly distinguished cadre of economists, several of whom later greatly influenced the IMF through their work (e.g., Tjalling Koop-mans, Ragnar Nurkse, and Jan Tinbergen), by joining the staff (e.g., Jacques Polak and Marcus Fleming), or even becoming head of the institution (Per Jacobsson). For an analysis of the economic work of the League, see Pauly (1997). For a brief memoir, see Polak (1994), pp. xiv–xv.

    First draft of “Proposals for an International Currency (or Clearing) Union,” February 11, 1942; Horsefield (1969), Vol. III, pp. 3–18.

    U.S. Treasury, “Preliminary Draft Proposal for a United Nations Stabilization Fund and a Bank for Reconstruction and Development of the United and Associated Nations (April 1942)”; Horsefield, (1969), Vol. III, pp. 37–82.

    Article I (iii).

    U.S. Treasury, “Questions and Answers on the International Monetary Fund (June 10, 1944),” in Horsefield, (1969), Vol. III, pp. 136–82. The quoted passage is on p. 137.

    Keynes’s initial work on the clearing union plan is described in Harrod (1951) pp. 526–28; Horsefield (1969) Vol. I, pp. 14–16; and Skidelsky (2000) pp. 199–209. The “founder-States” proposal is in Horsefield (1969), Vol. III, p. 15.

    Letter to Sir David Walley (30 May 1944), in Moggridge (1980), p. 42.

    Testimony before the U.S. House Committee on Banking and Currency; quoted in Gardner (1980), p. 141.

    This argument should not be carried so far as to imply that multilateralism died altogether after the Second World War. The establishment of the Marshall Plan in 1947 and the global agreement in 1968 to create Special Drawing Rights are two prominent examples in the positive column.

    Largely, but not exclusively. Yugoslavia was an original member, Romania joined in 1972, Vietnam remained a member after its unification in 1975, the China seat passed to the People’s Republic in 1980, and a few more centrally planned economies—notably Hungary and Poland—joined in the 1980s.

    Remarks at an Economic Forum on “Governing the IMF” (September 17, 2002); accessed at http://www.imf.org/External/NP/EXR/ECForums/2002/091702.htm. For a similarly critical analysis of the perceived lack of intellectual diversity in the staff, see Momani (2005).

    As of 2001, a little more than 40 percent of IMF economists were from developing countries. Some 4 percent were from the Russian Federation, the Baltic countries, other countries of the former Soviet Union, or Eastern Europe.

    For an overview, see Yergin and Stanislaw (2002), pp. 234–36.

    U.S. Treasury, “Questions and Answers on the International Monetary Fund (June 10, 1944)”; Horsefield (1969), Vol. III, pp. 136–82. The quoted passage is on p. 137.

    See Polak ([1948] 1991) and Alexander (1952). The evolution of the absorption approach at the IMF is described more fully in de Vries (1987), pp. 16–19. Polak’s contribution is discussed in Frenkel, Goldstein, and Khan (1991), pp. 8–10.

    Annual Report 1995, pp. 207–8; accessed at http://www.imf.org/external/pubs/ft/ar/2005/eng/index.htm.

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