Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
February 1996
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    Indexes

    Index A. Subjects

    References in this index are arranged in alphabetical order of subject within each main heading. References are to pages; page numbers marked with an asterisk (*) refer to tables, and those including the letter n refer to footnotes.

    A

    ALTERNATE EXECUTIVE DIRECTORS see EXECUTIVE DIRECTORS, ALTERNATE.

    ANGLO-AMERICAN FINANCIAL AGREEMENT: 29, 219, 252.

    ANNUAL MEETINGS: 6; 4th (1949), 98, 189; 5th (1950), 194; 13th (1958), 450; 20th (1965), 423–24; and see INDEX E, s.v. International Monetary Fund, Summary Proceedings of the Board of Governors.

    ANNUAL MEETINGS, COMMITTEES: 189, 194, 255, 261.

    ANNUAL MEETINGS, SYMPOSIA: 272.

    ANNUAL REPORT OF THE EXECUTIVE DIRECTORS see INDEX E, s.v. International Monetary Fund.

    ANNUAL REPORT ON EXCHANGE RESTRICTIONS: 256; and see INDEX E, s.v. International Monetary Fund.

    ARTICLES OF AGREEMENT: 514-16; ambiguities in, 393-94; amendment of, 575, 595-605; interpreted, 236, 368-69, 384-89, 438-40, 567-73; provisions for interpretation, 9, 567, 602-603; revision deprecated, 416, 596; variations without amendment, 575-78; and see INDEX C.

    B

    BANK FOR INTERNATIONAL SETTLEMENTS: 322, 323, 518.

    BASLE AGREEMENTS: 519.

    BILATERALISM: defined, 228, 297-98; Fund action, 228, 276, 308-309, 315-16; Fund policy, 276, 302-307, 314-16; prevalence of, 281-82, 297-300, 308, 310-14, 312*, 318; reasons for, 297-98, 303, 305-306, 312-16; relation to convertibility, 303-304, 310; relation to discrimination, 281, 299, 303, 306-307, 315; relaxed, 273, 301-302, 306, 310; with nonmembers, 305-307, 312*, 313-16; and see EXCHANGE RESTRICTIONS.

    BRETTON WOODS CONFERENCE: 124, 203, 205, 513, 514, 518, 554.

    BY-LAWS OF FUND: 514, 578-79.

    C

    CAPITAL MOVEMENTS see INTERNATIONAL CAPITAL MOVEMENTS.

    COMPENSATORY FINANCING OF EXPORT FLUCTUATIONS see FUND’S RESOURCES, USE OF, POLICY

    CONSULTATIONS, FUND: 27, 33, 229-48, 557-59; content and form of conclusions, 231-32, 234-38, 241, 246-48; Fund’s representations, 231-32, 234-35, 308, 555-56, 583-84; initiated, 231; locale, 243-45; numbers of, 248*; procedure, 12-13, 231, 233, 241-48; required by scale of charges, 383, 401, 431, 524-25, 577, 582; required by stand-by arrangements, 476, 489, 535-36, 558; role of, 27, 557-58; scope of, 137, 235-41, 558, 593; use of reports on, 242-43, 558; with Article VIII countries, 27, 246-48, 287, 558-59.

    CONVERTIBILITY: achieved (Article VIII), 29, 289-90; by buying and selling gold freely, 560-61; currency convertible in fact, 604-605; external, 81, 226, 250, 277-79, 451, 541; foreseen, 266-70; hinges on sterling, 219, 266-67, 274; list of countries, 225, 250, 285, 292*, 448; need for par value, 75-76, 287; of sums drawn from Fund, 452, 542; pre-1961, 28-29, 225, 250; significance of Article VIII, 76, 270, 278, 283-88, 290, 544, 556; through Fund, 544; use of Article XIX(g), 450; and see EXCHANGE RESTRICTIONS.

    D

    DEPUTY MANAGING DIRECTOR: functions, 9, 14-17.

    DEVALUATION see EXCHANGE RATES, CHANGES IN.

    DEVELOPMENT INSURANCE FUND: 420.

    DISCRIMINATION see EXCHANGE RESTRICTIONS.

    DOLLAR SHORTAGE: 28, 45, 47, 138, 141, 251, 256.

    DRAWINGS see FUND’S RESOURCES, USE OF, POLICY, and FUND TRANSACTIONS.

    E

    ECONOMIC COOPERATION ADMINISTRATION: 320-22, 328-29.

    EUROPEAN ECONOMIC COMMUNITY: 599-600.

    EUROPEAN FUND: 374.

    EUROPEAN MONETARY AGREEMENT: 269, 323.

    EUROPEAN PAYMENTS UNION: 223, 318, 322; effects of, 223, 275-76, 300-301; Fund relations with, 32, 317-31, 469; Fund views on, 224, 276, 323-29, 340, 519; Managing Board, 322, 327-30; precursors, 319-21; problem of sterling area, 321; role of BIS, 322, 323.

    EUROPEAN RECOVERY PROGRAM: 320, 324, 328, 394-98, 523.

    EXCHANGE CONTROLS: capital movements, 29-31, 224, 291-92, 295-96, 540, 548-49; defined, 217n; obligations of other members to recognize, 220, 568, 591-92; prevalence of, 218-19, 250; and see EXCHANGE RESTRICTIONS.

    EXCHANGE RATES: 39-173; and international transactions, 63-65; defined, 581; fixed rates as objective, 21, 40, 170-73, 547; Fund’s role, 21, 53-60, 114-16, 547-53, 564-66, 591-94; rigidity of, 44-45, 96; and see following headings.

    EXCHANGE RATES, CHANGES IN: 90-116; adequacy questioned, 93-95, 134, 549; Ad Hoc Committee of Directors, 97; competitive depreciation, 91, 94, 100-10, 130, 549; effected, 44-45, 54, 61, 74, 90, 96-107, 116*-18*, 217; effects of, 46, 109-10, 115-16, 189; fundamental disequilibrium, 21-22, 62, 91-92, 547, 549, 568, 581; Fund’s procedures, 46, 549; Fund’s role, 22, 92-105, 111, 114-16, 551; magnitudes of, 111-14, 112*, 119*-21*; members’ reluctance to introduce, 44-45, 96; nonmetropolitan currencies, 99-103; obligation to fix new par value, 74, 549-51, 588; profits or losses from, 497; revaluation, 110-11; stabilization programs, 475, 505-10; uniform change, 192-94, 600; ways of effecting, 90; and see INDEX B.

    EXCHANGE RATES, CROSS RATES: 32, 43-44, 48, 76-82, 129-30, 133, 141, 180, 594.

    EXCHANGE RATES, FLUCTUATING RATES: 56, 152-73; arguments pro and con, 40, 47, 50, 56, 75, 129, 152, 167-73, 549; as means of devaluation, 90, 505-506, 549-50, 564; Fund’s role, 109, 152-60, 169-73, 549-50, 564-65; in Belgium, 99, 155-56, 550; in Canada, 44, 47, 48, 59, 75, 90, 111, 159-67, 171, 443, 550, 591; in Mexico, 44, 153-54, 164, 549-50; in Peru, 44, 47, 76, 156-59, 165-67; in Thailand, 44, 74, 79, 90, 143, 158, 165; pegging discouraged, 170, 172; relation to Articles, 153-54, 157-58, 160, 550; stabilization programs, 170, 505-506, 550-51; transactions in, 165-67, 591.

    EXCHANGE RATES, FORWARD RATES: 82-83, 497, 565.

    EXCHANGE RATES, MULTIPLE RATES: 47-48, 74, 122-51; Ad Hoc Committee on Spreads and Multiple Currency Practices, 17, 127-28, 147*, 581; arguments pro and con, 75, 125-29, 132-34, 138-44; arising from exchange margins, 81, 553, 565; Articles, 125, 129-30; as means of devaluation, 90, 107-10, 123, 134; capital transactions, 548-49; “December 1947 letter,” 128-29, 136, 548, 553n, 574; definition of, 127-28, 131; difficulties of removal, 141-42; discontinued, 48, 141, 143-46, 147*-51*; Fund’s authority, 95, 108, 126-29, 547-48, 573-74; Fund’s policies, 108, 110, 126-28, 136-37, 141-45, 581; Fund’s procedures, 95, 131-32, 135-37, 549; in France, 44, 100, 129-30, 389, 574, 593-94; model system suggested, 136; Mr. Triffin’s proposals, 125-26; origins, 122-24; prevalence of, 47, 125-26, 130-31, 137-46, 147*-51*; profits or losses from, 133, 497-98; simplification urged, 142-43, 145; stabilization programs, 504-506.

    EXCHANGE RATES, PAR VALUES: 39-121; adjustable peg system, 43; arguments pro and con, 43, 50-53, 72; Articles, 41-42, 58, 61, 65-70, 547-49; convertibility without par value, 75-76, 287; criteria for accepting par values, 53-54, 58-60; delays in establishing par values, 54-57, 551; deviations from system, 43-44, 46-48, 122-51, 153-65, 167-70, 551-52; drawings related to par values, 53, 65-73, 407-409, 551-52, 565; extent of adoption, 29, 49, 84*-89*; fully effective par values, 48-49; in centrally controlled economies, 61-65; initial par values established, 43, 48, 53-62, 84*-89*; margins, 80-82, 552-53, 565; origins of system, 40, 547; reinstituting par values, 73; reinvigoration of system, 48-49; short-lived parities, 57-58; and see EXCHANGE RATES, CHANGES IN and INDEX B.

    EXCHANGE RESTRICTIONS: 217-346; advance import deposits, 293, 496; Articles, 219-21, 224, 238, 270, 553-54; definition of, 221-24, 226, 236, 240, 284-85, 288, 518, 553-55, 565; discriminatory, 28-29, 124, 227, 251, 273, 275-76, 280-83, 287, 291, 341, 548, 574, 592; for “nonbalance of payments” reasons, 557; Fund’s role, 22-23, 219-23, 233-42, 251-63, 275-77, 281-83, 294, 553-55; on capital payments, 29-31, 291, 292; on security grounds, 259-60, 588-91; prescription of currencies, 543; prevalence of, 29-31, 218-19, 250-51, 264, 281-82, 293-96; relation to import restrictions, 221-23, 235-40, 553-55, 557-59; relaxed, 48, 261, 271-74, 283-84, 291-92; retention quotas, 47-48, 138, 141, 263-66, 293; transitional period, 224-25, 555-57; and see BILATERALISM, CONVERTIBILITY, and EXCHANGE CONTROLS.

    EXCHANGE SURCHARGES: 140.

    EXECUTIVE BOARD: constitution of, 6-9, 352-53*; powers of, 365-66, 514; and see following headings.

    EXECUTIVE BOARD COMMITTEES: Ad Hoc Drafting, 175; Ad Hoc on International Payments, 97; Net Official Holdings, 580; of the Whole on Review of Quotas, 355, 356-57, 359; on External Sales of Gold, 176, 180, 203-205; on Interpretation, 236; on Investment of Fund’s Assets, 367; on Liaison with ITO and GATT, 334, 341, 344; on Spreads and Multiple Currency Practices, 17, 127-28, 147*, 581.

    EXECUTIVE BOARD PROCEDURES: 14-16; decision-making, 8-9, 14-17, 516-18; devaluations, 45-46; gold tranche drawings, 405, 537, 577, 601; informal meetings, 17; lapse of time decisions, 132, 137, 537; sense of the meeting, 516; and see CONSULTATIONS, FUND.

    EXECUTIVE DIRECTORS: appointment of, 6-7, 514-15, 567; disquiet re GAB, 375, 521; election of, 7, 515, 576; functions of, 6, 8, 10-12, 15, 515-16; number of, 353*, 514-15, 576; qualifications of, 8; votes cast by, 8-9, 230-31, 352, 431, 516-17; voting powers of, 7, 352-53*, 515-17, 576, 600, 604.

    EXECUTIVE DIRECTORS, ALTERNATE: role of, 8.

    F

    FEDERAL RESERVE BANK OF NEW YORK: 369-70.

    FLUCTUATING CURRENCIES see EXCHANGE RATES, FLUCTUATING RATES.

    FRANC AREA: devaluations, 102; par values, 53; and see INDEX B.

    FUNDAMENTAL DISEQUILIBRIUM: 21-22, 62, 91-92, 547, 549, 568, 581.

    FUND’S COMMUNICATIONS: privileged rates, 568-69.

    FUND’S FUNCTIONS AND POWERS: financial functions, 21, 26, 373, 545-46; implied powers, 365, 526; international cooperation, 20-21, 31; interpreting Articles, 9, 567-73, 602-603; jurisdiction, 222, 235-40, 337-38, 553-55, 557-58; limits to powers, 366, 444, 544-45; making representations, 231-32, 234-35, 308, 555-56, 583-84; objectives, 19-35; policymaking process, 3-18; regulatory functions, 21; 517-18; sanctions, 582-88; Special Drawing Account, 577, 596, 598-99, 602; varying Articles without amendment, 575-78; and see following headings and EXECUTIVE BOARD; EXECUTIVE DIRECTORS; GOVERNORS, BOARD OF; and SPECIAL DRAWING RIGHTS.

    FUND’S INCOME AND EXPENDITURE: 6, 363-65, 364*, 367, 370-72; General Reserve, 364*, 365, 371-72; remuneration to members, 577, 602; Special Reserve, 364*, 365, 370-72, 603; and see FUND’S INVESTMENTS, FUND’S RESOURCES, and GENERAL ARRANGEMENTS TO BORROW.

    FUND’S INVESTMENTS: 365-73, 561, 570, 603.

    FUND’S RESOURCES: adequacy questioned, 355-63, 373, 419; borrowing, 373-77, 455, 519-21; derivation and significance, 6, 349-80; loan from Italy, 455, 537-38, 544, 604; maintenance of gold value, 365-69, 372, 591, 599; replenishment, 167, 362, 363, 454-58, 561, 588; as second line of reserves for members, 529, 536-38, 601-602; supplementation suggested, 355, 374, 417-18; and see following headings and FUND’S INCOME AND EXPENDITURE, FUND’S INVESTMENTS, GENERAL ARRANGEMENTS TO BORROW, QUOTAS, and SUBSCRIPTIONS.

    FUND’S RESOURCES, INELIGIBILITY TO USE: as sanction, 384, 525, 556, 582; members affected, 130, 154, 156, 389, 479-80, 583, 586; technique avoided, 522, 535-36, 579, 582, 585.

    FUND’S RESOURCES, USE OF, CHARGES: 383, 428-36, 432*-33*, 524, 584; after consultation point, 434-35, 583; fixed, 23, 430-36, 576-77; gold tranche drawings, 602; income from, 363-65, 364*; legal framework, 428-30; LIFO applied, 429, 446; over 5 per cent per annum, 429, 435, 583-84; power to vary, 429, 576-77; relevance of money market rates, 434; revised (1951), 401, 430-31, 432*-33*, 527, 577; revised 1953), 431, 432*-33*, 434; revised (1963), 432*-33*, 434; service charge, 428-30, 576, 602; stand-by arrangements, 430, 435-36, 469.

    FUND’S RESOURCES, USE OF, DRAWINGS see following entry and FUND TRANSACTIONS.

    FUND’S RESOURCES, USE OF, POLICY: 381-427, 522-46; automaticity vs. conditionality, 32, 390-91, 394, 401, 522-23, 537-38, 545, 585, 604; capital transfers, 34-35, 384, 410-16, 539-41, 568, 602; compensatory financing of export fluctuations, 17, 33-34, 109, 361, 363, 403, 410, 417-27, 521, 531, 538-39, 603; credit tranche policy, 403-404, 538-39, 551; enemy-occupied countries, 66, 68-69, 72; “ERP Decision,” 324, 394-96, 523; formulated, 404, 410, 419, 526-27; for quota increases, 359, 361-63; Fund’s power to challenge use, 522-24, 537, 585; gold collateral drawings, 406-407, 531-32; gold tranche drawings, 402, 404-406, 414-15, 430, 536-38, 552, 577, 597, 601-602, 604; inconvertible currencies, 448-51; legal framework, 381-89, 410-11, 415-16, 450, 522-25; limits to right to draw, 352, 354, 382, 385-87, 421-25, 569; members without par values, 53, 65-73, 407-409, 551-52, 565; Mr. Gutt’s proposals, 26, 401; Mr. Overby’s criteria, 394; Mr. Rooth’s plan, 402-403, 523-28; Mr. Southard’s proposals, 398-99, 525; purposes, 23-24, 26-27; replenishment, 167, 362, 363, 454-58, 561, 568; “reversal technique,” 452; selection of currencies to be used, 290-91, 362, 448-59, 541-45, 597; super gold tranche, 405, 602; temporary character of drawings, 23, 385, 392, 524-30, 604; to reduce exchange restrictions, 277; U.S. review (1949), 398; U.S. technical drawings, 454, 601; waiting period after par value established, 70; waivers, 352, 403, 528, 530-32, 569; working party report, 400-401; and see FUND TRANSACTIONS and SPECIAL DRAWING RIGHTS.

    FUND’S RESOURCES, USE OF, REPURCHASES: 383, 436-47, 524-30; abatement, 439-43, 530, 600-601; advantageous to members, 526; allocation of, 445-46, 529-30; alternative procedures, 425, 443; amendments to Articles, 578, 600; commitments, 528; continuous use of resources, 447*; currencies used, 440, 448, 449*, 451; effect of charges, 391, 431; effectiveness of requirements, 446-47, 528; FIFO applied, 429, 446; five-year period, 395, 402, 443, 446-47, 447*, 525-27, 577, 582-83; fluctuating currencies, 443-44; gold tranche drawings, 577; ineffectiveness of provisions in Articles, 391, 399-400, 525, 600-601; legal framework, 383, 391, 436-40, 524-30, 600-601; policy, 443-46, 524-30, 577, 582-83; purposes, 23, 529, 601; relation to GAB, 445, 542; representations of intention, 527-28; role of monetary reserves, 438, 440-43, 525, 580, 600; selection of currencies, 452-59, 542; small amounts not collected, 441; supplementary obligation (Art. V, Sec. 7(b) (ii)), 543; under stand-by arrangements, 435, 443, 446, 470-72; U.S. technical drawings, 454, 601; voluntary, 439, 443-45, 452, 525-28, 563, 604.

    FUND’S RESOURCES, USE OF, STAND-BY ARRANGEMENTS: 27-28, 402, 403, 412, 468-510, 532-36, 585; binding conditions, 309, 476, 484-87, 528; Board decisions, 446, 468, 470-71, 480, 533-34; charges, 430, 435-36, 469; concept changed, 533; conditionality, 28, 470, 476, 533-34; consultation clause, 476, 489, 535-36, 558; definition, 469, 532-33; duration, 471, 477; effect on other lenders, 534-35; legal form, 477, 535; letter of intent, 477, 484, 533, 535; list of, 490*-91*; “major shift” clause, 488; members without par values, 73; number of, 309, 403, 475, 482, 490*-91*; performance clauses, 482-87, 533-36, 585-86; phasing of drawing rights, 481-84; “prior notice” clause, 478-81, 533, 585-86; reconstitution by repurchase, 435, 446; three-year term, 471-72; waivers, 403; and see STABILIZATION PROGRAMS.

    FUND TRANSACTIONS: drawings, 277, 363, 365, 397, 403, 412-15, 422-23, 448, 449*, 454-58, 460*-63*; procedure, 23, 381; repurchases, 449*, 464*-67*; restricted by uncertainty, 523; U.S. technical drawings, 454, 601; volume of, 363, 365, 460*-67*, 546; and see FUND’S RESOURCES, USE OF.

    G

    GENERAL AGREEMENT ON TARIFFS AND TRADE: 221-23, 234-46; Committee on Balance of Payments Restrictions, 342, 343, 345; consultations, 230, 250, 261, 337-46; Fund collaboration with, 230, 235-36, 239-40, 243, 250, 261, 332-46, 554, 559; jurisdiction, 222-23, 235-37, 553-54; origin, 334; procedures, 341-44; provisions of, 294, 335-38; receives Fund documents, 342-43; Special Exchange Agreements, 332, 579.

    GENERAL ARRANGEMENTS TO BORROW: 34, 374-77, 519-21, 531-32, 540-41; activated, 376-77*, 453, 455-58; fluctuating exchange rates, 167; Mr. Baumgartner’s letters, 376, 456, 520-21; renewed, 376-77; repayments, 445, 537-38; voting arrangements, 456, 520.

    GOLD: Fund’s role, 176-79, 561-64; general deposits, 362-63, 561-62; Gold Pool, 518-19, 564, 579; has Fund an obligation to buy? 562-63; investment by Fund, 366-73, 561, 570, 603; link with par values, 174, 559-61; output of, 201, 213-14; payment of charges, 429-30; permissible margin for transactions, 177, 202, 203, 563, 579; price of, 187-89, 191-94, 600; reserve asset, 201; role in Articles, 174, 179, 203, 559-64; sales at premium prices, 174-202, 208-209, 563-64, 574; semiprocessed and fabricated, 179, 183-89, 195-98; subsidies to producers, 203-14, 563; two-tier system, 519, 562, 564; use for replenishment by Fund, 167, 362, 363, 455-58, 561, 588; and see SUBSCRIPTIONS, GOLD.

    GOLD AND DOLLAR RESERVES see MONETARY RESERVES.

    GOLD TRANCHE: defined, 403, 536, 601; drawings policy, 402-406, 414-15, 430, 536-38, 552, 577, 597, 601-602, 604; model for special drawing rights, 597; reserve asset, 536-38, 542, 545; super gold tranche, 405, 602; and see FUND’S RESOURCES, USE OF, POLICY.

    GOVERNORS, BOARD OF: functions and powers, 6, 514, 516, 576, 578, 603; Interpretation Committee, 603; and see ANNUAL MEETINGS.

    GROUP OF TEN: 17-18, 31, 317, 518-21.

    H

    HAGUE CLUB: 273, 305, 310.

    I

    IMPORT RESTRICTIONS: and exchange restrictions, 221-23, 235-40, 553-55, 557-59; Fund’s role, 230, 238-40, 337.

    INFLATION: dangers of, 25, 43, 134-35, 257, 261, 394, 468, 473-75, 506.

    INTER-CENTRAL-BANK COOPERATION: 519.

    INTERNATIONAL CAPITAL MOVEMENTS: control of, 29-31, 224, 291-92, 295-96, 540, 548-49; discriminatory controls, 296; Fund definition, 411, 580; intensification, 295, 414, 540; liberalization, 29-30, 291, 292, 540; multiple currency practices, 548-49; use of Fund’s resources, 34-35, 384, 410-16, 539-41, 568, 602.

    INTERNATIONAL LIQUIDITY: 35, 358, 545, 595, 600-602.

    IMF INSTITUTE: 10, 34.

    INTERNATIONAL TRADE ORGANIZATION: 221, 332-34, 518.

    INVESTMENT BY FUND see FUND’S INVESTMENTS and GOLD.

    J

    JOINT STATEMENT: 124.

    K

    KEYNES PLAN: 124.

    L

    LOCAL CURRENCY COUNTERPART FUNDS: 497-98, 503.

    LONDON: gold market, 185, 202, 564, 579.

    M

    MANAGING DIRECTOR: functions, 9, 11-17, 515-16.

    MEMBERSHIP OF FUND: 4-5, 87*-89*, 514.

    MEMBERSHIP RESOLUTIONS: 54, 66-71, 408-10, 552.

    MEMBERS’ OBLIGATIONS: 19-23, 25, 547-66, 573-75, 591-94, and passim.

    MONETARY RESERVES: adequacy examined, 356; calculation for repurchases, 438, 440-43, 525, 580, 600; collection of data, 440-41; increase in, 271; International Reserves and Liquidity, 358; Net Official Holdings Committee, 580; stabilization programs, 506-10.

    MULTIPLE CURRENCY PRACTICES see EXCHANGE RATES, MULTIPLE RATES.

    N

    NET OFFICIAL HOLDINGS see MONETARY RESERVES.

    NONMETROPOLITAN AREAS: devaluations, 99-103; members’ responsibilities, 207, 589.

    O

    ORGANIZATION OF AMERICAN STATES: 420, 423.

    ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT: 518.

    ORGANIZATION FOR EUROPEAN ECONOMIC COOPERATION: 223-24; liberalization policy, 30, 223-24, 250, 261-62, 273, 275; Ministerial Examination Group on Convertibility, 269, 302; receives Fund documents, 330; and see EUROPEAN MONETARY AGREEMENT and EUROPEAN PAYMENTS UNION.

    P

    PAR VALUES see EXCHANGE RATES, PAR VALUES.

    PARIS CLUB: 273, 305, 310.

    PRICE CONTROLS: stabilization programs, 510.

    Q

    QUOTAS: 349-63, 378*-80*; adequacy questioned, 355-63, 373; Articles, 349-51; Committee of the Whole on Review of Quotas, 355, 356-57, 359; compensatory financing revisions, 421-23; Enlargement of Fund Resources Through Increases in Quotas, 358; formula, 5, 351, 354, 360; International Reserves and Liquidity, 358; mitigation of gold subscriptions, 358-59, 361-63, 604; revised, 5-6, 354-55, 357, 359, 361-63, 378*-80*, 423, 531; significance, 5, 351-52, 354, 531; small quotas, 356-61, 514; voting on general increases, 600.

    R

    REFORM OF THE FUND: 599-605.

    REPURCHASES see FUND’S RESOURCES, USE OF, REPURCHASES, and FUND TRANSACTIONS.

    RESERVE POSITION IN FUND: defined, 451, 454, 604.

    RESOURCES OF FUND see FUND’S RESOURCES.

    RETENTION QUOTAS see EXCHANGE RESTRICTIONS.

    RULES AND REGULATIONS OF FUND: 82, 195, 355, 388, 428, 440-41, 516, 523, 576n, 577n, 578-79, 584, 592-93.

    S

    SCARCE CURRENCY CLAUSE: 373, 586-88.

    SELECTION OF CURRENCIES see FUND’S RESOURCES, USE OF, POLICY.

    SPECIAL DRAWING RIGHTS: 35, 545, 578, 595-99, 604-605.

    STABILIZATION PROGRAMS: balance of payments policies, 486-87, 506-10; content and purposes, 25-27, 472-74; definition, 472; domestic credit controls, 476, 486, 492-96, 502; exchange rate adjustment, 476, 504-10; fiscal controls, 476, 503-505; fluctuating exchange rates, 170, 505-506, 550-51; foreign transactions, 497-503; gradualism, 473-74, 476, 505-506; letter of intent, 477, 535; policy instruments, 475-76, 492-510; price and wage controls, 510; problems, 474-75, 492-510.

    STAFF: functions, 11-17, 515-16; numbers and organization, 10, 13, 293.

    STAND-BY ARRANGEMENTS see FUND’S RESOURCES, USE OF, STAND-BY ARRANGEMENTS.

    STERLING see INDEX B, s.v. UNITED KINGDOM.

    STERLING AREA: constitution, 217-18; devaluations, 99; discrimination, 226-27; dollar expenditure reduced, 338; Fund’s views, 339-40; GATT consultations, 230, 261, 337-40; in EPU, 321; par values, 53; raison d’être, 218, 339-40; reserves, 252, 274, 391, 399-400; and see INDEX B, s.v. UNITED KINGDOM.

    SUBSCRIPTIONS: 349-50.

    SUBSCRIPTIONS, GOLD: 350-51, 358-59, 361-63, 371, 604.

    T

    TECHNICAL ASSISTANCE: 26, 34.

    TRANSIT TRADE: 47, 264.

    TRANSITIONAL PERIOD: 22-23, 224-25, 270, 284, 288, 384, 555-57, 583.

    U

    UNITED NATIONS: CICT, 360-61, 418-23; ECOSOC experts’ reports, 355, 417-18; Fund agreement with, 589; UNCTAD, 109, 345, 423-26.

    V

    VOTING PROVISIONS IN FUND: 7-9, 352-53*, 514, 516-17, 596, 600, 604.

    W

    WAGE POLICIES: stabilization programs, 510.

    WHITE PLAN: 124.

    Index B. Countries

    In this index the word “exchange” should be understood before the word “rate” in the expressions “fluctuating rate,” “forward rate,” and “multiple rate.” References are to pages. Page numbers marked with an asterisk (*) refer to tables; however, no references are given to the following comprehensive tables:

    • Table 1. Initial Par Values Established, 1946–65 (pp. 84–86)

    • Table 2. Dates of Membership and of Initial Par Values, December 27, 1945-December 31, 1965 (pp. 87–89)

    • Table 3. Magnitudes of Exchange Depreciation, End 1948 to End 1965: Distribution of 105 Countries by Degree of Depreciation (p. 112)

    • Table 4. Changes in Par Values, 1948–65 (pp. 116–18)

    • Table 5. Exchange Rates Used in Table 3 (pp. 119–21)

    • Table 6. Principal Developments in Multiple Exchange Rates, 1946–65 (pp. 147–51)

    • Table 14. Quotas of Members at Selected Dates (pp. 378–80)

    • Table 22. Drawings from the Fund, Calendar Years 1947–65 (pp. 460–63)

    • Table 23. Repurchases of Drawings, Calendar Years 1947–65 (pp. 464–67)

    • Table 24. Stand-By Arrangements Inaugurated or Renewed, Calendar Years 1952–65 (pp. 490–91)

    A

    AFGHANISTAN: bilateral agreements, 311-12; multiple rates, 137, 146; par value, 70, 408.

    ALGERIA: devaluation, 102; membership resolution, 71; par value, 53.

    ARGENTINA: bilateral agreements, 299-300, 310; currency drawn, 449*; devaluation, 57; drawings, 447*; exchange restrictions, 218; fluctuating rate, 167, 168; multiple rates, 125, 126, 143; “Paris Club,” 273, 305, 310; par value, 57-58; repurchase obligations, 442; stand-by arrangement, 498.

    AUSTRALIA: consultations, GATT, 230, 261, 338-40, 345; convertibility, 292; currency drawn, 449*; devaluation, 99; drawings, 469; gold producers, subsidies to, 206-208, 210, 211-12, 214; par value, 54; quota, 354, 359; stand-by arrangement, 488; views on Fund’s jurisdiction, 236, 240, 284, 337-40.

    AUSTRIA: bilateral agreements, 300, 309, 312; consultation, GATT, 345; convertibility, 277, 292; currency drawn, 449*, 456*; currency holdings by Fund replenished, 456*; currency used in repurchases, 449*; devaluation, 54, 105, 111; exchange controls, 218; membership resolution, 66; multiple rates, 55, 105, 123; par value, 54-55, 59, 105.

    B

    BELGIAN CONGO: gold production, 182; par value, 53; and see CONGO, DEMOCRATIC REPUBLIC OF.

    BELGIUM: bilateral agreements, 298, 300, 309, 310; consultation, Fund, 83, 234; convertibility, 277, 289, 292*, 309; creditor in Europe, 319, 330, 469; currency drawn, 448, 449*, 456*, 458*; currency holdings by Fund replenished, 455, 456*, 458*; currency used in repurchases, 449*; devaluation, 99-100; drawing, 470; EPU, 80; fluctuating rate, 99, 155-56, 550; forward rate, 83; GAB, 17, 374-77, 456*, 458*; gold sales at premium prices, 181-82; multilateral compensation agreement, 319; multiple rate, 137-38; par value, 53, 84; stand-by arrangement, 330, 446, 469.

    BOLIVIA: devaluation, 74, 105-106; drawings, 447*; exchange restrictions, 218; fluctuating rate, 47, 167, 168; ineligible to draw, 389-90, 479-80; multiple rate, 43, 74, 106, 125, 141; par value, 53, 74; stand-by arrangements, 389-90, 479-80, 510.

    BRAZIL: bilateral agreements, 299, 300, 310, 311, 313; consultation, GATT, 345; drawings, 399, 423, 447*; exchange restrictions, 218; fluctuating rate, 167; “Hague Club,” 273, 305, 310; multiple rates, 47, 107, 125, 146; par value, 54; stabilization program, 500, 510; stand-by arrangement, 487, 510; trade with Germany, 123.

    BRITISH GUIANA see GUYANA

    BRITISH HONDURAS: par value, 53.

    BURMA: drawings, 386, 403, 406; membership resolution, 66; par value, 46, 53, 54, 69, 408.

    BURUNDI: bilateral agreements, 309; membership resolution, 71.

    C

    CAMEROON: devaluation, 102; membership resolution, 70, 71; par value, 53.

    CANADA: appoints Executive Director, 7, 515; convertibility, 75, 225, 292*, 443; currency drawn, 448, 449*, 456*, 458*; currency holdings by Fund replenished, 455, 456*, 458*; currency used in repurchases, 449*; devaluation, 90, 100, 111, 165; exchange controls abolished, 262; fluctuating rate, 44, 47, 48, 59, 75, 90, 111, 159-67, 171, 443, 550, 591; GAB, 17, 374-77, 456*, 458*; gold output, 208, 214; gold producers, subsidies to, 204-10, 214; par value, 49, 53, 164; quota, 358; repurchases, 456.

    CENTRAL AFRICAN REPUBLIC: membership resolution, 70, 71.

    CEYLON: bilateral agreements, 311, 313, 314-15; consultations, GATT, 230, 261, 338-40, 345; par value, 46, 53, 54; stabilization program, 494.

    CHAD: membership resolution, 70, 71.

    CHILE: bilateral agreements, 310, 314; consultations, GATT, 230, 261, 338-40; drawing, 403; exchange restrictions, 218; fluctuating rate, 47, 167, 168, 182; gold sales at premium prices, 182-83; multiple rates, 43, 125, 126, 141, 146, 182, 481; par value, 53; quota, 359; repurchase obligations, 442; stabilization program, 481-82, 500; stand-by arrangements, 403, 481-82, 488, 498.

    CHINA: appoints Executive Director, 353*; bilateral agreements, 300; multiple rates, 132, 137; not qualified to draw, 68n; quota, 354.

    COLOMBIA: bilateral agreements, 313; consultation, Fund, 237; devaluation, 44; fluctuating rate, 167, 170; gold producers, subsidies to, 210-11; gold sales at premium prices, 175-77, 203; multiple rates, 43, 47, 125, 146, 170; par value, 53; quota, 359; stand-by arrangement, 487.

    CONGO (BRAZZAVILLE): membership resolution, 70, 71.

    CONGO, DEMOCRATIC REPUBLIC OF: bilateral agreements, 309; membership resolution, 71; and see BELGIAN CONGO.

    COSTA RICA: convertibility, 292; devaluation, 143; fluctuating rate, 143; multiple rates, 43, 47, 125, 126, 143; par value, 49, 53; stand-by arrangement, 502.

    CUBA: convertibility, 225, 292; drawings, 412; exchange tax, 43, 47, 125, 126-27, 237-38, 286; fails to repurchase drawings, 389, 435; ineligibility to draw considered, 389, 583; par value, 53; restrictions for security reasons, 259; stand-by arrangement, 412; withdraws from Fund, 5, 292, 389, 514.

    CYPRUS: bilateral agreements, 312; par value, 53, 59.

    CZECHOSLOVAKIA: adduces national security reasons, 569, 589-90; bilateral agreements, 298; devaluation, 123; exchange controls, 218; fails to supply information, 65, 389, 583, 589-90; ineligible to draw, 65, 389, 583; interpretation of Articles obtained, 569, 590; par value, 53, 63-65; unauthorized change in par value, 63-65, 389; withdraws from Fund, 5, 389, 514, 569, 583.

    D

    DAHOMEY: membership resolution, 70, 71.

    DENMARK: bilateral agreements, 298, 300, 310; consultation, Fund, 234; consultation, GATT, 345; convertibility, 277; currency drawn, 448, 449*, 458*; currency holdings by Fund replenished, 458*; devaluation, 99, 217; EPU, 80; multiple rates, 47; par value, 53.

    DOMINICAN REPUBLIC: convertibility, 225, 292*; par value, 54.

    E

    ECUADOR: devaluation, 74; multiple rates, 43, 47, 74, 125, 126; par value, 53.

    EGYPT: bilateral agreements, 300; devaluation, 99; multiple rates, 47, 137; par value, 53; quota, 354; and see UNITED ARAB REPUBLIC.

    EL SALVADOR: convertibility, 225, 250, 292*; par value, 53, 74; quota, 359, 361.

    ETHIOPIA: drawing, 386; par value, 53; quota, 356.

    F

    FIJI: gold producer, subsidy to, 213; par value, 53.

    FINLAND: bilateral agreements, 300, 310, 312; consultation, GATT, 345; convertibility, 277; devaluation, 100, 112, 143, 217; membership resolution, 66; multiple rates, 47, 137, 143; par value, 49, 54; standby arrangement, 470.

    FRANCE: appoints Executive Director, 7, 353*; bilateral agreements, 298, 300, 309, 310; broken cross rates, 129-30; consultation, GATT, 345; convertibility, 277, 289, 292*; currency drawn, 448, 449*, 451, 456*, 458*; currency holdings by Fund replenished, 455, 456*, 458*; currency used in repurchases, 449*; devaluation, 44, 93, 100, 111, 129-30, 389, 549, 574, 583, 593-94; EPU, 80; exchange restrictions, 262; GAB, 17, 374-77, 456*, 458*; import restrictions, 262; ineligible to draw, 130, 389, 583; multilateral compensation agreement, 319; multiple rates, 44, 100, 129-30, 389, 574, 593-94; par value, 44, 53, 583; quota, 350-51, 354; repurchase obligations, 442; subscription, 350-51.

    FRENCH COLONIES: devaluations, 102; par values, 53.

    FRENCH SOMALILAND: convertibility of Djibouti franc, 560-61; devaluation, 44.

    G

    GABON: membership resolution, 70, 71.

    GAMBIA, THE: par value, 53.

    GERMANY: appoints Executive Director, 7, 353*; bilateral agreements, 122-23, 297-98, 300, 305, 310; consultations, Fund, 237, 248*; consultation, GATT, 345; convertibility, 277-78, 289, 292*; currency drawn, 448, 449*, 451, 456*, 458*; currency holdings by Fund replenished, 455, 456*, 458*; currency used in repurchases, 449*; EPU, 80; exchange arrangements, pre-1939, 122-23, 218, 297; GAB, 17, 374-77, 456*, 458*; multiple rates, 122-23, 138; par value, 46, 54; quota, 358; revaluation of currency, 110-11.

    GHANA: bilateral agreements, 311, 313; gold producers, subsidies to, 214; par value, 59; stabilization program, 494; and see GOLD COAST.

    GOLD COAST: par value, 53; and see GHANA.

    GREECE: bilateral agreements, 300, 312; consultation, GATT, 345; convertibility, 277; devaluation, 100, 105; exchange controls, 218; multiple rates, 105, 137; par value, 48, 49, 56.

    GUATEMALA: convertibility, 225, 250, 292*; par value, 53; stand-by arrangements, 502.

    GUINEA: bilateral agreements, 311-12; membership resolution, 70, 71.

    GUYANA: par value (as British Guiana), 53.

    H

    HAITI: convertibility, 225, 250, 292*; par value, 46, 54; stand-by arrangement, 485.

    HONDURAS: convertibility, 225, 250, 292*; drawings, 447*; exchange tax, 125, 127; multiple rates, 43, 125; par value, 53; quota, 354-55, 357, 361; stand-by arrangement, 502.

    HONG KONG: broken cross rates, 79-80; par value, 53.

    HUNGARY: exchange controls, 218; multiple rates, 123.

    I

    ICELAND: bilateral agreements, 300, 312; devaluation, 99, 102-103, 112; multiple rates, 47, 103, 137; par value, 49, 53; stand-by arrangement, 482.

    INDIA: appoints Executive Director, 7, 353*; bilateral agreements, 311, 313; consultations, GATT, 230, 261, 338-40, 345; devaluation, 60, 99; import restrictions relaxed, 262; interpretation of Articles obtained, 567; par value, 53, 60; quota, 354.

    INDONESIA: bilateral agreements, 299, 300, 309; membership resolution, 66-70, 408; multiple rates, 107, 137, 146.

    IRAN: bilateral agreements, 300; multiple rates, 43, 47, 125, 143; offers gold collateral, 407; par value, 49, 53; quota, 354.

    IRAQ: devaluation, 99; par value, 53.

    IRELAND: convertibility, 277, 289, 292*; par value, 59.

    ISRAEL: bilateral agreements, 299-300; devaluation, 143; multiple rates, 107, 137, 143; par value, 49, 53; quota, 361.

    ITALY: appoints Executive Director, 515; bilateral agreements, 300, 309, 310; broken cross rates, 77; consultation, GATT, 345; convertibility, 277, 289, 292*; currency drawn, 449*, 451, 456*, 458*, 544; currency holdings by Fund replenished, 455, 456*, 458*, 537-38, 544, 604; currency used in repurchases, 449*; devaluation, 44, 123; exchange controls, 218; fluctuating rate, 55-56, 77; GAB, 17, 374-77, 456*, 458*; loan to Fund, 455, 537-38, 544, 604; membership resolution, 66, 408; multilateral compensation agreement, 319; multiple rates, 55; par value, 49, 55-56; quota, 361; right to draw, 66.

    IVORY COAST: membership resolution, 70, 71.

    J

    JAMAICA: convertibility, 60, 292; membership resolution, 70; par value, 53, 59.

    JAPAN: bilateral agreements, 298, 300, 310; consultation, GATT, 345; convertibility, 292; currency drawn, 449*, 456*, 458*; currency holdings by Fund replenished, 455, 456*, 458*; currency used in repurchases, 449*; GAB, 17, 374-77, 456*, 458*; par value, 46, 54; quota, 358; stand-by arrangement, 482.

    JORDAN: bilateral agreements, 311, 314; fluctuating rate, 143; multiple rates, 47; par value, 46, 49, 54.

    K

    KENYA: membership resolution, 71; par value, 53.

    KOREA: bilateral agreements, 300, 312; fluctuating rate, 143, 146; membership resolution, 70, 71; multiple rates, 137, 146.

    KUWAIT: convertibility, 60, 292; membership resolution, 70; par value, 59.

    L

    LAOS: membership resolution, 70, 71; quota, 361.

    LEBANON: broken cross rates, 79-80; fluctuating rate, 47, 165; par value, 54.

    LIBERIA: membership resolution, 70; par value, 59.

    LIBYA: par value, 59.

    LUXEMBOURG: bilateral agreements, 300, 309, 310; consultation, Fund, 234; convertibility, 277, 289, 292*; devaluation, 99; multilateral compensation agreement, 319; par value, 53.

    M

    MALAGASY REPUBLIC: devaluation, 102; membership resolution, 71; par value, 53.

    MALAYSIA: par value, 53, 60; quota, 361.

    MALI: bilateral agreements, 311-12; membership resolution, 71.

    MALTA: par value, 53.

    MAURITANIA: membership resolution, 71.

    MAURITIUS: par value, 53.

    MEXICO: bilateral agreements, 310; convertibility, 225, 250, 292*; currency drawn, 449*; devaluation, 44, 90, 106-107, 154, 412; eligibility to draw, 154: fluctuating rate, 44, 153-54, 164, 549-50; gold sales at premium prices, 179-80; par value, 53, 549-50; standby arrangements, 412, 469.

    MOROCCO: bilateral agreements, 311; par value, 53.

    N

    NEPAL: membership resolution, 70, 71; quota, 361.

    NETHERLANDS: bilateral agreements, 298, 300, 309, 310; consultation, GATT, 345; convertibility, 277, 289, 292*, 309; currency drawn, 448, 449*, 456*, 458*; currency holdings by Fund replenished, 455, 456*, 458*; currency used in repurchases, 449*; devaluation, 99; drawings, 397-98; EPU, 80; GAB, 17-18, 374-77, 456*, 458*; multilateral compensation agreement, 319; multiple rates, 47; par value, 53; revaluation of currency, 111.

    NETHERLANDS COLONIES: par value, 53.

    NEW ZEALAND: consultations, GATT, 230, 261, 338-40, 345; par value, 59; special exchange agreement, 332.

    NICARAGUA: convertibility, 292; drawing, 398; fluctuating rate, 143; multiple rates, 43, 47, 125; par value, 49, 53

    NIGER: membership resolution, 70, 71.

    NIGERIA: membership resolution, 70; par value, 53, 59, 60.

    NORWAY: bilateral agreements, 298, 300, 310; consultation, GATT, 345; convertibility, 277; devaluation, 99, 217; par value, 53.

    P

    PAKISTAN: consultations, GATT, 230, 261, 338-40, 345; devaluation, 61, 90; multiple rates, 146; par value, 46, 54, 60-61; stand-by arrangement, 482.

    PANAMA: convertibility, 225, 250, 292*; par value, 53; quota, 361.

    PARAGUAY: bilateral agreements, 299, 310; devaluation, 74, 241; drawings, 447*; fluctuating rate, 47, 74, 167, 168; multiple rates, 43, 74, 126, 141; par value, 53, 74; quota, 354; stand-by arrangements, 484-85, 487.

    PERU: broken cross rates, 79-80; convertibility, 76, 159, 289, 292*; eligibility to draw, 156, 159; fluctuating rate, 44, 47, 76, 156-59, 165-67, 171; gold mining problems, 180, 203-204; gold sales at premium prices, 175; multiple rates, 43, 79, 125, 156-57, 166; par value, 53, 158-59, 211; stand-by arrangements, 73, 471, 477-78; trade with Germany, 123.

    PHILIPPINES: devaluation, 90; fluctuating rate, 90, 143, 146, 168-69; gold producers, subsidies to, 210-11, 214; gold sales at premium prices, 180; multiple rates, 137, 141, 146; par value, 49, 53; stand-by arrangement, 482.

    POLAND: exchange controls, 218; withdraws from Fund, 5, 514.

    PORTUGAL: bilateral agreements, 298, 311; convertibility, 277, devaluation, 217; par value, 59.

    R

    RHODESIA AND NYASALAND: consultation, GATT, 345; and see SOUTHERN RHODESIA.

    RUANDA URUNDI: access to Belgian gold market, 182; and see BURUNDI and RWANDA.

    RUMANIA: exchange controls, 218; multiple rates, 123.

    RWANDA: bilateral agreements, 309; membership resolution, 71.

    S

    SAUDI ARABIA: convertibility, 289, 292*; fluctuating rate, 143; par value, 59.

    SENEGAL: membership resolution, 71.

    SIERRA LEONE: membership resolution, 70, 71; par value, 53, 59.

    SOMALIA: membership resolution, 70; par value, 59.

    SOUTH AFRICA: consultations, GATT, 261n, 337-40, 345; devaluation, 99, 189; drawings, 398, 413, 414-15; gold price, 188, 191-94; gold producers, subsidies to, 213, 214; gold production, 214; gold sales at premium prices, 183-99; import restrictions, 337; par value, 53; repurchase, 414; stand-by arrangement, 413.

    SOUTHERN RHODESIA: consultation, Fund, 248*; consultations, GATT, 230, 261, 338-40; gold producers, subsidies to, 206-208, 213, 214, 589; par value, 53.

    SPAIN: bilateral agreements, 300, 310, 311, 312; currency drawn, 449*, 456*, 458*; currency holdings by Fund replenished, 456*, 458*; devaluation, 143; multiple rates, 143; par value, 59; repurchase obligation, 442.

    STERLING AREA see INDEX A.

    SUDAN: drawing, 423; par value, 59; stabilization program, 494.

    SWEDEN: bilateral agreements, 298, 309, 310; consultation, GATT, 345; convertibility, 277, 292*; currency drawn, 449*, 456*, 458*; currency holdings by Fund replenished, 455, 456*, 458*; currency used in repurchases, 449*; devaluation, 46, 217; EPU, 80; GAB, 17-18, 374-77, 456*, 458*; multiple rates, 47; par value, 46, 54.

    SWITZERLAND: bilateral agreements, 298; EPU, 80; GAB, 376.

    SYRIAN ARAB REPUBLIC: bilateral agreements, 311-12; broken cross rates, 80; drawings, 447*; fluctuating rate, 47, 165; multiple rates, 47, 141; par value, 54; quota, 359, 361.

    T

    TANZANIA: membership resolution, 70, 71; par value, 53.

    THAILAND: broken cross rates, 79-80; devaluation, 90; fluctuating rate, 47, 74, 79, 90, 143, 158, 165; membership resolution, 66-70, 408; multiple rates, 74, 79, 141, 158; par value, 56, 74; right to draw, 66-70, 408.

    TOGO: devaluation, 102; membership resolution, 70, 71; par value, 53.

    TRINIDAD AND TOBAGO: membership resolution, 71; par value, 53.

    TUNISIA: bilateral agreements, 314; membership resolution, 70, 71; par value, 53.

    TURKEY: bilateral agreements, 300, 310, 312; consultation, GATT, 345; devaluation, 112, 143; drawings, 403, 447*; multiple rates, 47, 137, 143; par value, 54.

    U

    UGANDA: membership resolution, 71; par value, 53.

    UNION OF SOUTH AFRICA see SOUTH AFRICA.

    U.S.S.R.: at Bretton Woods, 5, 514.

    UNITED ARAB REPUBLIC: bilateral agreements, 311-12; drawings, 403, 407, 423, 447*; offers gold collateral, 407; quota, 359; stabilization programs, 407, 494; stand-by arrangement, 407; and see EGYPT.

    UNITED KINGDOM: Anglo-American Financial Agreement, 29, 219, 252; appoints Executive Director, 7, 353*; Basle Agreements, 519; bilateral payments agreements, 298, 300, 305; bullion market, 185, 202, 564, 579; Commonwealth conferences, 267; concern about broken cross rates, 77-80; consultations, GATT, 230, 261, 338-40, 345; convertibility, 29, 219, 226, 252-53, 266-68, 274, 277, 289, 292*, 300, 368; currency drawn, 448, 449*; currency used in repurchases, 449*; devaluation, 45, 97-99, 217; drawings, 376, 403, 412, 442, 455-58; EPU, 80, 321; exchange controls and restrictions, 31, 218, 252, 260, 262, 296; fluctuating rate suggested, 47; GAB, 17-18, 374-77; import restrictions, 262; interpretation of Articles obtained, 92, 567-68; investment currency, 146; par value, 53; repurchases, 442, 445, 452; reserves, impact of quota increases on, 362; reserves, monetary, 391, 442, 525, 600; responsibility for Southern Rhodesia, 207, 589; restrictions for security reasons, 260; stand-by arrangements, 376, 412, 455, 482, 488; sterling, strains on, 30-31, 252, 412-13; sterling balances, 252, 388; and see INDEX A, s.v. STERLING AREA.

    UNITED KINGDOM COLONIES: par values, 53.

    UNITED STATES: Anglo-American Financial Agreement, 29, 219, 252; appoints Executive Director, 6-7, 353*; Bretton Woods Agreements Act, 386, 516, 524, 539; capital controls, 31, 296; convertibility, 225, 250, 292*; currency drawn, 448, 449*, 456*, 458*, 546; currency holdings by Fund replenished, 455-58, 456*; currency used in repurchases, 440, 448, 449*; drawings, 454, 520, 544, 546, 601; ECA and ERP, 320-22, 324, 328-29, 394-98; Federal Communications Commission, 569; Federal Reserve Bank of New York, 369-70; GAB, 17-18, 374-77, 456*, 519; gold policy, 180, 187, 191, 560; interpretation of Articles obtained, 385, 411, 414-16, 524, 539, 567-69; National Advisory Council, 97, 206; obligations re Fund investment, 366, 369, 372; par value, 53; Randall Commission, 138, 268; recession, international effects of, 154; reserves, impact of quota increase on, 362, 371; reserves, monetary, 600; restrictions for security reasons, 259; stand-by arrangement, 482; unwillingness to draw, 541.

    UPPER VOLTA: bilateral agreements. 311-12; membership resolution, 70, 71.

    URUGUAY: bilateral agreements, 299, 300, 310; fluctuating rate, 58; multiple rates, 107, 125; par value, 56, 58, 68, 552; right to draw, 68, 552; stand-by arrangement, 509.

    V

    VENEZUELA: Article XIV, 248*; multiple rates, 43, 47, 74, 125, 126, 146; par value, 43, 54; stand-by arrangement, 413.

    VIET-NAM: membership resolution, 70, 71; multiple rates, 146.

    Y

    YUGOSLAVIA: bilateral agreements, 300, 311-12; devaluation, 63, 112; drawings, 447*; exchange controls, 218; multiple rates, 47, 63, 123, 137, 143; par value, 49, 54, 62-63; quota, 359; stand-by arrangement, 481.

    Index C. Articles of Agreement

    The page numbers given for an Article may also refer to individual Sections of that Article. References given for Sections of an Article are not necessarily repeated against the Article itself. The Article is usually cited in a footnote.

    The text of the Articles will be found in Volume III of this history; those adopted at Bretton Woods are on pages 185-214, and those embodied in the Amendment that came into force in July 1969 are on pages 521-38.

    ART.SEC.PAGE
    I19, 23, 26, 31, 176, 179, 219, 238, 382, 386-87, 393, 409, 536, 557, 572-74, 604.
    III349-50.
    III2350, 351, 600, 604.
    III3350, 551.
    III4350, 361, 600, 604.
    IV21, 94.
    IV141, 545, 599.
    IV2174, 176-77, 183, 190, 192, 200, 203-209, 212, 563, 574.
    IV341, 69, 81-82, 154, 547, 591.
    IV441, 81, 176, 179, 208, 547-48, 560, 564, 573-75, 591, 593, 598.
    IV541, 61, 64, 65, 95, 153-54, 514, 547.
    IV642, 157-58, 384, 389, 582.
    IV7192, 600.
    IV8157, 165-67, 365-66, 369, 591, 599, 600.
    V2365, 368, 371, 444, 544-45.
    V3351, 353, 357, 382, 385-87, 390, 393, 398, 402, 403, 406, 415, 439, 451-52, 470, 522-23, 525, 527-28, 541-42, 600, 604.
    V4351, 382-83, 402, 403, 406, 470, 478, 522, 528, 530-31, 542.
    V5351, 383, 387-88, 390, 393, 398, 525, 582.
    V6562-63.
    V7383, 391, 399-400, 436-45, 450, 525-31, 543, 563, 578, 580.
    V8383, 391, 428-31, 424, 439, 524-25, 527, 576-77, 583, 602.
    V9578, 602.
    VI384, 539-40.
    VI134, 410-11, 413-16, 539, 599.
    VI2411, 452, 599, 601.
    VI3224, 411, 548-49.
    VII1586-88.
    VII2373-74, 562, 586-88.
    VII3220, 586-88.
    VIII22, 75-76, 226, 239, 270, 284-88, 303, 307, 555-59.
    VIII2,3,4219, 440, 443, 448, 451, 556-58.
    VIII2125, 190, 219, 221, 224, 240, 247, 259, 544, 553-54, 568, 580, 591-92.
    VIII381, 125, 220, 247, 547-49, 592.
    VIII4220, 415, 544.
    VIII5589-90.
    IX2365-66.
    XII2350, 365-66, 430, 578-79.
    XII3351, 515, 576.
    XII5352, 514.
    XII6603.
    XII7238.
    XII8238, 584.
    XIV22, 27, 224-25, 229, 231, 270, 307, 553-59, 565, 583.
    XIV1384, 388.
    XIV2129-30, 220, 239, 547-48, 555, 558, 573, 589-90.
    XIV3220, 556.
    XIV4220, 231-32, 234-35, 256, 555-57, 583-84.
    XIV5220, 384.
    XV265, 221, 384, 389, 582, 590.
    XVI1384, 436, 470, 552.
    XVI2599.
    XVII350, 595.
    XVIII368-69, 384, 567-71, 602.
    XIX411, 414, 438, 450, 514, 580, 600, 603.
    XX2589.
    XX442, 53, 55, 58, 65-70, 384, 388-90, 393, 408, 547, 551, 585.
    XXI2599.
    XXII1596.
    XXII2596, 598.
    XXIII1596.
    XXIV2596.
    XXIV4596.
    XXV3597, 604.
    XXV4598, 599.
    XXV5578, 597.
    XXV6578, 597.
    XXV7604.
    XXV8545, 599.
    XXVI1,2,3578.
    XXVII596, 598.
    XXVIII575, 594.
    XXIX1598.
    XXX598.
    XXXI599.
    XXXII604, 605.
    SCHEDULE
    A349, 351, 355, 378*-80*, 576.
    B383, 391, 436-39, 444, 530-31, 600.
    C351.
    E599.
    F578.
    G578, 597, 604.
    H598.
    I599.

    Index D. Executive Board Decisions

    Decisions Referred to by Number

    The citation is usually in a footnote. The text of these decisions is given in full in Volume III of this history, pp. 219-77.

    DECISION NUMBERPAGE
    2-1567.
    71-292, 385, 414-16, 524, 539-40, 568, 571.
    117-1556.
    124-2438.
    196-2388.
    233-2205, 207, 210, 212, 563.
    237-295, 128, 548, 553.
    278-395, 549.
    284-2388, 585.
    284-3387, 523.
    284-4385, 523.
    286-1388, 523.
    287-3386, 523.
    292-3387, 523.
    419-1439.
    446-4568.
    447-5438.
    493-3438.
    521-3439, 530.
    534-3568-69.
    595-3350.
    7-(648)440, 526, 563.
    75-(705)200, 564.
    102-(52/11)402-403, 443, 445, 468, 524, 526-28, 536, 572-73, 577.
    144-(52/51)259, 589.
    155-(52/57)403, 470, 533, 585.
    201-(53/29)266, 556, 592.
    270-(53/95)446, 471, 480, 533.
    321-(54/32)165, 444, 591.
    343-(54/47)569.
    433-(55/42)304, 556, 592.
    451-(55/52)387, 528, 569.
    488-(56/5)368-69, 570.
    541-(56/39)224, 548.
    649-(57/33)142.
    705-(57/55)441.
    708-(57/57)371, 570.
    876-(59/15)435, 446, 533.
    904-(59/32)82, 553.
    905-(59/32)570.
    955-(59/45)283, 306, 556, 592.
    1034-(60/27)223, 247, 288, 307, 554, 556-59.
    1107-(60/50)570.
    1151-(61/6)481, 533, 586.
    1238-(61/43)34, 416, 540.
    1245-(61/45)167, 591.
    1272-(61/53)373.
    1283-(61/56)167, 591.
    1289-(62/1)375, 519-20, 532, 537, 541, 604-605.
    1345-(62/32)436.
    1371-(62/36)452, 530, 541-43, 545.
    1477-(63/8)421, 531, 539.
    1529-(63/33)361.
    1543-(63/39)407, 532.
    1687-(64/22)71, 409, 476, 552.
    1712-(64/29)376.
    1745-(64/46)405, 537.
    1813-(65/4)441.

    Decisions Referred to by Subject

    YEARSUBJECTPAGE
    1948ERP395-97, 523.
    1950GATT230-31.
    1951Charges431.
    1951Lapse of time procedure132.
    1952Rooth Plan402-403, 443, 445, 468, 524, 526-28, 536, 572-73, 577.
    1953Charges434.
    1956Small Quotas Policy357.
    1957Replenishment (dollars)455.
    1958Quota increases358.
    1959Charges435.
    1963Charges434.
    1963Compensatory financing421-22, 521.
    1965Quota increases362.
    1966Compensatory financing425-27.
    1968Stand-by arrangements533.

    Index E. Publications Cited

    Numbers refer to pages. The publication is usually cited in a footnote.

    A

      Agence Economique et Financère (Paris), October28, 1960: 290.

      Alexander, Sidney S.Devaluation Versus Import Restriction as an Instrument for Improving Foreign Trade Balance,Staff Papers, Vol. I (1950-51), pp. 37996: 46.

      Alexander, Sidney S.Effects of a Devaluation on a Trade Balance,Staff Papers, Vol. II (1951-52), pp. 26378: 46.

      Altman, Oscar L.Quotas in the International Monetary Fund,Staff Papers, Vol. V (1956-57), pp. 12950: 351.

      American Economic Association. “Papers and Proceedings,American Economic Review, Vol. XXXVII, No. 2 (May1947), pp. 56094: 20.

    B

    C

      Cheng, Hang Sheng.Statistical Estimates of Elasticities and Propensities in International Trade: A Survey of Published Studies,Staff Papers, Vol. VII (1959-60), pp. 10758: 46.

      Collings, F. d’A.Recent Progress in Latin America Toward Eliminating Exchange Restrictions,Staff Papers, Vol. VIII (1960-61), pp. 27486: 144.

      Curzon, Gerard.Multilateral Commercial Diplomacy: The General Agreement on Tariffs and Trade and Its Impact on National Commercial Policies and Techniques (London, 1965): 334, 336, 338, 345-46.

    D

      de Looper, Johan H. C.Current Usage of Payments Agreements and Trade Agreements,Staff Papers, Vol. IV (1954-55), pp. 33997: 298.

      de Looper, Johan H. C.Recent Latin American Experience with Bilateral Trade and Payments Agreements,Staff Papers, Vol. IV (1954-55), pp. 85112: 299.

      de Vries, Barend A.Immediate Effects of Devaluation on Prices of Raw Materials,Staff Papers, Vol. I (1950-51), pp. 23853: 46.

      de Vries, Barend A.Price Elasticities of Demand for Individual Commodities Imported into the United States,Staff Papers, Vol. I (1950-51), pp. 397419: 46.

      de Vries, Barend A. and F. A. G.Keesing.The Use of Bilateral Agreement Currencies for Trade with Third Countries,Staff Papers, Vol. V (1956-57), pp. 17099: 301.

      de Vries, Margaret G.Exchange Depreciation in Developing Countries,Staff Papers, Vol. XV (1968), pp. 56078: 114.

      de Vries, Margaret G.Fund Members’ Adherence to the Par Value Regime: Empirical Evidence,Staff Papers, Vol. XIII (1966), pp. 50432: 49, 143.

      de Vries, Margaret G.Multiple Exchange Rates: Expectations and Experiences,Staff Papers, Vol. XII (1965), pp. 282313: 145.

      de Vries, Margaret G.Trade and Exchange Policy and Economic Development: Two Decades of Evolving Views,Oxford Economic Papers (London), Vol. 18, No. 1 (March1966), pp. 1944: 109.

      Diebold, William, Jr.Trade and Payments in Western Europe: A Study in Economic Cooperation, 1947-51 (New York, 1952): 301, 318.

    E

    F

      Fawcett, J. E. S.The Place of Law in an International Organization,” in The British Year Book of International Law, 1960 (London, 1961), pp. 32142: 573.

      Fellner, William.On Limited Exchange Rate Flexibility,” in WilliamFellner, FritzMachlup, RobertTriffin, and eleven others, (ed)Maintaining and Restoring Balance in International Payments (Princeton, 1966), pp. 11122: 50.

      Fisher, Allan G. B.The Political Framework of an International Institution,The Manchester School of Economic and Social Studies (Manchester), Vol. XXX (1962), pp. 12151: 15.

      Fleming, J. Marcus, and Robert A.Mundell.Official Intervention in the Forward Exchange Market: A Simplified Analysis,Staff Papers, Vol. XI (1964), pp. 119: 83.

      Fleming, J. Marcus, and Robert A.Mundell. RudolfRhomberg, and LoretteBoissonneault.Export Norms and Their Role in Compensatory Financing,Staff Papers, Vol. X (1963), pp. 97149: 420.

      Frisch, Ragnar.On the Need for Forecasting a Multilateral Balance of Payments,American Economic Review, Vol. XXXVII, No. 2 (May1947), pp. 53551: 20.

      Fuller, Roy.The Lawyer as Poet,The New Law Journal (London), Vol. 118, No. 5369 (December19, 1968), p. 1205: 522.

    G

      Gardner, Walter R., and S. C.Tsiang,Competitive Depreciation,Staff Papers, Vol. II (1951-52), pp. 399406: 104.

      Germany, Ministry of Justice. Bundesgesetzblatt, Part II, July13, 1956: 516.

      Germany, Sachverstandigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, Jahresgutachten 1964-65 [Annual Report of the Council of Experts on Economic Development]: 50.

      Gold, Joseph.The Cuban Insurance Cases and the Articles of Agreement of the Fund, IMF Pamphlet Series, No. 8 (Washington, 1966): 568.

      Gold, Joseph.The Duty to Collaborate with the International Monetary Fund and the Development of Monetary Law,” in Law, Justice and Equity, R. H.Code Holland and G.Schwarzenberger, (ed)eds. (London, 1967), pp. 13751: 575.

      Gold, Joseph.The Fund Agreement in the Courts, IMF Monograph Series, No. 2 (Washington, 1962): 220, 568, 592.

      Gold, Joseph.The Fund Agreement in the Courts—VIII,Staff Papers, Vol. XI (1964), pp. 45789: 220, 568.

      Gold, Joseph.The Fund Agreement in the Courts—IX,Staff Papers, Vol. XIV (1967), pp. 369402: 220, 568.

      Gold, Joseph.The Fund and Non-Member States: Some Legal Effects, IMF Pamphlet Series, No. 7 (Washington, 1966): 579.

      Gold, Joseph.The International Monetary Fund and the International Recognition of Exchange Control Regulations: The Cuban Insurance Cases,Revue de la Banque (Brussels), Vol. 31 (1967), No. 6, pp. 52338: 568.

      Gold, Joseph.Interpretation by the Fund, IMF Pamphlet Series, No. 11 (Washington, 1968): 9, 567, 569.

      Gold, Joseph.Legal Technique in the Creation of a New International Reserve Asset: Special Drawing Rights and the Amendment of the Articles of Agreement of the International Monetary Fund,Case Western Reserve Journal of International Law (Cleveland, 1969), Vol. I, No. 2, pp. 10523: 596.

      Gold, Joseph.Maintenance of the Gold Value of the Fund’s Assets, IMF Pamphlet Series, No. 6 (Washington, 1965): 591.

      Gold, Joseph.The Next Stage in the Development of International Monetary Law: The Deliberate Control of Liquidity,The American Journal of International Law (Washington), Vol. 62 (1968), pp. 365402: 595.

      Gold, Joseph.The Reform of the Fund, IMF Pamphlet Series, No. 12 (Washington, 1969): 600.

      Gold, Joseph.Special Drawing Rights, IMF Pamphlet Series, No. 13 (Washington, 1969): 595.

      Gordon, Margaret S.Barriers to World Trade: A Study of Recent Commercial Policy (New York, 1941): 123, 219, 297.

      Group of Ten. Ministerial Statement of the Group of Ten and Annex Prepared by Deputies (Paris, August1964): 50.

      Gutt, Camille.The Practical Problem of Exchange Rates: An Address Before the Littauer School of Public Administration, Harvard University, Cambridge, Mass., February 13, 1948 [Washington, 1948]: 54.

    H

      Hexner, Ervin P.Interpretation by Public International Organizations of Their Basic Instruments,The American Journal of International Law (Washington), Vol. 53 (1959), No. 2, pp. 34170: 9.

      Hexner, Ervin P.The Executive Board of the International Monetary Fund: A Decision-Making Instrument,International Organization (Boston), Vol. XVIII (1964), pp. 7496: 15.

      Hexner, Ervin P.The General Agreement on Tariffs and Trade and the Monetary Fund,Staff Papers, Vol. I (1950-51), pp. 43264: 335, 336.

      Hicks, Earl, Graeme S.Dorrance, and Gerard R.Aubanel,Monetary Analyses,Staff Papers, Vol. V (1956-57), pp. 342433: 272.

      Holtrop, M. W.Method of Monetary Analysis Used by De Nederlandsche Bank,Staff Papers, Vol. V (1956-57), pp. 30315: 272.

    I

      [International Monetary Fund]. “The Adequacy of Monetary Reserves,Staff Papers, Vol. III (1953-54), pp. 181227: 356.

      [International Monetary Fund]. Annual Report of the Executive Directors: 1946, 221, 252, 392; 1947, 43, 54, 58, 249, 254, 392; 1948, 25, 44, 58, 78, 96, 135, 249, 252, 254, 396-97; 1949, 44, 207, 255, 399; 1950, 194, 208, 258; 1951, 80, 171, 550; 1952, 63; 1953, 105, 202; 1954, 138, 202, 268-69; 1955, 139, 202, 209, 211, 250, 271, 276, 305, 404, 475, 538; 1956, 202, 274; 1957, 202, 209, 271, 475, 538; 1958, 48, 80, 171, 211, 212, 551; 1959, 209, 213, 279, 404; 1960, 212; 1961, 145, 202, 209, 374; 1962, 35, 171, 211, 212, 550; 1963, 110, 211, 212, 295, 316, 404; 1964, 209, 211, 213, 295, 362; 1965, 211, 212, 213, 362, 442; 1966, 110, 202, 211, 213, 442; 1967, 111.

      [International Monetary Fund]. Annual Report on Exchange Restrictions: 121, 131; 1st (1950), 134, 257; 2nd (1951), 230, 262, 263; 3rd (1952), 267; 4th (1953), 137, 263; 5th (1954), 301; 6th (1955), 138; 7th (1956), 141; 9th (1958), 58; 10th (1959), 58; 12th (1961), 58, 291; 17th (1966), 146, 260.

      [International Monetary Fund]. Compensatory Financing of Export Fluctuations: A Report by the International Monetary Fund on Compensatory Financing of the Fluctuations in Exports of Primary Producing Countries (Washington, 1963): 361, 421.

      [International Monetary Fund]. Compensatory Financing of Export Fluctuations; Developments in the Fund’s Facility: A Second Report by the International Monetary Fund on Compensatory Financing of the Fluctuations in Exports of Primary Producing Countries (Washington, 1966): 425, 539.

      [International Monetary Fund]. Enlargement of Fund Resources Through Increases in Quotas: A Report by the Executive Directors to the Board of Governors of the International Monetary Fund (Washington, 1958): 358.

      [International Monetary Fund]. Establishment of a Facility Based on Special Drawing Rights in the International Monetary Fund and Modifications in the Rules and Practices of the Fund: A Report by the Executive Directors to the Board of Governors Proposing Amendment of the Articles of Agreement (Washington, 1968): 595, 600.

      [International Monetary Fund]. “Fund Policies and Procedures in Relation to the Compensatory Financing of Commodity Fluctuations,Staff Papers, Vol. VIII (1960-61), pp. 176: 418.

      [International Monetary Fund]. International Financial News Survey (Washington), Vol. XVI (1964), pp. 11516: 172.

      [International Monetary Fund]. International Financial Statistics (Washington), various dates: 113, 121, 131, 406.

      [International Monetary Fund]. International Reserves and Liquidity: A Study by the Staff of the International Monetary Fund [Washington, 1958]: 358.

      [International Monetary Fund]. Schedule of Par Values, 41st issue (Washington, February15, 1966): 167.

      [International Monetary Fund]. Selected Decisions of the Executive Directors and Selected Documents, 3rd issue (Washington, January1965): 385, 516.

      [International Monetary Fund]. Selected Documents, Board of Governors Inaugural Meeting (Washington, 1946): 92, 385.

      [International Monetary Fund]. Summary Proceedings of the Board of Governors: 1946, 55, 354; 1947, 253, 354; 1948, 355; 1949, 188, 255; 1950, 194, 261; 1952, 67, 265, 408; 1953, 69, 70, 408; 1954, 270, 590; 1955, 274; 1956, 272; 1957, 357; 1958, 358, 450; 1959, 279, 282-83, 331, 359; 1960, 290, 359; 1961, 374; 1962, 359; 1963, 70, 361, 409; 1964, 71, 361, 362, 410; 1965, 361, 363, 406; 1966, 363.

    J

      Jacobsson, Per.International Monetary Problems, 1957-1963: Selected Speeches of Per Jacobsson, IMF Monograph Series, No. 3 (Washington, 1964): 571.

      Johnson, Harry G.The World Economy at the Crossroads: A Survey of Current Problems of Money, Trade, and Economic Development (Oxford, 1965): 31, 280, 317.

    L

    M

    P

    R

    S

    T

    U

    W

      White, William H.Interest Rate Differences, Forward Exchange Mechanism, and Scope for Short-Term Capital Movements,Staff Papers, Vol. X (1963), pp. 485503: 83.

      Woodley, W.JohnR.The Use of Special Exchange Rates for Transactions with Foreign Companies,Staff Papers, Vol. III (1953-54), pp. 25469: 140.

    Y

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