IMF History (1966-1971) Volume 1

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Author(s):
International Monetary Fund
Published Date:
February 1996
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    Appendices
    Appendix A–1. Appointed Executive Directors and Their Alternates Article XII, Section 3 (b) (i) 1966–71
    Countries RepresentedExecutive Director and Alternate1
    NameDate2 Became MemberRepresentationNameDates2 of Service
    BeganEndedBeganEnded
    United States12/27/451946William B. Dale11/1/62
    John S. Hooker1/3/503/31/70
    Charles R. Harley9/17/70
    United Kingdom12/27/451946Sir John Stevens1/15/658/8/67
    Douglas W. G. Wass6/3/65
    Evan W. Maude8/9/6710/21/69
    Douglas W. G. Wass10/27/67
    Guy Huntrods10/28/67
    Derek Mitchell11/7/69
    Guy Huntrods7/19/70
    Ronald H. Gilchrist7/20/70
    France12/27/451946René Larre6/6/648/31/67
    Gérard M. Teyssier6/1/647/30/67
    Paul Mentré7/31/67
    Georges Plescoff9/1/6710/31/70
    Paul Mentré8/15/68
    Bruno de Maulde8/16/68
    Marc Viénot11/1/70
    Bruno de Maulde12/31/70
    Claude Beaurain1/1/71
    India312/27/451946J. J. Anjaria8/1/611/31/67
    Arun K. Ghosh7/1/646/30/66
    Arun K. Banerji7/1/66
    B. K. Madan2/1/676/4/71
    Arun K. Banerji1/31/69
    Sharad S. Marathe2/1/69
    P. S. N. Prasad6/5/71
    Germany, Federal Republic of48/14/521960Ulrich Beelitz4/1/645/31/66
    Horst Ungerer11/1/65
    Ernst vom Hofe6/1/664/30/68
    Guenther Schleiminger5/1/68
    Horst Ungerer8/25/68
    Lore Fuenfgelt8/26/68
    Japan38/13/521970Hideo Suzuki11/1/70
    Koichi Satow11/1/70

    Alternate Executive Directors, always appointed by the Executive Director, are indicated by italic type.

    Dates are given in the following order: month/day/year.

    On November 1, 1970, Japan replaced India as one of the five members having the largest quotas and therefore qualified to appoint an Executive Director in accordance with Article XII, Section 3 (b) (i). India continued, however, to be entitled to appoint an Executive Director until the next regular election of Executive Directors in 1972, pursuant to Board of Governors Resolution No. IM-7.

    On November 1, 1960, the Federal Republic of Germany replaced the Republic of China as one of the five members having the largest quotas and therefore qualified to appoint an Executive Director in accordance with Article XII, Section 3 (b) (i).

    Appendix A–2. Elected Executive Directors and Their Alternates Article XII, Section 3 (b) (iii) 1966–71
    Countries RepresentedExecutive Director and Alternate1
    NameDate2 Became MemberRepresentationNameDates2 of Service
    BeganEndedBeganEnded
    China, Republic of312/27/451960Beue Tann (Republic of China)11/1/6010/31/70
    Korea8/26/551966Chi-Ling Chow (Republic of China)10/5/6510/31/68
    Viet-Nam9/21/561966Nguyên Huu Hanh (Viet-Nam)11/1/68
    Philippines12/27/451970Peh Yuan Hsu (Republic of China)11/1/70
    Canada12/27/451946S. J. Handfield-Jones (Canada)5/1/6510/31/68
    Ireland8/8/571960Patrick M. Reid (Canada)7/1/6510/31/68
    Jamaica2/21/631964Robert Johnstone (Canada)11/1/689/30/71
    Guyana9/26/6619661970Maurice Horgan (Ireland)11/1/6812/31/70
    Barbados412/29/70Donald Owen Mills (Jamaica)1/1/71
    Robert Bryce (Canada)10/1/71
    Netherlands12/27/451946Pieter Lieftinck (Netherlands)10/1/55
    Israel7/12/541954H. M. H. A. van der Valk (Netherlands)5/23/4911/30/68
    Yugoslavia12/27/451954Pieter C. Timmerman (Netherlands)12/1/681/14/69
    Cyprus12/21/611962Tom de Vries (Netherlands)1/15/69
    Ceylon58/29/5019501970Gengo Suzuki (Japan)11/1/6010/31/66
    Thailand55/3/4919501970Eiji Ozaki (Japan)7/1/65
    Burma51/3/5219521970Hideo Suzuki (Japan)11/1/6610/31/70
    Japan68/13/5219521970Eiji Ozaki (Japan)4/26/68
    Nepal59/6/6119621970Seitaro Hattori (Japan)4/27/686/15/70
    Koichi Satow (Japan)6/16/7010/31/70
    Egypt12/27/451946Ahmed Zaki Saad (Egypt)5/6/4610/31/70
    Ethiopia12/27/4519461970Albert Mansour (Egypt)11/16/517/31/68
    Iran12/29/451946Albert Mansour (Egypt)12/26/6810/31/70
    Iraq12/27/451946Nazih Deif (Egypt)11/1/70
    Philippines12/27/4519461970Muhammad Al-Atrash (Syrian Arab Republic)12/1/70
    Lebanon4/14/471948
    Syrian Arab Republic4/10/471948
    Pakistan7/11/501950
    Jordan8/29/521952
    Afghanistan7/14/551956
    Saudi Arabia8/26/571958
    Kuwait9/13/621962
    Somalia8/31/621964
    Yemen Arab Republic5/22/701970
    Yemen, People’s
    Democratic Republic of9/29/691970
    Oman412/23/71
    Belgium12/27/451946André van Campenhout (Belgium)12/1/54
    Luxembourg12/27/451946Herman Biron (Belgium)11/24/6511/15/68
    Austria8/27/481954Jacques Roelandts (Belgium)11/16/6811/30/70
    Turkey3/11/471954Heinrich G. Schneider (Austria)12/1/70
    Italy3/27/47[1947]7Sergio Siglienti (Italy)11/1/6011/30/67
    Greece812/27/4519481970Costa P. Caranicas (Greece)11/1/52
    Spain89/15/581958Francesco Palamenghi-Crispi (Italy)912/1/67
    Portugal83/29/611962Costa P. Caranicas (Greece)10/31/68
    Malta89/11/681970Carlos Bustelo (Spain)11/1/68
    Australia8/5/47[1948]7J. M. Garland (Australia)11/11/591/17/66
    South Africa12/27/451948Roy Daniel (Australia)1/10/64
    Viet-Nam9/21/5619561966M. W. O’Donnell (Australia)1/18/662/1/67
    New Zealand8/31/611962Roy Daniel (Australia)2/1/66
    Lesotho7/25/681968A. M. de Villiers (South Africa)2/2/66
    Swaziland9/22/691970J. O. Stone (Australia)2/2/6712/23/70
    Western Samoa412/28/71A. M. de Villiers (South Africa)8/31/68
    G. P. C. de Kock (South Africa)9/1/68
    Lindsay B. Brand (Australia)12/24/70
    G. P. C. de Kock (South Africa)6/4/71
    Robert van S. Smit (South Africa)6/5/71
    Denmark3/30/461952Kurt Eklöf (Sweden)11/1/6410/31/66
    Finland1/14/481952Otto Schelin (Denmark)11/2/6410/31/66
    Iceland12/27/451952Torben Friis (Denmark)11/1/6610/31/68
    Norway12/27/451952Jorma Aranko (Finland)11/1/66
    Sweden8/31/511952Eero Asp (Finland)11/1/6810/31/70
    Jorma Aranko (Finland)12/12/68
    Sigurgeir Jónsson (Iceland)12/13/68
    Erik Brofoss (Norway)11/1/70
    Ghana9/20/571958Amon Nikoi (Ghana)6/15/6510/31/68
    Libyan Arab Republic9/17/581958Muhamad Barmawie Alwie (Indonesia)1/16/672/16/68
    Malaysia53/7/5819581970Byanti Kharmawan (Indonesia)11/1/68
    Morocco4/25/581958Abdoel Hamid (Indonesia)11/1/6812/4/68
    Tunisia4/14/581958Malek Ali Merican (Malaysia)12/5/6810/30/70
    Laos57/5/6119621970Costa P. Caranicas (Greece)11/1/70
    Algeria9/26/631964
    Singapore58/3/6619661970
    Indonesia102/21/671968
    Greece12/27/451970
    Khmer Republic12/31/691970
    Fiji45/28/71
    Cameroon7/10/63[1963]7Louis Kandé (Senegal)10/3/6310/31/66
    Central African Republic7/10/63[1963]7Antoine IV. Yaméogo (Upper Volta)11/1/6410/31/66
    Chad7/10/63[1963]7Antoine W. Yaméogo (Upper Volta)11/1/66
    Congo, People’s Republic of theLéon M. Rajaobelina (Malagasy Republic)11/1/66
    7/10/63[1963]7
    Dahomey7/10/63[1963]7
    Gabon9/10/63[1963]7
    Ivory Coast3/11/63[1963]7
    Malagasy Republic9/25/63[1963]7
    Mauritania9/10/63[1963]7
    Niger4/24/63[1963]7
    Rwanda9/30/63[1963]7
    Senegal8/31/62[1963]7
    Togo8/1/62[1963]7
    Upper Volta5/2/63[1963]7
    Congo, Democratic
    Republic of (Zaïre)9/28/631966
    Mauritius9/23/681968
    Equatorial Guinea12/22/691970
    Mali9/27/631970
    Burundi9/28/631964Semyano Kiingi (Uganda)11/1/6410/31/66
    Congo, DemocraticPaul L. Faber (Guinea)11/1/6410/31/66
    Republic of (Zaïre)9/28/6319641966Paul L. Faber (Guinea)11/1/6610/31/68
    Guinea9/28/631964Leonard A. Williams (Trinidad and Tobago)11/1/6610/31/68
    Kenya2/3/641964Leonard A. Williams (Trinidad and Tobago)11/1/6810/31/70
    Liberia3/28/621964Maurice P. Omwony (Kenya)11/1/6810/31/70
    Mali9/27/6319641970Maurice P. Omwony (Kenya)11/1/70
    Nigeria3/30/611964S. B. Nicol-Cole (Sierra Leone)11/1/70
    Sierra Leone9/10/621964
    Sudan9/5/571964
    Tanzania9/10/621964
    Trinidad and Tobago9/16/631964
    Uganda9/27/631964
    Malawi7/19/651966
    Zambia9/23/651966
    Botswana7/24/681968
    Gambia, The9/21/671968
    Ethiopia12/27/451970

    Alternate Executive Directors, always appointed by the Executive Director, are indicated by italic type.

    Dates are given in the following order: month/day/year.

    Executive Directors were appointed by the Republic of China in accordance with Article XII, Section 3 (b) (i), until 1960, when the Federal Republic of Germany replaced the Republic of China as a member having one of the five largest quotas.

    Barbados, Fiji, Oman, and Western Samoa joined the Fund after the 1970 regular election of Executive Directors. Barbados designated the Executive Director elected by Canada, Ireland, and Jamaica to look after its interests in the Fund until the next regular election of Executive Directors; Fiji, the Executive Director elected by Algeria, Ghana, Greece, Indonesia, the Khmer Republic, the Libyan Arab Republic, Morocco, and Tunisia; Oman, the Executive Director elected by the Middle Eastern countries; and Western Samoa, the Executive Director elected by Australia, Lesotho, New Zealand, South Africa, and Swaziland.

    Burma, Ceylon, Laos, Malaysia, Nepal, Singapore, and Thailand, whose votes were not cast for any of the Executive Directors elected in the 1970 regular election of Executive Directors, designated the Executive Director appointed by Japan to look after their interests in the Fund until the next regular election of Executive Directors.

    With effect from November 1, 1970, Mr. Hideo Suzuki was appointed as Executive Director for Japan in accordance with Article XII, Section 3 (b) (i).

    Interim elections, pursuant to Board of Governors Resolutions Nos. IM-10, 2-8, and 17-5, as amended by Resolution No. 18-7, respectively.

    Greece, Malta, Portugal, and Spain, which were eligible to vote in the 1968 regular election of Executive Directors, abstained. These countries designated the Executive Director appointed by Italy to look after their interests in the Fund until the next regular election of Executive Directors in 1970.

    For the term November 1, 1968–October 31, 1970, Mr. Palamenghi-Crispi was appointed by Italy in accordance with Article XII, Section 3 (c). He was elected at the 1970 regular election of Executive Directors in accordance with Article XII, Section 3 (b) (iii).

    Indonesia withdrew from the Fund, effective August 17, 1965, and rejoined on February 21, 1967.

    Appendix A–3. Elected Executive Directors and Their Alternates Article XII, Section 3 (b) (iv) 1966–71
    Countries RepresentedExecutive Director and Alternate1
    NameDate2 Became MemberRepresentationNameDates2 of Service
    BeganEndedBeganEnded
    Brazil1/14/461946Mauricio Chagas Bicalho (Brazil)11/1/6010/31/66
    Peru12/31/451946Antonio de Abreu Coutinho (Brazil)11/1/624/18/66
    Dominican Republic12/28/451948Alexandre Kafka (Brazil)6/5/6610/31/66
    Panama3/14/461952Alexandre Kafka (Brazil)11/1/66
    Haiti9/8/531954Paulo H. Pereira Lira (Brazil)11/13/663/4/68
    Colombia12/27/451956Eduardo da S. Gomes, Jr. (Brazil)3/29/6810/1/71
    Guyana9/26/661970Basilio Martins (Brazil)10/2/71
    Costa Rica1/8/461946Enrique Tejera-París (Venezuela)3/2/6510/31/66
    El Salvador3/14/461946Jorge Gonzáles del Valle (Guatemala)11/1/6410/31/66
    Guatemala12/28/451946Jorge González del Valle (Guatemala)11/1/6610/31/68
    Mexico12/31/451946Alfredo Phillips O. (Mexico)11/1/6610/31/68
    Venezuela12/30/461948Alfredo Phillips O. (Mexico)11/1/6810/31/70
    Honduras12/27/451952Marcos A. Sandoval (Venezuela)11/1/6810/31/70
    Nicaragua3/14/461952Luis Ugueto (Venezuela)11/1/70
    Guillermo González (Costa Rica)11/25/70
    Argentina9/20/561956Luis Escobar (Chile)11/1/6410/31/66
    Bolivia12/27/451956Enrique Domenech (Argentina)11/1/6410/31/66
    Chile12/31/451956Adolfo C. Diz (Argentina)11/1/6610/31/68
    Ecuador12/28/451956Yamandú S. Patrón (Uruguay)11/1/6610/31/68
    Paraguay12/28/451956Luis Escobar (Chile)11/1/6810/31/70
    Uruguay3/11/461956Ricardo H. Arriazu (Argentina)11/1/68
    Carlos Massad A. (Chile)11/1/70

    Alternate Executive Directors, always appointed by the Executive Director, are indicated by italic type.

    All dates are given in the following order: month/day/year.

    Appendix B. Management and Senior Staff as of December 31, 1971
    The Managing DirectorPierre-Paul Schweitzer
    The Deputy Managing DirectorFrank A. Southard, Jr.
    The General CounselJoseph Gold
    The Economic CounsellorJ. J. Polak
    Department or OfficeHead of Department or OfficeOther Senior Staff1
    AdministrationPhillip ThorsonKenneth N. Clark

    William M. Avery

    Robert Harris

    P. N. Kaul

    Henri H. P. King

    Martin L. Loftus

    Walter H. Windsor
    AfricanMamoudou TouréAli R. Bengur

    Lamberto Dini

    Charles L. Merwin

    U Tun Wai

    Jacques Waïtzenegger

    R. J. Bhatia

    Edwin L. Bornemann

    D. Boushehri

    Francis d’A. Collings

    Alberto S. Foz

    Kwame Kwateng
    AsianD. S. SavkarAndreas Abadjis

    Albert A. Mattera

    Koji Suzuki

    Tun Thin

    W. John R. Woodley

    Joachim Ahrensdorf

    A. G. Chandavarkar

    S. Kanesa-Thasan

    Prabhakar Narvekar

    Douglas A. Scott
    Central Banking ServiceJan V. MládekRudolf Kroc

    San Lin

    Marcin R. Wyczalkowski

    Graeme S. Dorrance

    D. R. Khatkhate

    James K. Nettles

    Roland Tenconi
    EuropeanL. A. WhittomeRolf Evensen

    Poul Høst-Madsen

    Albin Pfeifer

    H. Ponsen

    Brian Rose

    Ekhard O. C. Brehmer

    B. S. Karlstroem

    Geoffrey Tyler

    Horst Ungerer

    Leo M. J. Van Houtven

    A. Charles Woodward
    Exchange and Trade RelationsErnest SturcC. David Finch

    Subimal Mookerjee

    Donald K. Palmer

    Timothy Sweeney

    Michael Dakolias

    J. H. C. de Looper

    Erik Elmholt

    Hans W. Gerhard

    W. F. Hughes

    Azizali Mohammed

    Kemal Siber
    Fiscal AffairsRichard GoodeW. A. Beveridge

    Leif Mutén

    Jakob Saper

    William M. Wedderspoon

    Raja J. Chelliah

    Rasheed O. Khalid

    Richard S. Latham

    George E. Lent

    Jonathan Levin

    G. W. van der Feltz
    IMF InstituteF. A. G. KeesingGérard M. Teyssier

    Herbert K. Zassenhaus

    Orlando H. Lobo

    Ciro Tognetti

    Jean O. van der Mensbrugghe
    LegalJoseph GoldAlbert S. Gerstein

    George P. Nicoletopoulos

    Robert C. Effros

    James G. Evans, Jr.

    Philine R. Lachman

    N. S. Narayana Chari

    Olav C. A. Snellingen
    Middle EasternAnwar Ali (on leave)

    John W. Gunter (Acting)
    A. S. Ray

    A. K. El Selehdar

    Andreas S. Gerakis

    M. M. Hassanein

    A. S. Shaalan
    ResearchJ. J. PolakJ. Marcus Fleming

    Fred Hirsch

    Charles F. Schwartz

    Victor Argy

    Carl P. Blackwell

    Arie C. Bouter

    Rudolph R. Rhomberg

    Duncan Ridler

    John S. Smith
    Secretary’sW. Lawrence HebbardRoger V. Anderson

    J. D. Scott2

    George E. Bishop

    D. E. Brantley

    Norman K. Humphreys

    Joseph W. Lang, Jr.

    Katherine F. Magurn

    Marie C. Stark
    Treasurer’sWalter O. HabermeierFrederick C. Dirks

    Robert J. Familton

    Carl B. Fink

    Charles E. Jones

    Richard H. Miller

    Walter T. Powers

    David Williams
    Western HemisphereJorge Del CantoSterie T. Beza

    Paul J. Brand

    E. Walter Robichek

    Carlos E. Sansón

    Fernando A. Vera

    Jack P. Barnouin

    Marcello Caiola

    Joseph Chatelain

    John W. Crow

    Joaquín Ferrán

    Fernando Gaviria

    Julio E. González

    Jack Guenther

    Richard A. Radford

    Edison V. Zayas
    Bureau of StatisticsEarl HicksLeonello Boccia

    Werner Dannemann

    Jai B. Gupta

    Akira P. Nose

    Robert L. Praetorius

    José C. Sánchiz

    Dan R. Silling
    Office in Europe (Paris)Jean-Paul SalléAldo Guetta
    Office in GenevaEdgar Jones
    Chief Information OfficerJay H. Reid
    Internal AuditorJ. William Lowe
    Special Representative to the United NationsGordon Williams
    Personal Assistant to the Managing DirectorL. F. T. Smith

    In each department or office the first grouping lists, in alphabetical order, Deputy Directors and Senior Advisors or the equivalent; the second grouping lists, in alphabetical order, all other senior staff.

    Editor, Finance and Development.

    Appendix C. Organizational Chart as of December 31, 1971

    Index

    References are to pages; page numbers marked with an asterisk (*) refer to tables in the text, and those marked with the letter n refer to footnotes. The appendices have not been included in this index

    A

    ABADJIS, ANDREAS, 646

    ACC. See UNITED NATIONS ADMINISTRATIVE COMMITTEE ON COORDINATION

    ADJUSTMENT PROCESS. See BALANCE OF PAYMENTS ADJUSTMENT PROCESS

    ADOMAKOH, A., 471

    AFGHANISTAN

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 312, 321, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 268*

    • Exchange rate and par value, 437, 542

    • Quota in Fund, 306*

    • SDR allocatioans, 248*

    • Stand-by arrangements with Fund, 321, 333*

    • Technical assistance from Fund, 585

    AFRICA

    • Drawings (purchases) from Fund, 312, 316

    • Export earnings, decline in, 269–70

    • Fund consultations, 572

    • Representation on Executive Board, 631–32

    • Stabilization of primary product prices, interest expressed in, 270–71, 282

    • Technical assistance from Fund, 582, 583, 585

    AFRICAN DEVELOPMENT BANK, 609

    AFRICAN INSTITUTE FOR ECONOMIC DEVELOPMENT AND PLANNING, 590

    AHMAD, ALI BIN HAJI, 220, 281

    AL-ATRASH, MUHAMMAD

    • Background, 629

    ALGERIA

    • Exchange rate, 562

    • Quota in Fund, 296, 301, 306*

    • SDR allocations, 248*

    • Technical assistance from Fund, 585

    AL HABEEB, ABDUL RAHMAN, 594

    ALKHIMOV, V. S., 83n

    ALLOCATIONS OF SDRs. See SPECIAL DRAWING RIGHTS

    ALTMAN, OSCAR L., 22, 644

    ALWIE, MUHAMAD BARMAWIE, 162*

    ANDEAN SUBREGIONAL INTEGRATION AGREEMENT, 609

    ANDERSON, ROGER V., 647

    ANJARIA, J. J., 88, 89, 109, 121, 134*, 379, 389

    ANNUAL MEETINGS, 5, 387, 605, 620–22, 624, 637, 647

    • 12th (1957), 12

    • 15th (1960), 15, 16, 191

    • 16th (1961, Vienna), 15, 16, 192

    • 17th (1962), 23–24, 193

    • 18th (1963), 26, 27–31, 193, 194

    • 19th (1964, Tokyo), 33, 38–42, 43, 195, 255

    • 20th (1965), 58, 63, 68–73, 75, 81, 86, 97, 99, 196–97, 255, 261, 612

    • 21st (1966), 102–103, 200, 593, 612

    • 22nd (1967, Rio de Janeiro), 104–105, 130–31, 138, 159, 173, 201, 204, 255, 270–72, 273, 339, 432, 594, 613

    • 23rd (1968), 175, 176, 272, 273, 277–78, 285, 348, 377, 390, 407–409, 411, 414, 483–84, 594

    • 24th (1969), 176–77, 187, 188–89, 205, 211–12, 214, 218, 219–20, 267, 281–82, 285, 294, 303–304, 352, 372, 377, 409, 411, 414, 417, 459, 503–504, 507, 594

    • 25th (1970, Copenhagen), 245, 267, 282, 298–99, 416, 426, 484, 491, 509, 514–15, 517, 578, 600–601

    • 26th (1971), 244, 246, 267, 282, 426, 545–48, 559, 564, 601, 603, 620, 651

    • 27th (1972), 299

    ANNUAL REPORTS OF EXECUTIVE DIRECTORS

    • Contents of, 177, 200, 204, 624

    • See also Publications Cited (under International Monetary Fund, p. 697 of this volume)

    ANSIAUX, HUBERT, 255

    ANWAR ALI, 643, 644

    AQUINO h., FRANCISCO, 41

    ARANKO, JORMA, 134*, 162*, 473

    ARGENTINA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571

    • Currency: new unit, 468;

      • used in Fund transactions, 337*

    • Debt renegotiation, 595

    • Drawings (purchases) and repurchases from Fund: purchases, 268*, 311, 316, 317, 321, 330*;

      • repurchases, 395*;

      • under compensatory financing facility, 268*

    • Exchange market for capital transactions, 542

    • Exchange rate and par value, 437, 563

    • Quota in Fund, 296, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 333*

    ARRIAZU, RICARDO H., 391, 475, 550

    • Background, 629

    • Suggestion for new quota formula, 304–305

    ARTICLES OF AGREEMENT

    • Amended to establish SDR facility, xix, xx, 166–76, 188, 204, 205, 253

    • Amended to modify rules and practices of Fund, xix, xx, 155, 159, 166, 173–75, 188, 203, 253–60, 289n

    • Amendments considered in reserve creation discussions, 28, 93, 152, 160, 204

    • Amendments on exchange rate provisions discussed, 484, 506, 511, 513, 514, 515, 521, 558

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571

    • EEC suggestions for changes, 131–33, 202

    • Executive Directors’ report on first amendment, 175, 204

    • Provisions on exchange rate margins, 521

    • Provisions on gold sales, 417

    ASIA

    • Drawings (purchases) from Fund, 312, 316

    • Fund consultations, 572

    • Technical assistance from Fund, 582, 583

    ASIAN DEVELOPMENT BANK, 609, 610

    ASIAN INSTITUTE FOR ECONOMIC DEVELOPMENT AND PLANNING, 590

    ASP, EERO, 295, 473, 480, 625

    ASSET SETTLEMENT, 491–92

    ASSETS OF FUND. See HOLDINGS OF FUND and RESOURCES OF FUND—NATURE AND SIZE ASSOCIATION OF AFRICAN CENTRAL BANKS, 609

    ATTA, A. A., 594

    AUSTRALIA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Currency: new unit, 467;

      • used in Fund transactions, 337*

    • Exchange rate and par value, 437, 467, 542, 560*

    • Gold production subsidies, 423–24

    • Quota in Fund, 296, 306*

    • SDR allocations, 248*

    AUSTRIA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Basle Group, 442n

    • Currency used in Fund transactions, 337*

    • Exchange rate: central, 562*;

      • floating, 542

    • Gold sales to Fund, 416

    • Par value, xxii, 437, 524

    • Quota in Fund, 296, 306*

    • SDR allocations, 248*

    AVERY, WILLIAM M., 645

    AYIDA, A. A., 427

    B

    BAHAMAS

    • Currency unit, new, 467

    • Membership in Fund, 570

    • Par value, 467, 468, 561*

    BAHRAIN

    • Membership in Fund, 570

    BALANCE OF PAYMENTS

    • Basic balance defined, 489, 543

    • Need test required: for buffer stock drawings, 283, 284; for SDR use, 149, 151, 160, 182, 183, 242–43

    • Of debtor countries, impact of debt renegotiations on, 597

    • Positions: EEC countries, 52, 69–70, 211–12; industrial countries (surpluses as counterpart of U.S. deficits), 493; primary producing countries, 82, 264–65, 269–70; reserve currency countries, 26, 30, 52, 63, 70, 75, 119–20, 171–72, 194; world, 564

    • See also FUNDAMENTAL DISEQUILIBRIUM; TRADE, INTERNATIONAL; and individual countries

    BALANCE OF PAYMENTS ADJUSTMENT PROCESS

    • Emphasis on in liquidity debates, 29–30, 39, 69–70, 119–20, 141, 171, 193

    • Inadequacy for first SDR allocation, 218

    • Multilateral surveillance, 35–36, 40, 69–71, 78, 96–97, 100, 195

    • OECD Working Party 3 studies, 36, 38, 96, 98

    • Priority assessed, 30–31, 65–66, 96–97, 120, 142, 214

    • Problems, 484, 490, 495–96, 505;

      • of short-term capital flows, 496–99;

      • of world imbalances, 485–88, 493–94

    • Proposals for improving, 483, 484, 490, 509, 526

    • Reserve creation tied to, 97, 98, 100, 113, 172, 180, 221

    • See also EXCHANGE RATE MECHANISM and PAR VALUE SYSTEM

    BANCOR, 19, 143

    BANERJI, ARUN K., 134*, 162*

    BANGLADESH

    • Membership in Fund, 570

    BANK FOR INTERNATIONAL SETTLEMENTS (BIS), 14, 36, 452, 453

    • As other holder of SDRs, 173

    • Attendance at meetings on reserve creation, 71, 106, 553

    • Basle Agreement, 14, 192

    • Basle Group, 442

    • Fund’s relations with, 608

    BANZA, ALEXANDRE, 271

    BARBADOS

    • Par value, 518, 560*

    • Quota in Fund, 302, 306*

    • SDR allocations, 248*

    • Special Drawing Account, participation in, 232

    BARBER, ANTHONY, 427, 514

    BARCOURGNE, COURMO, 271

    BARROW, E. W., 427

    BASLE AGREEMENT, 14, 192

    BASLE GROUP, 442

    BCEAEC. See CENTRAL BANK OF EQUATORIAL AFRICAN STATES AND CAMEROON

    BCEAO. See CENTRAL BANK OF WEST AFRICAN STATES

    BEAURAIN, CLAUDE

    • Background, 629

    BEELITZ, ULRICH, 378

    BELGIAN-LUXEMBOURG ECONOMIC UNION, 522

    BELGIUM

    • Art. VIII consultations, 523

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments surplus, 493

    • Basle Agreement, 14, 192

    • Basle Group, 442n

    • Borrowing by Fund under GAB, 374*;

      • repayment, 376

    • Currency: declared convertible in fact, 225, 226;

      • swap arrangements, 314–15;

      • used in Fund transactions, 313, 314, 315, 337*

    • Drawings (purchases) and repurchases from Fund, 311, 315, 330*, 395*

    • Exchange markets, dual, xxii, 522–24, 574

    • Exchange rate: central, 554, 555*, 562*; floating, 542, 544

    • Gold tranche, views on, 255

    • Par value, 462, 522–23

    • Quota in Fund, 296, 306*

    • Reserve creation, views on, 79, 111–12, 120

    • SDRs: allocations, 248*;

      • excess holdings, 240;

      • transactions, 240, 243, 314

    BELGO-LUXEMBOURG EXCHANGE INSTITUTE, xxii

    BENGUR, ALI R., 645

    BENSON, EDGAR J., 477, 478, 540, 541, 543, 545

    BERMUDA. See UNITED KINGDOM: Nonmetropolitan territories

    BERNE UNION. See UNION d’ASSUREURS DES CREDITS INTERNATIONAUX

    BERNSTEIN, EDWARD M., 20

    • Collective reserve unit (CRU) plan, 53–54, 55–56, 111, 194

    • Multiple reserve currency plan, 20, 191

    BEYEN, J. W., 626

    BICALHO, MAURICIO CHAGAS, 89

    BIDIAS A NGON, BERNARD, 267

    BIRON, HERMAN, 134*, 148, 152, 162*, 345, 389

    BIS. See BANK FOR INTERNATIONAL SETTLEMENTS

    BISHOP, GEORGE E., 647

    BLESSING, KARL, 39, 69, 72, 73, 454, 503

    BOARD OF GOVERNORS

    • Annual Meetings, 620–22

    • Committees: on interpretation of Articles, 178, 259;

      • on reform of monetary system (Committee of Twenty), 556;

      • to study reserve creation, 67, 68, 101, 102, 197

    • Growth in size and powers, 620–22

    • Resolutions: on amendment to Articles, xix, 104–105, 175, 201;

      • on buffer stock financing, xviii, 271, 272, 278;

      • on outline for SDR facility, xviii, 158–59;

      • on reform of monetary system, 547–48;

      • on SDR allocations, xx, 219

    • Voting, 155, 156, 158, 161, 203

    BOCCIA, LEONELLO, 648

    BOLIVIA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571

    • Drawings (purchases) and repurchases from Fund: purchases, xxii, 283–84, 311, 321, 330*;

      • repurchases, 395*;

      • under buffer stock facility, xxii, 283–84

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 333*

    BONN MEETING OF GROUP OF TEN, 450–53

    BORROWING BY FUND (BILATERAL), 376–77, 387. And see GENERAL ARRANGEMENTS TO BORROW

    BOTSWANA

    • Currency unit, 465

    • Membership in Fund, 289

    • Par value, 465, 466*, 561*

    • Quota in Fund, 302, 303, 306*

    • SDR allocations, 248*

    BOUSHEHRI, D., 645

    BRAND, LINDSAY B., 242, 392

    • Background and length of service, 627, 628

    BRAND, PAUL J., 648

    BRANTLEY, D. E., 647

    BRAZIL

    • Capital flows, 362

    • Currency: new unit, 467;

      • used in Fund transactions, 324, 337*

    • Debt renegotiation, 361, 595

    • Drawings (purchases) and repurchases from Fund: purchases, 263, 268*, 311, 322, 330*, 361, 362;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 263, 268*

    • Exchange rate, 362, 542, 563

    • Financial stabilization programs, 360–63

    • Inflation, 360–63;

      • indexing, 363

    • Payments arrears, 360–61

    • Proposal at Bretton Woods for stabilization of primary product prices, 273

    • Quota in Fund, 296, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 320, 333*, 360–63

    BRETTON WOODS SYSTEM. See INTERNATIONAL MONETARY SYSTEM

    BROFOSS, ERIK, 481, 492–93, 523

    • Background and length of service, 627, 628

    BRYCE, ROBERT

    • Background and length of service, 627, 629

    BUDGET OF FUND, 383–88, 392–94, 397*

    BUFFER STOCK FINANCING

    • African Governors’ request for study, 270–71

    • Brazilian proposal at Bretton Woods, 273

    • Cocoa, 274, 286n

    • Commodities included in consultations, 275, 284–86

    • Executive Board decisions, xx, xxi, 279–83

    • Executive Board discussions, 276–79

    • Governors’ resolutions, xviii, 271, 272, 278

    • Governors’ views, 271, 277, 278, 279, 281

    • Joint ceiling with compensatory financing drawings, 263, 276, 280

    • Liberalization suggested, 282

    • Study by Fund and Bank, 269, 271, 272–82

    • Study of possible Fund arrangements, 275–76

    • Tin, xxi, 274, 282–84

    • Transactions: drawings (purchases), xxii, 283–84, 316;

      • for contributions under International Tin Agreement, xxi, 282–84;

      • relation to gold tranche drawings, 280–81;

      • repurchase provisions, 276, 281

    • See also COMMODITIES

    BURMA

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 265, 266, 312, 321, 330*;

      • repurchases, 268*;

      • under compensatory financing facility, 264, 265, 266, 268*;

      • waiver, 322

    • Exchange rate and par value, 437, 542, 562*

    • Quota in Fund, 289, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 320, 321, 333*

    BURNS, ARTHUR F., 520

    BURUNDI

    • Drawings (purchases) and repurchases from Fund: purchases, 265, 268*, 310, 312, 321, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 265, 268*

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 333*

    • Technical assistance from Fund, 580

    BURY, LESLIE H. E., 285

    BUSTELO, CARLOS, 480, 509–10

    • Background, 629

    BY-LAWS

    • Amendments, 166, 177–78, 205

    • Sec. 23 on Committee on Interpretation not yet adopted, 178

    C

    CALLAGHAN, JAMES, 70, 71, 73, 126, 155, 159, 339

    CAMBODIA. See KHMER REPUBLIC

    CAMEROON

    • Exchange rate, 457–58, 561

    • Quota in Fund, 296, 302, 306*

    • SDR allocations, 248*

    CANADA

    • Art. VIII consultations, 478, 480, 571

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments, 476, 493

    • Basle Group, 442n

    • Borrowing by Fund under GAB, 374*, 375, 376;

      • repayment, 376, 476–77

    • Capital flows, 476–78, 493

    • Currency: swap arrangements, 477, 478;

      • use of in Fund transactions, 312, 328, 337*

    • Drawings (purchases) and repurchases from Fund: purchases, 311, 315, 330*, 476;

      • repurchases, 395*

    • Exchange rate: consultations with Fund on, 519;

      • factors governing, 476–82, 519;

      • floating, xxi, 3, 327–28, 476–82, 519, 542, 544, 555*. See also Par value, below

    • Gold production subsidies, 423, 424

    • Interest rates, 477, 478

    • Par value, 437, 477;

      • re-establishment urged by Fund, 478, 480–82, 519

    • Quota in Fund, 13, 296

    • Reserve creation: proposals, 59, 79, 81, 197;

      • views, 111–12, 120

    • SDRs: allocations, 248*;

      • excess holdings, 240;

      • receipts, 236, 240

    • Trade arrangements with U.S., 551

    CAPITAL MOVEMENTS

    • Factor undermining par values, 350, 449, 476, 499–500, 502, 525

    • Liberalization suggested for Japan, 494–95

    • Long-term to developing countries, 82, 470, 544, 601

    • Measures to control, 221, 499–500, 574–75;

      • Belgium and Luxembourg, 522;

      • France, 450;

      • Fed. Rep. of Germany, 451, 452–53, 523;

      • studies, 66, 196, 521, 523, 525, 526, 565; U.S., 63, 64, 74, 210, 484, 487, 489

    • Short-term, growth of, 66, 196;

      • in aftermath of convertibility, 13–15, 191–92;

      • reasons for, 496–99

    • Short-term, to and from: Brazil, 302;

      • Canada, 476, 477;

      • France, 352, 449, 450, 453, 542;

      • Fed. Rep. of Germany, 212, 461, 463, 464;

      • Switzerland, 524;

      • U.K., 350; U.S., 485, 486, 488, 489, 519–20, 528

    CARANICAS, COSTA P., 134*, 162*, 481

    • Background, 629–30

    CARIBBEAN DEVELOPMENT BANK, 609, 610

    CARIBBEAN FREE TRADE ASSOCIATION, 610

    CARLI, GUIDO, 452

    CARNEIRO, OCTAVIO A. DIAS, 83n

    “CATCHING UP” FORMULA, 239

    CENTER FOR LATIN AMERICAN MONETARY STUDIES (CEMLA), 589, 609

    CENTRAL AFRICAN CUSTOMS AND ECONOMIC UNION (UDEAC), 271

    CENTRAL AFRICAN REPUBLIC

    • Drawings from Fund, 312, 316, 330*

    • Exchange rate, 457–58, 561

    • Quota in Fund, 302, 306*

    • SDR allocations, 248*

    CENTRAL AMERICAN COMMON MARKET, 609

    CENTRAL AMERICAN MONETARY COUNCIL, 581, 609

    CENTRAL BANK OF EQUATORIAL AFRICAN STATES AND CAMEROON (BCEAEC), 457

    CENTRAL BANK OF WEST AFRICAN STATES (BCEAO), 457

    CENTRAL BANKING EXPERTS OF THE AMERICAN CONTINENT, 609

    CENTRAL BANKING, TECHNICAL ASSISTANCE IN; See TECHNICAL ASSISTANCE

    CENTRAL BANKS

    • Currency swap arrangements, 14–15, 192, 499;

      • repayments by U.S., 315;

      • use by Canada, 477

    • Fund technical assistance, 579–82, 585–86

    • In Southeast Asia, 278–79

    • Loans: to France, 452–53;

      • to U.K., 442

    • Suggestions for extending cooperation among, 20

    CENTRAL RATES. See EXCHANGE RATES

    CEYLON

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 266, 268*, 310, 312, 316, 321, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 266, 268*;

      • waiver, 322

    • Exchange rate, 542

    • Par value, xviii–xix, 437, 438*, 439

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 333*

    CFA FRANC AREA, 357, 457

    CHAD

    • Drawings from Fund, 312, 318, 330*

    • Exchange rate, 457–58, 561

    • Quota in Fund, 301, 306*

    • SDR allocations, 248*

    • Technical assistance from Fund, 585

    CHARGES ON USE OF FUND’S RESOURCES

    • Commitment and service charges, 256, 379

    • Description and schedule, 378–81

    • Income from, 386, 397*

    • On gold tranche purchases, 256, 379

    • Payable in gold, 379, 380, 381

    • Payable in SDRs, 173, 229–30, 234–35, 243, 379

    CHARTER OF ALGIERS (UNCTAD), 607

    CHAUDHURI, SACHINDRA, 470

    CHAVAN, Y. B., 245n

    CHILE

    • Debt renegotiation, 595

    • Drawings (purchases) and repurchases from Fund: purchases, 265–66, 268*, 311, 316, 321, 330*;

      • repurchases, 395*;

      • under compensatory financing facility, 265–66, 268*

    • Exchange rate, 563

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 333*

    CHINA, REPUBLIC OF

    • Drawings (purchases) from Fund, 312, 316, 330*

    • Exchange rate and par value, 466*, 562

    • Quota in Fund, 288–89, 293, 295, 306*

    • SDR allocations, opting out of, 232, 233, 244

    • Technical assistance from Fund, 581

    CHOW, CHI-LING, 134*, 162*

    CIAP. See INTER-AMERICAN COMMITTEE ON THE ALLIANCE FOR PROGRESS

    CIAT. See INTER-AMERICAN CENTER OF TAX ADMINISTRATORS

    CLAPPIER, B., 135*, 163*

    CLARK, KENNETH N., 645

    CLEARING UNION, 19

    CMEA. See COUNCIL FOR MUTUAL ECONOMIC ASSISTANCE

    COLLECTIVE RESERVE UNIT (CRU). See RESERVE CREATION PLANS

    COLOMBIA

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 266, 268*, 310, 311, 316, 321, 330*, 358–59;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 266, 268*

    • Exchange markets, dual, 358

    • Exchange rates, 358, 542

    • Financial stabilization programs, 358–59

    • Payments arrears, 358

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 320, 333*, 358–59

    • Technical assistance from Fund, 359, 585

    COLOMBO, EMILIO, 39, 41, 69, 72, 132n, 408, 409, 504

    • Views and comments on: harmonization, 156;

      • SDR-development finance link, 219–20

    COMECON. See COUNCIL FOR MUTUAL ECONOMIC ASSISTANCE

    COMMITTEE ON REFORM OF THE INTERNATIONAL MONETARY SYSTEM AND RELATED ISSUES (COMMITTEE OF TWENTY), 68, 556, 634n

    • U.S. proposal, 67, 101, 102

    COMMODITIES

    • Fund involvement: buffer stock facility introduced, 269–86;

      • Commodities Division established, 286;

      • compensatory financing facility extended and liberalized, 261–68;

      • discussions of commodities included in consultations, 275, 284–86;

      • increased concern with commodity problems, 261, 267, 282, 284, 286;

      • review of outlook suggested, 275

    • Prices, 358–59;

      • as factor in buffer stock and compensatory financing facilities, 261, 263–65, 266–67, 269

    • See also individual commodity organizations

    COMMON MARKET. See CENTRAL AMERICAN COMMON MARKET and EUROPEAN ECONOMIC COMMUNITY

    COMMONWEALTH FINANCE MINISTERS’ MEETING, 245

    COMPENSATORY FINANCING OF EXPORT FLUCTUATIONS

    • Calculations: of “export excesses” for repurchase obligations, 262–63, 266;

      • of export shortfalls, 262;

      • to avoid “double compensation,” 263

    • Floating character, 256, 262

    • Joint ceiling with buffer stock drawings, 263, 276, 280

    • Liberalization of facility, xviii, 261–63;

      • suggestions for, 80, 81, 84, 197, 200, 261, 267, 278–79

    • Limits on outstanding purchases, 262, 265

    • Quota increases under compensatory financing decision, 288, 289, 296, 301

    • Transactions: by copper exporting countries, 265–66;

      • purchases, 263–64, 265–66, 268*, 316, 319;

      • reclassification, 262, 263, 265;

      • repurchases, 266, 268*;

      • rules for repurchase, 262–63

    COMPETITIVE DEPRECIATION

    • Concern expressed, 439, 476

    COMPOSITE RESERVE UNIT (CRU). See RESERVE CREATION PLANS CONGO, DEMOCRATIC REPUBLIC OF. See ZAIRE

    CONGO, PEOPLE’S REPUBLIC OF THE

    • Exchange rate, 457–58, 561

    • Quota in Fund, 301, 306*

    • SDR allocations, 248*

    • Technical assistance from Fund, 585

    CONNALLY, JOHN B., 315, 427, 520–21, 526–27, 531, 545, 546–47, 552, 553

    CONSULTATIONS

    • By Managing Director on allocation of SDRs, 214–17

    • Changes in, 575–78;

      • commodities added, 275, 284–86;

      • external debt added, 595;

      • payments arrears added, xxi, 592–93

    • “Consultation year,” 572n

    • Importance of, 570–73;

      • number held, 572;

      • participation by staff, 571, 572–73;

      • time spent by Executive Directors, 573

    • Reports made available to international organizations, 607, 610

    • Special, 570

    • Supplementation needed, 577–78

    • With individual countries: Belgium and Luxembourg, 523;

      • Canada, 478, 480, 571;

      • France, 353, 453;

      • Fed. Rep. of Germany, 460–61, 462–63, 525, 571;

      • Ghana, 472, 571, 572;

      • Iceland, 439;

      • India, 470, 571;

      • Japan, 494, 495, 571;

      • U.K., 218, 349, 431, 440, 446;

      • U.S., 218–19, 488, 490, 492, 519, 571

    CONVERTIBILITY

    • Of European currencies, 11, 13, 190; factor in capital movements, 13, 497

    • Of U.S. dollar, 131;

      • official suspended, xxii, 3, 241–42, 327–29, 517, 527–30, 531–33;

      • prospects for resumption discussed, 540, 550–51, 552, 553

    • Reference to asset settlement, 491–92

    COREA, GAMANI, 83n

    COSTA RICA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Drawings (purchases) and repurchases from Fund, 311, 316, 330*, 395*;

      • waiver, 322

    • Exchange rate, 563

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 333*

    • Technical assistance from Fund, 583, 585

    COTTIER, JEAN, 137*, 165*

    COUNCIL FOR MUTUAL ECONOMIC ASSISTANCE (CMEA/COMECON), 574

    COUNCIL OF EUROPE, 608

    COUTINHO, ANTONIO DE ABREU, 89

    CRAWLING PEG. See EXCHANGE RATE MECHANISM

    CREDIT CONTROLS. See MONETARY POLICY

    CREDIT TRANCHES. See RESOURCES OF FUND–NATURE AND SIZE and RESOURCES OF FUND–USE

    CRENA DE IONGH, D., 627

    CRU. See RESERVE CREATION PLANS

    CURRENCIES

    • Definitions: intervention currency, 497, 559;

      • reserve currency, 497;

      • vehicle currency, 497

    • In exchange for SDRs: convertible, 145, 148, 149, 160;

      • methods of conversion, 169–70, 178, 184, 225–26, 244

    • New units, 466–68, 518, 543

    • Use in Fund transactions, 172, 173, 337*, 381;

      • for U.S. drawings, 313, 314, 315;

      • in 1971, special arrangements for, 328;

      • of currencies with fluctuating rates, 327–28

    • See also CONVERTIBILITY; CURRENCY CONVERTIBLE IN FACT; HOLDINGS OF FUND; SELECTION OF CURRENCIES IN FUND TRANSACTIONS; and individual countries

    CURRENCY BUDGET. See SELECTION OF CURRENCIES IN FUND TRANSACTIONS

    CURRENCY CONVERTIBLE IN FACT

    • Concept used in GAB, 168, 373

    • Defined in amended Articles, 167, 168–70, 183, 184

    • Interconvertibility, 169, 170, 223

    • Obligation to provide, 179, 184

    • Particular currencies specified, 178, 184, 222, 223–26

    • Related to “principle of equal value,” 169, 170, 184

    • SDRs encashed for, 183, 243, 244

    CURRENCY SWAP ARRANGEMENTS. See CENTRAL BANKS

    CYPRUS

    • Drawings (purchases) and repurchases from Fund, 312, 316, 330*, 395*

    • Par value, xviii–xix, 437, 438*, 560*

    • Quota in Fund, 289, 306*

    • SDR allocations, 248*

    • Technical assistance from Fund, 580

    D

    DAANE, J. DEWEY, 120, 137*, 165*

    DAHOMEY

    • Exchange rate, 457–58, 561

    • Quota in Fund, 301, 306*

    • SDR allocations, 248*

    DALE, WILLIAM B., 32, 134*, 162*, 174–75, 547

    • Background and length of service, 625, 627, 628

    • Comments and views on: buffer stock financing, 277, 279;

      • Canadian exchange rate, 481;

      • charges by tranche position, 379;

      • currency conversion procedures, 223;

      • deutsche mark revaluation, 462;

      • differentiation among Fund members, 293;

      • distribution of Fund’s net income, 389;

      • Ecuadoran devaluation, 476;

      • exchange rate flexibility and wider margins, 504, 508, 510, 511, 521;

      • French franc devaluation (1969), 456;

      • gold deposits, general, 422, 423;

      • gold purchases from South Africa, 410–11, 414;

      • Japanese surplus, 495;

      • reconstitution of credit tranche positions, 114;

      • reserve creation, 88, 128, 147, 149, 157;

      • reserve creation-development finance link, 110;

      • SDR allocations and use, 215, 240;

      • stand-by arrangements, 345, 349;

      • sterling devaluation (1967), 435–36;

      • U.S. balance of payments, 543–44, 551;

      • U.S. dollar convertibility, 533, 549–50;

      • use of Fund’s resources and stand-by arrangements, 345

    DAY, A. C. L. (Day Plan), 20

    DEBRE, MICHEL, 132n, 156, 159, 171–72, 173, 271

    DEBT, EXTERNAL, OF DEVELOPING COUNTRIES, 577

    • Fund involvement: appraised, 596–97;

      • increased, 533, 594–96;

      • jointly with World Bank, 471, 595;

      • subject of consultations and stand-by arrangements, 576, 595, 596

    • Fund studies made available to other agencies, 597

    • Ghana as example of Fund’s experience, 597–600

    • Long-term nature, 600–601

    • Particular countries, 359, 361, 471, 597–600

    DE GAULLE, CHARLES, 61, 62, 63, 195, 453, 454

    DEGUEN, DANIEL, 135*, 163*

    DEIF, NAZIH AHMED, 552, 626, 631

    • Background and length of service, 627, 629

    DE JONGH, T. W., 415–16

    DE KOCK, G. P. C, 231, 414, 480, 521

    DE LATTRE, ANDRE, 36

    DEL CANTO, JORGE, 643

    DE LOOPER, J. H. C, 646

    DE MAULDE, BRUNO, 224, 228, 235, 279, 286, 293, 357, 411, 418, 475, 481

    DEMING, FREDERICK L., 97, 120, 137*, 143, 165*

    DENMARK

    • Art. VIII, Secs. 2, 3, and 4, acceptance of obligations of, 571

    • Basle Group, 442n

    • Currency used in Fund transactions, 337*

    • Drawings (purchases) and repurchases from Fund, 311, 315, 330*, 395*

    • Exchange rate: central, 562*;

      • floating, 542

    • Par value, xix, 437, 438*

    • Quota in Fund, 296, 306*

    • SDR allocations, 248*

    DEPUTY MANAGING DIRECTOR (Frank A. Southard, Jr.), 134*, 162*, 276, 339, 481, 592, 636

    • Meetings and speaking engagements, 44, 604, 605

    • Resume of Fund service, 635–36

    • Views, comments, explanations: distribution of Fund’s net income, 388, 389;

      • remuneration on gold tranche positions, 388;

      • reserve creation, 44, 95;

      • U.S. import surcharge, 531

    DE STRYCKER, CECIL, 120, 135*, 163*, 255

    DEVELOPING COUNTRIES

    • Exchange rates, 465–66, 542, 552–53, 560–63

    • Exchange restrictions, 553, 574, 575, 591–93

    • Fund consultations, 572, 576

    • Fund resources and, 261, 267, 269, 311–12, 320–21, 378–79

    • Groups. See GROUP OF NINE; GROUP OF SEVENTY-SEVEN; GROUP OF THIRTY-ONE; and GROUP OF TWENTY-FOUR

    • Interdependence with industrial countries, 269, 270, 577

    • Managing Director’s concern for, 601, 633–34

    • Membership in Fund, 569–71

    • Problems: capital inflow, 82, 577;

      • debt, 577, 594;

      • exports, 269, 274, 601;

      • interest rates, 349;

      • output, 270;

      • restrictions by developed countries, 284–86

    • Quotas in Fund, 291, 294

    • Stand-by arrangements with Fund, 358–63;

      • financial programs, 367–68

    • Technical assistance, 578–88;

      • training of officials, 588–90

    • Views: articulation, 620;

      • exchange rate system, 506–507, 552–53;

      • Fund quotas, 215–16, 291–92, 303–305;

      • gold price, 553;

      • reserve creation, 82–85, 88–89, 99, 110, 174, 215–16, 219, 245;

      • stand-by arrangements, 342–43, 345–46

    • See also DEBT, EXTERNAL, OF DEVELOPING COUNTRIES; EXPORTS; and PRIMARY PRODUCING COUNTRIES

    DEVELOPMENT FINANCE

    • Fund participation in meetings, 600, 609, 612–13

    • Transfer of Fund net income considered, 390, 391, 392

    • See also RESERVE CREATION: Link with development finance

    DE VILLIERS, A. M., 134*, 162*

    DE VRIES, TOM, 286, 293, 391, 462, 481, 558

    • Background, 630

    D’HAEZE, MARCEL, 135*, 163*

    DIEDERICHS, NICOLAAS, 409, 411, 412, 414, 416, 426, 427

    DILLON, C. DOUGLAS, 30, 41

    DIRKS, FREDERICK C, 648

    DIZ, ADOLFO C, 110, 134*, 141, 148, 162*, 174, 273, 277, 342, 343, 345, 346, 411

    DOCUMENTS AND INFORMATION

    • Exchange with other organizations, 605, 610

    DOMINICAN REPUBLIC

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 311, 317, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 268*

    • Exchange rate, central, 562*

    • Quota in Fund, 306*

    • SDR allocations, 248*

    DORRANCE, GRAEME S., 646

    DOW, J. C. R., 165*

    DRAWING RIGHTS IN FUND, PROPOSED NEW. See RESERVE CREATION PLANS and SPECIAL DRAWING RIGHTS

    DRAWING UNIT RESERVE ASSET (DURA), 143

    DRAWINGS (PURCHASES) FROM FUND. See RESOURCES OF FUND—USE and individual countries

    DUBAI

    • Currency unit and par value, 467

    DURA, 143

    E

    EAST AFRICAN COMMUNITY, 583

    ECONOMIC COMMISSION FOR AFRICA (ECA), 605, 610

    ECONOMIC COMMISSION FOR ASIA AND THE FAR EAST (ECAFE), 605, 606

    ECONOMIC COMMISSION FOR EUROPE (ECE), 605, 606

    ECONOMIC COMMISSION FOR LATIN AMERICA (ECLA), 605, 606

    ECONOMIC COUNSELLOR (J. J. Polak), 36, 113, 135*, 163*, 245

    • Appointment, 77

    • Economic models, 366

    • Reports on Group of Ten Deputies’ meetings, 95, 100, 295, 510

    • Resume of Fund service, 643

    • Staff positions and explanations: exchange rates, 537–38;

      • international monetary reform, 539;

      • reserve creation, 86, 111–12, 117, 121, 130;

      • U.S. dollar convertibility, 550

    ECONOMIC DEVELOPMENT

    • Development Decade, 270; second, 601

    • Discussed in Fund consultations, 576

    • In particular countries, 361, 470, 493–95

    • Related to export earnings, 273

    • Related to reserve creation, 110

    • See also DEVELOPING COUNTRIES and DEVELOPMENT FINANCE

    ECOSOC. See UNITED NATIONS ECONOMIC AND SOCIAL COUNCIL

    ECUADOR

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 476, 571

    • Drawings (purchases) and repurchases from Fund: purchases, 265, 268*, 311, 316, 321, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 265, 268*

    • Exchange markets, 475, 542

    • Exchange rate and par value, xxi, 475–76, 563

    • Exchange reform, 475–76

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 333*, 476

    EEC. See EUROPEAN ECONOMIC COMMUNITY

    EGYPT

    • Drawings (purchases) and repurchases from Fund: purchases, 263, 264, 268*, 312, 316, 318, 319, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 263, 264, 268*;

      • waiver, 322

    • Exchange rate, 563

    • Quota in Fund, 306*

    • SDR allocations, 248*

    EKLÖF, KURT, 112, 378, 389

    ELECTRONIC DATA PROCESSING IN FUND, 603, 639

    ELMHOLT, ERIK, 646

    EL SALVADOR

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Drawings (purchases) and repurchases from Fund: purchases, 265, 268*, 310, 311, 321, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 265, 268*

    • Exchange rate, 562

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 333*

    EL SELEHDAR, A. K., 647

    EMMINGER, OTMAR, 36, 59–60, 76, 102, 106, 107, 120, 121, 130, 136*, 144, 153, 164*

    • Reserve creation plans, 79–82, 150n, 197, 202

    EQUAL VALUE PRINCIPLE, 169, 170, 184

    EQUATORIAL GUINEA

    • Quota in Fund, 301, 303, 306*

    • SDR allocations, 248*

    • Technical assistance from Fund, 581

    ESCOBAR, LUIS, 88, 101, 216, 291, 304, 592, 626

    ESTEVA, PIERRE, 135*

    ETHIOPIA

    • Par value, 560*

    • Quota in Fund, 306*

    EUROCURRENCY MARKET, 497–98

    EUROPE

    • Technical assistance from Fund, 582

    EUROPEAN ECONOMIC COMMUNITY (EEC)

    • Attendance at joint meetings of Executive Directors and Group of Ten Deputies, 553

    • Balance of payments, 52, 69–70, 211–12

    • Common market policy, 455, 514, 515, 535, 538

    • Currencies used in Fund transactions, 254, 337*

    • Finance Ministers’ meetings, 104, 127, 132, 133, 155, 200, 202, 452, 538;

      • communiqué at Munich, 133, 202

    • Fund Articles of Agreement, recommendations for changes in, 132, 133, 138, 155, 173, 200–201, 202

    • Fund quotas, 131, 290, 306*–308*

    • Fund relations with, 254, 539, 608, 610n

    • Fund voting power, 123, 131, 151, 254

    • Separate group outside Fund, 608, 617, 618–19

    • Views on exchange rates: dollar devaluation urged, 534, 546;

      • flexible rates and wider margins opposed, 503, 514, 515, 522, 538;

      • for franc and deutsche mark, 452–54, 538

    • Views on reserve creation: emphasis on limited schemes, 82, 100;

      • emphasis on payments adjustment, 70;

      • preference for drawing rights, 127, 130, 148, 200–201;

      • rejection of reserve asset concept, 107, 127;

      • ultimate acceptance of SDR facility and activation, 104, 127, 130, 132, 133, 138, 143, 148, 155, 166, 173, 202, 211–12

    EUROPEAN FREE TRADE ASSOCIATION, 610

    EVENSEN, ROLF, 646

    EXCHANGE MARGINS. See EXCHANGE RATE MECHANISM: Wider margins

    EXCHANGE MARKETS

    • Crises, 212, 450, 459, 517, 519, 520, 522–24, 531;

      • discussed in Fund consultations, 576; role of Fund, 523–24, 526

    • Dual, xxii, 358, 522, 542–43, 574–75

    • Forward, 15

    • In securities, 575

    • Intervention in, 15, 546

    • Year of calm, 517

    EXCHANGE RATE MECHANISM

    • Calls for review of, 483, 484, 501–502

    • Crawling peg: amendment of Fund Articles required, 506;

      • defined, 501;

      • favored, 504, 510–11;

      • opposed, 503, 507, 508, 509, 511–12

    • Dual rate systems considered, 501

    • Executive Directors’ report: discussions, 500–502, 504–10, 511–14;

      • drafted, xxi, 511–15;

      • Governors’ reactions, xxi, 503–504, 514–15;

      • sequel to, 515–16, 523–24

    • Flexibility of exchange rates: arguments against, 506–508;

      • arguments for, 508–509;

      • discussion of greater, 501–504, 526;

      • discussion of limited, 504, 505–506, 508, 509–10;

      • views of developing versus industrial countries, 506–508;

      • views of Governors, 503–504; views of Group of Ten Deputies, 510–11

    • Fluctuating rates considered, 503, 505, 508, 511, 513

    • Fund’s role in decisions on, 523–24, 526

    • Gliding par values. See Crawling peg, above

    • Wider margins: considered, 501, 505, 506, 511, 513, 521–22, 532, 540, 557–58;

      • favored, 504, 507, 509–10;

      • opposed, 508, 515, 516;

      • temporary regime established, xxii, 4, 555, 557–59, 560*, 561*, 562*

    • See also BALANCE OF PAYMENTS ADJUSTMENT PROCESS; INTERNATIONAL MONETARY SYSTEM; and PAR VALUE SYSTEM

    EXCHANGE RATES

    • Central rates: communicated to Fund, 554, 555*, 561, 562*;

      • decision on regime, xxii, 4, 447, 557–59;

      • defined, 554, 558, 559

    • Changes: after sterling devaluation, 437–440;

      • in French franc area, 457–58. See also PAR VALUES

    • Competitive depreciation, concern about, 439, 476

    • Fixed rates assumed in liquidity studies, 29, 31, 194

    • Forward rates, 15

    • Fund decisions, 226, 327–28, 512–14, 559, 563–64

    • Fund studies, 537–38. See also EXCHANGE RATE MECHANISM: Executive Directors’ report

    • In Fund operations: for currencies in SDR transactions, 167, 169, 170, 172, 178, 184, 226;

      • in financial programs, 363–64;

      • special problems, 327–29, 531–33, 563–64

    • Managing Director’s views on: Canadian dollar, 481;

      • deutsche mark, 453–54, 458–59;

      • exchange rate system, 504, 521–23;

      • French franc, 452, 453–54;

      • Indian rupee, 470;

      • realignment, 452, 531, 532, 538–41, 544, 557;

      • sterling, 447–48, 454;

      • U.S. dollar, 448, 541, 545–46

    • Realignment: needed, 450–53, 520, 524–25, 528, 531–34;

      • negotiated, 534–41, 543–49, 551–52;

      • related to price of gold, 535, 536, 537, 541, 546, 549, 554;

      • ultimately agreed, xxii, 4, 553–56, 557–63

    • Reform in Ecuador, 475–76

    • Representative rates, 226

    • Smithsonian agreement, xxii, 4, 553–56, 557–63

    • Wider margins. See EXCHANGE RATE MECHANISM

    • See also individual countries

    EXCHANGE RATES, FLOATING

    • Brazil, 362, 364

    • Canada, xxi, 327–28, 476–79, 480–82, 519

    • Colombia, 358

    • Fed. Rep. of Germany: in 1969, xx, 3, 212, 328, 459–60; in 1971, 3, 517, 522, 525, 542, 544

    • In Fund operations, 327–29

    • Introduced after August 15, 1971, xxii, 541–43

    • Netherlands, xxii, 3, 328, 517, 522, 525, 542, 544

    • Views: as alternative to reserve creation, 21;

      • disruptive to monetary system, 478–79;

      • unsatisfactory for new pattern of par values, 537–38

    • See also EXCHANGE RATE MECHANISM and individual countries

    EXCHANGE RATES, MULTIPLE

    • Belgium and Luxembourg, 522

    • Colombia, 358

    • Ecuador, 475–76

    • France, 543

    • Fund decisions on, 559, 563

    • India, 469

    • Trends, 539, 545, 574–75

    • Turkey, 474–75

    • Yugoslavia, 518

    EXCHANGE RESTRICTIONS

    • Annual reports on by Fund, 575n

    • Developed countries, 573, 574;

      • France, 356–57, 450, 453, 573;

      • Japan, 494, 573;

      • U.K., 441, 573

    • Developing countries, 574;

      • Ceylon, 439;

      • CFA franc area, 357;

      • Colombia, 358

    • Fund decisions on, 357, 441–42, 591–93

    • Increased reliance on, 221, 539–40, 545

    • On capital movements, 13, 526, 575

    • Payments arrears defined as, xxi, 591–93

    • Subject of Fund consultations, 573–75

    • See also CAPITAL MOVEMENTS; EXCHANGE RATES, MULTIPLE; IMPORTS; and TARIFFS

    EXECUTIVE DIRECTORS/EXECUTIVE BOARD

    • Alternate Directors, 629–30

    • Annual Reports, 177, 200, 204, 624

    • Appointment of Advisors, 632

    • Articles of Agreement, report on proposed first amendment to, 175, 204

    • Assistants, 632

    • CIAP, suggested discussions with, 106

    • Composition, 298–300, 625–30

    • Decisions. See specific subjects Elections, 298, 625, 631–32

    • Functions, 622–25

    • Group of Nine (“G-9 Caucus”), 107, 552, 618

    • Group of Ten Deputies: closer liaison with, 76–77, 101, 197;

      • joint meeting on currency realignment, 553;

      • joint meetings on reserve creation, 101–103, 104, 105–108, 119–21, 126–27, 130, 134*-37*, 141–43, 150–53, 162*-65*, 200, 201, 202, 203;

      • reports of Managing Director’s representatives on Deputies’ meetings, 76–77, 95, 197

    • Meetings, number of and time spent in, 624

    • Reports. See specific subjects

    • Retirement, 626–27

    • Size and structure, 625–32

    • Travel to constituent countries, 624–25

    • Unctad: seminar with secretariat members, 104;

      • suggested joint discussions with, 106, 110

    • Vote, formal, 410

    • Voting power, discussion of distribution of, 632

    • World Bank representative at meeting, 276

    • See also Appendices A-1, A-2, A-3 (pp. 655–62 of this volume) and individual members of Executive Board

    EXPORTS

    • Developed countries: France, 455;

      • Fed. Rep. of Germany, 451, 452, 460, 462, 463;

      • Iceland, 473;

      • Japan, 493, 494, 495; U.S., 492, 527

    • Developing countries: earnings from, 264–65, 269–70, 271–72, 275–76;

      • experiences with, 358, 361, 471, 472;

      • measures to promote, 450, 469, 470, 574

    F

    FABER, PAUL L., 88, 89, 110, 134*, 146, 148, 162*, 174, 273, 345, 346

    FAO. See FOOD AND AGRICULTURE ORGANIZATION

    FERNANDEZ, DIOGENES H., 267

    FERRARI-AGGRADI, MARIO, 426, 514, 546

    FIJI

    • Currency unit and par value, 468

    • Participation in Special Drawing Account, 233

    • Quota in Fund, 302, 306*

    FINANCIAL PROGRAMMING

    • Definition, 364

    • Discussed in consultations, 576

    • In individual countries: Colombia, 358;

      • Ghana, 471, 472;

      • Indonesia, 359, 360;

      • Turkey, 475

    • Major Fund activity, 363–68

    • Methodology, 364–68;

      • evaluated, 366–68

    • Provisions regarding indebtedness, 596

    • Stabilization Policies Division created in Fund, 365

    FINCH, DAVID C, 646

    FINK, CARL B., 648

    FINLAND

    • Currency: unit, new, 472;

      • used in Fund transactions, 324, 337*

    • Drawings (purchases) and repurchases from Fund, 311, 315, 321, 330*, 395*

    • Exchange rate and par value, xviii, 472–73, 562*

    • Quota in Fund, 296, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 320, 333*

    FISCAL AFFAIRS, TECHNICAL ASSISTANCE IN. See TECHNICAL ASSISTANCE

    FISCAL POLICY

    • Discussed in consultations, 575–76

    • Greater Fund attention urged, 578

    • Measures taken: Brazil, 361–62;

      • Colombia, 358;

      • Ecuador, 476;

      • France, 353, 354, 450, 453;

      • Fed. Rep. of Germany, 451, 452, 463;

      • Indonesia, 359–60;

      • U.K., 340, 350, 351, 441;

      • U.S., 486–89, 490

    • Use: as criteria in stand-by arrangements, 344–45, 346;

      • compared with monetary policy, 354, 356, 490, 578;

      • in financial programs, 363, 364

    • See also MONETARY POLICY

    FLANDORFFER, W., 164*

    FLEMING, J. MARCUS, 52, 77, 115–16, 135*, 163*, 649

    FOOD AND AGRICULTURE ORGANIZATION (FAO), 272, 274, 285, 286, 610

    • Committees and study groups, 286

    FOREIGN EXCHANGE RESERVES. See RESERVES

    FORWARD EXCHANGE MARKETS, 15

    FOWLER, HENRY H., 71, 501

    • Proposal for monetary conference, 63, 67, 196

    • Views and comments on: deutsche mark revaluation, 451;

      • gold price, 407–408;

      • reconstitution of SDRs, 156;

      • reserve creation, 73, 131, 201;

      • U.S. balance of payments, 70, 172

    FOZ, ALBERTO S., 645

    FRANCE

    • Amendment to Articles of Agreement: acceptance of, 176;

      • position on, 171–73, 175, 204

    • Art. VIII consultations, 353, 354, 355, 453

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments: deficits, 209, 211;

      • surpluses, 355–56, 458, 493, 564. See also Capital flows, below

    • Basle Agreement, 14, 192

    • Capital flows, 449–50, 453–54, 542

    • Currency: declared convertible in fact, 225–26;

      • Fund holdings, 352, 355, 356;

      • used in Fund transactions, 337*

    • Drawing rights in Fund, 453

    • Drawings (purchases) and repurchases from Fund: purchases, 311, 330*;

      • purchases in gold and super gold tranche, xix, 315, 352, 449, 450;

      • purchases under stand-by arrangement, xx, 212, 321, 355; repurchases, 356, 395*

    • Economic situation and policies, 211, 352–57, 449–56, 458

    • Exchange and trade controls: abolished, 450; imposed, 356–57, 450

    • Exchange markets, dual, 542, 543, 574

    • Financial stabilization program, 352–57

    • Gold Pool, 403

    • Gold, views on role of, 40, 61–63, 132, 171–72, 195

    • Nonmetropolitan territories, par value changes in, 456

    • Par value: discussion, xix, 451–56;

      • 1969 devaluation, xx, 454–56;

      • unchanged, 554, 555*, 560* Quota in Fund, 296, 306*, 356

    • Reserve creation: proposals, 54, 55, 63, 131–32, 196;

      • views, 79, 107, 112–13, 119–20, 124–25, 188–89

    • Reserves. See Balance of payments and Capital flows, above

    • SDRs: allocations, 248*;

      • views on reconstitution, 158

    • Seminar with Fund staff, 356

    • Special Drawing Account, participation in, 215, 218

    • Stabilization of primary product prices, views on, 279

    • Stand-by arrangement with Fund, xx, 212, 320, 334*, 352–57, 458

    FRENCH FRANC AREA

    • Exchange markets, dual, 542, 574

    • Exchange rates and par values, 456–58

    • Exchange restrictions in CFA franc countries, 357

    FRIEDMAN, MILTON, 21, 191

    FRIIS, TORBEN, 129, 134*, 162*, 439, 626

    FRIMPONG-ANSAH, G. H., 471

    FRONZONI, L., 136*, 164*

    FUENFGELT, LORE, 136*, 164*, 292, 456, 495

    • Background, 630

    FUKUDA, TAKEO, 417, 504, 514

    FUND

    • Accounts. See GENERAL ACCOUNT and SPECIAL DRAWING ACCOUNT

    • Affiliate proposed, 112, 126, 129, 144, 150–51, 202–203;

      • International Reserve Fund (IRF), 92, 152, 198;

      • International Reserve Organization, 128, 146;

      • International Reserve Union, 146, 152;

      • proposal given up, 152, 155, 157, 160, 203;

      • voting provisions, 122, 125

    • Assets. See GOLD TRANSACTIONS AND OPERATIONS OF FUND and HOLDINGS OF FUND

    • Borrowing: bilateral, 376–77, 387; under GAB, see GENERAL ARRANGEMENTS TO BORROW

    • Budget, 383–88, 392–94, 397*

    • Buildings, 589, 649–50

    • Chairmanship of Ghana aid meetings, 600

    • General Reserve, 385

    • Implications for Fund of: change in par value of major currency, 434;

      • formation of outside groups, 619–20;

      • suspension of convertibility by U.S., 530

    • Income and expenditure, 385–88, 397*;

      • distribution of net income, 235–36, 244, 388–92, 393

    • Office in Europe (Paris), 77, 608, 637, 643, 650

    • Office in Geneva, 608, 637, 644–45

    • Organization, 77n, 556, 616;

      • Executive Board, 622–32;

      • IMF Institute, 588–90;

      • new bureaus, 585n, 638n;

      • new divisions, 286, 365;

      • staff, 636–37

    • Policymaking process, 616–49

    • Resources. See QUOTAS IN FUND and RESOURCES OF FUND …

    • Rules and practices, changes in, 253–60

    • Special Reserve, 383, 385, 388

    • Transactions. See RESOURCES OF FUND—USE and REPURCHASES

    • See also ARTICLES OF AGREEMENT; BOARD OF GOVERNORS; DEPUTY MANAGING DIRECTOR; EXECUTIVE DIRECTORS/EXECUTIVE BOARD; MANAGING DIRECTOR; MEMBERSHIP; STAFF; and specific functions and activities, e.g., TECHNICAL ASSISTANCE

    FUNDAMENTAL DISEQUILIBRIUM

    • Cited as reason for change in par value: Austria, 524;

      • Canada, 479;

      • Ceylon, 439;

      • Ecuador, 475;

      • Finland, 472, 473;

      • France, 452, 455, 456;

      • Fed. Rep. of Germany, 451, 460;

      • Iceland, 474;

      • Israel, 437;

      • New Zealand, 438;

      • Spain, 439;

      • Turkey, 474, 475;

      • U.K., 433, 435, 443;

      • Yugoslavia, 518

    • Noted as important in Fund Articles, 507, 514

    G

    G-9 CAUCUS (GROUP OF NINE), 107, 552, 618

    GAB. See GENERAL ARRANGEMENTS TO BORROW

    GABON

    • Exchange rate, 457–58, 561

    • Quota in Fund, 302, 306*

    • SDR allocations, 248*

    GAMBIA, THE

    • Currency unit, new, 518

    • Exchange rate and par value, xix, 440, 465, 466*, 518, 560*

    • Quota in Fund, 289, 302, 303, 306*

    • SDR allocations, 248*

    • Technical assistance from Fund, 581

    GARANGO, TIEMOKO MARC, 304

    GARLAND, J. M., 32

    GATT. See GENERAL AGREEMENT ON TARIFFS AND TRADE

    GENERAL ACCOUNT

    • Contrasted with Special Drawing Account, 179

    • Establishment, 146, 152, 167

    • Payments for expenses of Special Drawing Account, 179, 229, 386

    • SDR transactions, 172, 173, 229–30, 234–37, 241, 243, 325, 337*, 379–80

    • Voting, 254–55

    • See also RESOURCES OF FUND—USE

    GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

    • Fund relations with, 284, 607–608, 610

    • Kennedy Round of negotiations, 573

    • Trade restrictions prerogative of, 284

    • Work on commodities, 274

    GENERAL ARRANGEMENTS TO BORROW (GAB)

    • Activation, 313, 339, 340, 352, 374–76, 374*

    • Association of Switzerland, 372–73

    • Borrowing under, 374*-76

    • Claims under: consideration of in liquidity discussions, 47, 49, 50, 123;

      • yield on, 246, 373

    • Establishment, 17, 21, 22, 192, 193, 370

    • Fund repayments, 375–76, 387, 476–77

    • Modifications discussed, 370–74

    • Participants, 370n, 372

    • Renewals, xx, 37, 195, 370–73

    • Use of term “currency convertible in fact,” 168

    GENERAL COUNSEL (Joseph Gold), 135*, 163*, 166, 253, 647

    • Appointment, 77

    • Resumé of Fund service, 643

    • Staff positions and explanations: central rates and wider margins, 558;

      • deutsche mark revaluation, 459;

      • distribution of Fund’s net income, 391;

      • exchange rates, 506, 515–16;

      • international monetary reform, 539;

      • obligations under Art. IV, Sec. 4(b), 404–405, 459;

      • reconstitution of SDRs, 158;

      • reserve creation, 86, 130, 152, 154;

      • U.S. dollar convertibility, 550

    • Uniqueness of SDRs noted, 187–88

    GENERAL RESERVE, 385

    GENERALIZED SYSTEM OF TARIFF PREFERENCES (EEC), 574

    GERMANY, FEDERAL REPUBLIC OF

    • Art. VIII consultations, 460–61, 462–64, 525, 571

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments surplus, 449–52, 460–64, 493, 564

    • Basle Agreement, 14, 192

    • Basle Group, 442n Border taxes, 451, 452, 462

    • Borrowing by Fund under GAB, 374*;

      • repayment, 376

    • Capital flows and measures to control, 212, 352, 449–51, 453–54, 461, 463, 464, 523

    • Currency: declared convertible in fact, 225–26;

      • used in Fund transactions, 312, 313–14, 327–28, 337*

    • Drawings (purchases) from Fund, 311, 315, 330*, 463

    • Economic situation and policies, 460–64

    • Exchange markets, 212, 459–60

    • Exchange rate: central, 554, 555*, 562*;

      • floating (1969), xx, 212, 459–60;

      • floating (1971), xxii, 327–28, 517, 522, 525, 542, 544

    • Par value: change, xx, 3, 458–62;

      • discussion, xix, 449–52, 454, 522–23

    • Quota in Fund, 13, 296, 306*

    • Reserve creation, views on, 79

    • SDRs: allocations, 248*;

      • receipt, 236, 243

    GERSTEIN, ALBERT S., 647

    GHANA

    • Aid, multilateral, 599, 600

    • Art. XIV consultations, 472, 571, 572

    • Currency unit, new, 467, 597n

    • Debt renegotiations, 471, 595, 597–600

    • Drawings from Fund. See Transactions … purchases, below

    • Exchange rate and par value, xviii, 437, 467, 471–72, 542, 561*, 597n

    • Financial stabilization program, 471–72, 597

    • Payments arrears, 597

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 320, 321, 334*, 471, 597, 599;

      • phasing of drawings under, 471

    • Technical assistance from Fund, 471

    • Transactions with Fund: purchases, 264, 268*, 312, 321, 330*, 471;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 268*;

      • waiver, 322

    GHANDOUR, ABDALLA SIDDIG, 594

    GHOSH, ARUN K., 378–79

    GILBERT, MILTON, 137*, 165*

    GILCHRIST, RONALD H., 481, 521

    • Background, 630

    GISCARD D’ESTAING, VALERY, 37, 54, 188–89, 196, 281, 353, 454, 492

    • Views and comments on: exchange rates, 426, 503, 507, 515, 546;

      • gold, 39–40, 61, 62–63, 195;

      • international liquidity, 29–30, 69–70, 75, 193

    GLIDING PAR VALUES. See EXCHANGE RATE MECHANISM: Crawling peg

    GOCHT, ROLF, 136*

    GOLD AND FOREIGN EXCHANGE RESERVES. See RESERVES

    GOLD EXCHANGE STANDARD. See INTERNATIONAL MONETARY SYSTEM

    GOLD, JOSEPH. See GENERAL COUNSEL

    GOLD MARKETS

    • Fund policy, 404

    • Two-tier market, xix, 3, 171, 405–409, 411, 414, 425

    “GOLD MARRIAGES,” 424–25

    GOLD POOL, 15, 171, 192, 403–405

    GOLD PRICE

    • Free market, 405–407, 412, 428

      • Official, xix, 401–402, 427;

      • assumed fixed in liquidity studies, 29, 194;

      • pressure on, 401–404;

      • proposals to change, 21, 118, 172, 534, 540, 545, 551;

      • proposals to change rejected, 66, 196, 403, 536;

      • raised, 554

    • Relation to dollar devaluation, 426–27, 534, 536, 540, 545, 551, 553

    • Relation to Fund operations, 327, 328, 549–50

    • Speculation, 15, 403

    GOLD PRODUCTION. See GOLD, ROLE OF: Demand and supply

    GOLD RESERVES. See RESERVES GOLD, ROLE OF

    • Demand and supply, 18, 25, 401–402, 403, 406

    • In dollar devaluation, 528–29, 530, 534, 536–37, 541, 545

      • In monetary system, 140;

      • emphasized, 40, 61, 62–63, 195, 427;

      • questioned, 408–409, 427, 428, 536, 537, 565;

      • suggested changes in Fund’s Articles, 132;

      • working party to study, 115n

    • In reserve creation plans, 46–47, 60, 115, 116, 118, 120, 129, 196

    GOLD STANDARD. See INTERNATIONAL MONETARY SYSTEM

    GOLD TRANCHE. See RESOURCES OF FUND-NATURE AND SIZE and RESOURCES OF FUND—USE

    GOLD TRANSACTIONS AND OPERATIONS OF FUND

    • Decisions: general deposits, 420–23, 425;

    • production subsidies, 423–24;

    • purchases from South Africa, xxi, 409–14;

    • sales, 417–20

      • Holdings, 16, 300, 328, 425;

      • investment in U.S. securities, 383–85;

    • on general deposit, 420–23, 425, 426

      • Purchases: from Austria, 416;

    • from South Africa, 409–16, 425

    • Relation to price expectations, 327, 328, 549–50

    • Repurchases, 327, 337*

      • Sales: allocation among members, 417–20;

      • to mitigate impact of quota increases, 254, 297–98, 300, 416–17;

      • to replenish currency holdings, 236, 298, 301, 417–20

    • SDRs, gold value of guaranteed, 186–87, 327

      • SDRs in lieu of gold: accepted by Fund, 47, 112, 172, 173, 297, 298;

      • accepted by members, 236, 244;

    • as basis for par values, 427

      • Subscriptions, 254, 297–98, 300, 301, 356;

    • mitigation of impact of payment of, see Sales, above; payment of, 47, 112, 172, 173, 297, 298

    • Transactions service, 424–25

    GOMES, EDUARDO DA S., JR., 481

    GONZALEZ DEL VALLE, JORGE, 83n, 109–10, 134*, 141, 149, 153, 162*, 174, 273, 343, 345–46, 436

    GONZALEZ, GUILLERMO, 550

    • Background, 630

    GOODE, RICHARD, 643

    GORDON, WALTER L., 71

    GOVERNORS OF FUND. See BOARD OF GOVERNORS

    GRADI, FLORIO, 136*

    GREECE

    • Exchange rate, 562*

    • Quota in Fund, 296, 306*

    • SDR allocations, 248*

    GROUP OF NINE (G-9 CAUCUS), 107, 552, 618

    GROUP OF SEVENTY-SEVEN, 245, 617–18

    • Charter of Algiers, 607

    GROUP OF TEN

    • Acceptance of SDR facility and amended Articles, 99, 155–58, 166, 170–76, 204

    • Deputies: meetings, 35–37, 76–81, 86, 95, 100, 157, 158, 166, 203, 216, 295, 506, 510, 516, 543, 549, 550;

      • other references to, 29, 52, 59, 69, 95, 102, 111, 113, 115, 130, 144, 156–57, 195, 197, 198, 216, 292, 295, 510–11;

      • reports, 35–37, 59–61, 95–98, 109, 194–95. See also Joint meetings, below

    • Finance Ministers and Central Bank Governors: communiqués, 70–74, 96n, 98n, 174, 196, 199, 453, 554;

      • meetings, xxii, 4, 28–29, 36–37, 96n, 98, 105, 155–56, 158, 166, 170–75, 203–204, 253, 450–53;

    • 500, 540, 543–45, 552–56

    • International liquidity studies, 28–29, 35–38, 194

    • Joint meetings of Deputies with Fund Executive Directors: arranged, 101–103, 104–108, 153, 200;

      • on reserve creation, 119–21, 126–27, 130, 141–43, 150–53, 200, 201, 202, 203;

      • participants’ names, 134*-37*, 162*-65*;

    • prior to Smithsonian agreement, 553

    • Relations with Fund, 29, 71, 76–77, 130, 194, 197, 198, 201, 290, 617–18

    • Separate group outside Fund, 290, 617–18

      • Views on: change in gold price, 551;

      • exchange rate flexibility, 510–11;

      • harmonization of reserve ratios, 97, 109;

      • multilateral surveillance, 35–36, 40, 69, 70–71, 100, 195;

      • quotas in Fund, 290, 292, 295;

      • reserve creation, 28, 70–73, 76–78, 79–81, 95–99, 199;

      • SDR allocations, 216;

    • U.S. balance of payments, 69–70, 544–45, 549, 552–56

      • Working parties: on acceptability of new reserve asset, 115;

    • to study role of gold in monetary system, 115n

    • See also OSSOLA GROUP and individual countries

    GROUP OF THIRTY-ONE, 85, 199

    GROUP OF TWENTY-FOUR (INTERGOVERNMENTAL GROUP OF TWENTY-FOUR ON INTERNATIONAL MONETARY AFFAIRS), 607n, 617–18

    GUATEMALA

    • Art. VIII, Secs. 2, 3, and 4, acceptance of obligations of, 571n

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 311, 321, 330*;

      • repurchases, 268*, 395*;

    • under compensatory financing facility, 264, 268*

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 334*

    GUINEA

    • Drawings (purchases) and repurchases from Fund, 312, 316–18, 330*, 395*

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Technical assistance from Fund, 580

    GUNTER, JOHN W., 643–44

    GUYANA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571

    • Drawings (purchases) from Fund, 310–11, 316, 322, 330*

    • Exchange rate, 562*

    • Par value, xviii, 437, 438*, 465, 466

    • Quota in Fund, 288, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 320–21, 334*

    • Technical assistance from Fund, 580–81

    H

    HABERER, JEAN-YVES, 163*

    HABERMEIER, WALTER O., 644

    HAITI

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 266, 268*, 311, 316, 318, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 266, 268*

    • Exchange rate, 562*

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 34, 334*

    HAJEK, JULIUS, 83n

    HALL, F. L., 163*

    HANDFIELD-JONES, S. J., 112, 121, 123, 128–29, 134*, 141, 147, 149, 152, 162*, 345, 389

    HANH, NGUYEN HUU, 491

    • Background, 630

    HARLEY, CHARLES R.

    • Background, 630

    HARMONIZATION. See SPECIAL DRAWING RIGHTS

    HARROD, SIR ROY, 21

    HASSANEIN, M. M., 647

    HASZARD, J. S., 638n

    HATTORI, SEITARO, 224, 293, 345

    HEBBARD, W. LAWRENCE, 135*, 163*, 644

    HEILPERIN, MICHAEL, 21

    HENRION, ROBERT, 132n

    HICKS, EARL, 642

    HOCKIN, A. B., 135*, 163*

    HOLDINGS OF FUND

    • Currencies: French franc, 352, 355, 356;

      • pound sterling, 351;

      • replenishment, 236, 244, 298, 301, 417–20;

      • valuation, 328, 539, 563

    • Gold, 16, 300, 328, 420–23, 425;

      • investment of, 383–85

    • See also RESOURCES OF FUND—NATURE AND SIZE

    HOLT, HAROLD, 81, 189

    HOLTROP, M. W., 16, 38–39, 40, 41

    HONDURAS

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Drawings (purchases) and repurchases from Fund, 311, 316, 330*, 395*

    • Exchange rate, 562*

    • Quota in Fund, 306*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 321, 334*

    HONG KONG. See UNITED KINGDOM: Nonmetropolitan territories

    HOOD, W. C, 135*, 163*

    HOOKER, JOHN S., 134*, 162*

    • Length of service, 626, 627

    HORNE, ROMAN L., 135*, 644

    HOROWITZ, DAVID, 245n, 246, 594

    HOSHINO, DAIZO, 136*, 164*

    HØST-MADSEN, POUL, 646

    HSU, PEH YUAN, 552

    • Background and length of service, 626, 627, 629

    HUBBACK, D. F., 136*, 164*

    HUNTRODS, GUY, 345, 422, 474, 479, 510

    I

    IA-ECOSOC. See INTER-AMERICAN ECONOMIC AND SOCIAL COUNCIL

    IBRD. See WORLD BANK

    ICELAND

    • Art. XIV consultation, 439

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 265, 266, 268*, 311, 321, 330*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 265, 266, 268*;

      • waiver, 322

    • Economic situation, 439, 473–74

    • Exchange rate, 562*

    • Par value, xviii, xix, 438*, 439, 473–74

    • Quota in Fund, 296, 306*

    • SDR allocations, 248*

    IDA. See INTERNATIONAL DEVELOPMENT ASSOCIATION

    IDB. See INTER-AMERICAN DEVELOPMENT BANK

    IFC. See INTERNATIONAL FINANCE CORPORATION

    IKLE, M., 137*, 165*

    IMF INSTITUTE, 588–90

    IMPORTS

    • Deposits, 441, 574

    • Japan, 494

    • Restrictions: increased, 221, 500;

      • liberalized, 574;

      • particular countries, 441, 451, 452, 469–70, 474, 495;

      • tightening feared, 221, 539–40, 545

    • Subsidies, 452

    • U.S., 528;

      • imposition of surcharge, 529;

      • reactions to surcharge, 531, 533, 539, 544, 546;

      • removal of surcharge, 544, 545, 546, 554

      • Yugoslavia, 518

    INCOME AND EXPENDITURE OF FUND, 385–88, 397*

    • Distribution of net income, 388–92, 393;

    • alternatives, 390–92;

    • use of SDRs, 235–36, 244

    INCOMES POLICY, 463, 490

    INDIA

    • Art. XIV consultations, 470–71, 571

    • Debt renegotiation, 595

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 312, 316, 318–19, 331*, 469;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 268*

    • Economic situation and policies, 469–71

    • Exchange rate, 542, 562*

    • Executive Director no longer appointed, 299–300, 625

    • Par value, xviii, 468–71

    • Quota in Fund, 296, 307*

    • SDR allocations, 248*;

      • use, 234

    INDONESIA

    • Debt rescheduling and renegotiation, 359, 595

    • Drawings (purchases) and repurchases from Fund: purchases, xxii, 283–84, 312, 331*;

      • repurchases, 395*;

      • under buffer stock facility, xxii, 283–84

    • Exchange rate, 563

    • Financial stabilization programs, 359–60

    • Quota in Fund, 288, 307*

    • SDR allocations, 248*

    • Stand-by arrangements with Fund, 320, 321, 334*, 359–60

    • Technical assistance from Fund, 581, 583, 585

    INDUSTRIAL COUNTRIES

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 573

    • Balance of payments surpluses, 493

    • Classification in Fund statistics, 82n

    • Exchange and trade restrictions, 274, 276, 285, 573, 574

    • Exchange rates, 537–38, 542, 574

    • Fund consultations, 572

    • Interdependence with developing countries, 269, 270, 577

    • Output, 269, 460, 490, 493

    • Participation in limited reserve creation plans, 53–58, 72–73, 78–79, 81–82, 99–100. See also RESERVE CREATION PLANS: Limited schemes

    • Use of Fund resources, 310, 311, 312, 315, 320

    • Views on: exchange rate system, 507–508;

      • quotas in Fund, 290–92, 294, 295;

      • SDR-development finance link, 110–11, 196, 219, 220;

    • use of Fund resources, 261, 345, 378

    • See also individual countries

    INFLATION

    • Co-existing with unemployment, 576, 577

    • Commodity purchases as hedge against, 266

    • Discussed in Fund consultations, 576

    • Factor in Fund quotas, 291

    • Feared as result of reserve creation, 39, 45, 69, 97, 98, 118, 124, 125, 212

    • From capital inflows, 463–64, 520

    • In individual countries: Brazil, 360, 361, 362–63;

      • Colombia, 359;

      • France, 354, 356, 449–50, 455;

      • Fed. Rep. of Germany, 461, 463, 464;

      • Ghana, 472;

      • India, 471;

      • Indonesia, 359, 360;

      • U.K., 354, 445, 446;

      • U.S., 218, 221, 354, 486–92, 527–28, 534

    • Measures to control: Brazil, 363;

      • France, 354, 450, 454;

      • U.K., 354, 442–43;

      • U.S., 354, 486, 487, 488–89, 491, 492

    • Worldwide problem, 565, 576, 577

    • See also FISCAL POLICY; MONETARY POLICY; and individual countries

    INFORMATION AND PUBLICATIONS, 601–604

    • Made available to other organizations, 597, 605, 607, 610

    • On SDR transactions, 231, 233

    INSTITUTE, IMF, 588–90

    INTER-AMERICAN CENTER OF TAX ADMINISTRATORS (CIAT), 609

    INTER-AMERICAN COMMITTEE ON THE ALLIANCE FOR PROGRESS (CIAP)

    • Fund’s relations with: on external debt, 595, 597, 608, 609;

      • on reports, 597, 610;

      • on reserve creation, 106

    • Report on international monetary reform, 84–85, 198

    INTER-AMERICAN DEVELOPMENT BANK (IDB), 609, 610

    INTER-AMERICAN ECONOMIC AND SOCIAL COUNCIL (IA-ECOSOC), 85, 608–609

    INTER-CENTRAL-BANK COOPERATION. See CENTRAL BANKS

    INTERCONVERTIBILITY. See CURRENCY CONVERTIBLE IN FACT

    INTEREST RATES. See MONETARY POLICY

    INTERGOVERNMENTAL GROUP OF TWENTY-FOUR ON INTERNATIONAL MONETARY AFFAIRS (GROUP OF TWENTY-FOUR), 607n, 617–18

    INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD). See WORLD BANK INTERNATIONAL CHAMBER OF COMMERCE, 608

    INTERNATIONAL COCOA AGREEMENT, 274, 286n

    INTERNATIONAL COFFEE COUNCIL, 286

    INTERNATIONAL COFFEE ORGANIZATION, 286, 610

    INTERNATIONAL CONFEDERATION OF FREE TRADE UNIONS, 608

    INTERNATIONAL COTTON ADVISORY COMMITTEE, 286

    INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA), 19, 111, 219, 390, 391

    INTERNATIONAL FINANCE CORPORATION (IFC), 92, 581

    INTERNATIONAL GRAINS AGREEMENT, 286

    INTERNATIONAL LABOR ORGANIZATION, 610

    INTERNATIONAL MONETARY FUND. See FUND

    INTERNATIONAL MONETARY SYSTEM

    • Bretton Woods system, 501;

      • collapse of, 3–4, 517, 564, 565;

      • defense of, 510, 511, 515, 524, 525;

      • operation of, 484, 496, 502, 506–507, 511. See also Gold exchange standard, below

    • Collapse: danger of, 171, 172, 341, 490, 523, 524–25, 538–39;

      • following suspension of U.S. convertibility, 3–4, 517, 530, 564, 565–66, 601, 650

    • Considered in liquidity discussions: by CIAP, 84–85;

      • by Fund, 27–28, 31–32, 44–45, 64–67;

      • by Group of Ten, 28–29, 73, 119;

      • by UN, 83, 84, 197

    • Exchange rate conference suggested, 484, 500–501

    • Gold exchange standard: calls for change, 18, 20, 53, 61–62, 65–66, 171–72;

      • implications of SDRs for, 246;

      • provision for liquidity under, 36–37

    • Gold standard: advocated, 61–63, 195;

      • rejected, 65

    • Liquidity conference: proposed by U.S., 63, 73;

      • reactions of Fund, 67–68, 196, 197

    • Outlook, 189, 247, 446–48

    • Reform: Governors’ resolution, xxii, 547–48;

      • role of Fund, 547, 548, 553, 555;

    • suggestions by Fund, 539, 564–65

    • See also BALANCE OF PAYMENTS ADJUSTMENT PROCESS; EXCHANGE RATE MECHANISM; LIQUIDITY, INTERNATIONAL; and PAR VALUE SYSTEM

    INTERNATIONAL ORGANIZATIONS

    • Fund relations with, 595, 604–15

    • See also individual organizations

    INTERNATIONAL RESERVE FUND (IRF), 92–95, 152, 198

    INTERNATIONAL RESERVE ORGANIZATION, 128, 146

    INTERNATIONAL RESERVE UNION (IRU), 146, 152

    INTERNATIONAL TIN AGREEMENT, 269, 274, 282–84, 286

    INTERNATIONAL TIN COUNCIL, 283, 286

    INTERNATIONAL WHEAT AGREEMENT, 286

    INTERVENTION CURRENCY, 497, 559

    INVESTMENT OF FUND’S ASSETS, 383–85

    IRAN

    • Drawings (purchases) and repurchases from Fund, 312, 316, 331*, 395*

    • Exchange rate, 562

    • Quota in Fund, 296, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 583

    IRAQ

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 312, 316, 331*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 268*;

      • waiver, 322

    • Exchange rate and par value, 542, 560*

    • Quota in Fund, 296, 307*

    • SDR allocations, 249*

    • Special Drawing Account, participation in, 232

    • Technical assistance from Fund, 580, 585

    IRELAND

    • Art. VIII, Secs. 2, 3, and 4, acceptance of obligations of, 571n

    • Currency: decimal system, 518;

    • used in Fund transactions, 324, 337*

    • Drawings (purchases) and repurchases from Fund, 311, 315, 317, 331*, 395*

    • Exchange rate and par value, xviii-xix, 437, 438*, 542, 560*

    • Quota in Fund, 296, 307*

    • SDR allocations, 249*

    IRF. See INTERNATIONAL RESERVE FUND

    IRU. See INTERNATIONAL RESERVE UNION

    ISMAIL BIN MOHAMED ALI, 277–78

    ISRAEL

    • Drawings (purchases) from Fund, 312, 316, 318, 331*

    • Exchange rate, central, 562*

    • Par value, xviii–xix, 437, 438*, 543

    • Quota in Fund, 296, 307*

    • SDR allocations, 249*

    ITALY

    • Acceptance of amendment to Articles of Agreement, 176

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments surplus, 493

    • Basle Agreement, 14, 192

    • Basle Group, 442n

    • Borrowing by Fund: bilateral, 376, 387;

      • repayment, 376;

      • under GAB, 374*, 376

    • Currency: declared convertible in fact, 225–26;

      • used in Fund transactions, 313–14, 337*, 376

    • Drawings (purchases) from Fund, 311, 315, 331*

    • Exchange rate: central, 554, 555*, 562*;

      • floating, 542, 544

    • Quota in Fund, 296, 307*

    • Reserve creation, views on, 79, 120

    • SDRs: allocations, 249*;

      • receipt, 236

    IVORY COAST

    • Exchange rate, 457–58, 561

    • Quota in Fund, 296, 301, 307*

    • SDR allocations, 249*

    J

    J-CURVE, 444

    JACKSON, SIR ROBERT, 605

    JACOBSSON, PER. See MANAGING DIRECTOR (Per Jacobsson)

    JAMAICA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Currency unit, new, 468

    • Drawings (purchases) and repurchases from Fund, 311, 316, 331*, 395*

    • Par value, xix, 437, 438*, 468, 560*

    • Quota in Fund, 288, 296, 301, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 585

    JAMAICA DECLARATION, 85, 109, 198

    JAMAL, A. H., 427

    JAPAN

    • Art. VIII consultations, 494, 495, 571

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments surplus, 493–95, 528, 564

    • Basle Group, 442n

    • Borrowing by Fund: bilateral, 376;

      • under GAB, 374*, 375, 376

    • Currency used in Fund transactions, 337*

    • Economic situation and policies, 493–95

    • Exchange and trade controls, 494, 495, 574

    • Exchange rate: central, 554, 555*, 562*;

      • floating, 542–44

    • Executive Director appointed, 299, 625

    • Quota in Fund, 13, 296, 307*

    • Reserve creation, views on, 111, 120

    • SDRs: allocations, 249*;

      • receipt, 236

    • Trade: arrangements with U.S., 551;

      • surpluses, 494, 528

    JENKINS, ROY, 220, 408, 500, 504

    JHA, L. K., 219, 304

    JOGE, SVEN F., 136*, 143, 151, 164*

    JOHNSON, LYNDON B., 63, 176, 187, 210, 447, 487

    JOHNSTONE, ROBERT, 224, 279, 292, 295, 349, 354, 391, 490, 505, 509, 521

    • Explanation of Canadian floating rate, 479–82

    JOINT COMPUTER CENTER, 603, 639

    JONES, CHARLES E., 648

    JONES, EDGAR, 644–45

    JONSSON, SIGURGEIR

    • Background, 630

    JORDAN

    • Drawings (purchases) and repurchases from Fund, 265, 312, 331*, 395*;

      • under compensatory financing facility, 265, 268*

    • Exchange rate, central, 562*

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 580

    K

    KAFKA, ALEXANDRE, 85n, 134*, 153, 162*, 174, 349, 462, 550, 552

    • Background and length of service, 625, 627, 628

    • Comments and views on: buffer stock financing, 273, 277, 279;

      • exchange rate mechanism, 510;

      • financial programming, 366–67;

      • quota formula, 304;

      • quota review, 216, 291, 293–94, 296;

      • reserve creation, 109, 117–18, 125, 129, 149, 151, 152;

      • SDR designation plan, 242;

      • stand-by arrangements, 342–43, 345–46, 354

    KAHN, LORD, 83n

    KASHIWAGI, YUSUKE, 136*, 164*

    KEESING, F. A. G., 643

    KENNEDY, DAVID, 504, 515

    KENNEDY, JOHN F., 26, 92

    KENNEDY ROUND, 573

    KENNETT, W. A., 135*, 163*

    KENYA

    • Exchange rate, 542

    • Par value, 437, 465, 466*, 560, 561*

    • Quota in Fund, 296, 307*

    • Repurchases from Fund, 395*

    • SDR allocations, 249*

    • Technical assistance from Fund, 580, 585

    KESSLER, G. A., 115n, 120, 136*, 164*

    KEYNES PLAN, 19

    KHARMAWAN, BYANTI, 216, 278, 279, 298, 462, 480, 506–507, 552

    • Background and length of service, 627, 628

    KHMER REPUBLIC

    • Drawings (purchases) from Fund, 268*, 312, 316, 331*;

      • under compensatory financing facility, 268*

    • Exchange rate, floating, 542

    • Quota in Fund, 301, 307*

    • SDR allocations, 249*

    KIBAKI, MWAI, 245n, 601

    KIM, SE RYUN, 593

    KING, HENRI H. P., 645

    KLACKENBERG, L., 136*, 164*

    KLEPPE, PER, 427

    KONAN BEDIE, HENRI, 282

    KOREA

    • Drawings (purchases) and repurchases from Fund, 312, 316, 321, 331*, 395*

    • Exchange rate, 542, 563

    • Quota in Fund, 289, 296, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 320, 334*

    KROC, RUDOLF, 646

    KUWAIT

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Currency used in Fund transactions, 324, 337*

    • Par value, 560*

    • Quota in Fund, 296, 307*

    L

    LACHMAN, PHILINE R., 647

    LADEMANN, J., 137*, 165*

    LAMANA, ABDOULAYE, 282

    LAOS

    • Drawings (purchases) from Fund, 312, 316, 331*

    • Quota in Fund, 301, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 581

    LARRE, RENE, 101, 134*, 155, 158, 162*

    • Comments and views: balance of payments need for SDR use, 149;

    • distribution of Fund’s net income, 389;

    • reserve creation, 110, 112–13, 118, 124–25, 127, 128, 144, 147, 148

    LASO, EDUARDO, 649

    LATIN AMERICA AND CARIBBEAN

    • Declaration of Jamaica issued by central bank governors, 85, 109, 198

    • Drawings (purchases) from Fund, 311, 316

    • Fund consultations, 572

    • Report on monetary reform, 84–85

    • Technical assistance from Fund, 582, 583

    LATIN AMERICAN ASSOCIATION OF DEVELOPMENT FINANCING INSTITUTIONS, 609

    LATIN AMERICAN INSTITUTE FOR ECONOMIC AND SOCIAL PLANNING, 589

    LAWSON, R. W., 135*, 163*

    LEBANON

    • Exchange rate, 542, 563

    • Quota in Fund, 296, 307*

    LESOTHO

    • Currency unit, 465

    • Drawings (purchases) and repurchases from Fund, 312, 316, 331*, 395*

    • Membership in Fund, 289

    • Par value, 465, 466*, 561*

    • Quota in Fund, 302, 303, 307*

    • SDR allocations, 249*

    LIANG, C. C, 649

    LIBERIA

    • Drawings (purchases) and repurchases from Fund, 310, 312, 316, 321, 331*, 395*

    • Exchange rate and par value, 437, 562

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 334*

    • Technical assistance from Fund, 583

    LIBYAN ARAB REPUBLIC

    • Currency unit, new, 543

    • Exchange rate and par value, 542, 560*

    • Quota in Fund, 296, 307*

    LICAROS, GREGORIO S., 427

    LIEFTINCK, PIETER, 134*, 155, 162*, 286, 349, 384, 422, 436, 437, 439, 578

    • Background and length of service, 625, 627

    • Comments and views on: buffer stock financing, 277, 279, 283;

      • Canadian dollar, 479, 480;

      • currency convertible in fact, 224;

      • distribution of Fund’s net income, 389, 392;

      • Ecuadoran devaluation, 476;

      • exchange rate flexibility and crises, 505, 507, 511, 521, 522–23, 525, 547;

      • gold sales for currency replenishment, 418;

      • quota reviews, 290, 292, 295;

      • reserve creation, 27, 109, 112, 114, 116, 120, 124, 127, 149, 150, 152;

      • SDRs, use of, 228, 231, 235, 242;

      • stand-by arrangement, French, 354;

      • use of Fund’s resources and stand-by arrangements, 318, 319, 345, 379;

      • U.S. inflation, 490, 492;

      • Yugoslav par value, 518

    LINDÅ, A., 136*, 164*

    LINK BETWEEN RESERVE CREATION AND DEVELOPMENT FINANCE. See RESERVE CREATION: Link with development finance

    LIQUIDITY, INTERNATIONAL

    • Adequacy: studied in 1950s, 11–13, 87–88, 190;

      • views on, 15, 16, 27, 34–35, 39, 193, 194, 195

    • Conditional versus unconditional, 38;

      • defined, 23, 194;

      • preference for conditional, 26–27, 33, 109–10;

      • relationship, 34, 43, 91, 109–10, 119, 129;

      • techniques for expanding unconditional, 47–49

    • Conference suggested by U.S., 63, 67, 196

    • Defined to include positions in Fund, 26

    • Dependence on gold and reserve currencies, 25–26, 39, 40, 52

    • Expansion: Fund policies, 15, 26, 32–34, 194;

      • Fund reactions to early proposals, 17–24

    • Fund as administering agency: advocated by Managing Director, 41–42, 46, 66–68, 73, 89, 100, 193, 195, 196, 197;

      • advocated by others, 17–19, 40–41, 85

    • Fund role discussed by Group of Ten, 60, 89

    • Relation to balance of payments adjustment, 29–31, 96, 193

    • Studies: by academic economists, 17–19, 20, 21, 29, 38, 195;

      • by Fund, 23, 26–28, 31–32, 34–35, 42, 68-*9, 190, 193;

      • by Group of Ten, 28–29, 35–38, 194

    • See also RESERVE ASSETS; RESERVE CREATION; RESERVE CREATION PLANS; RESERVES; and RESERVE UNITS

    LOFTUS, MARTIN L., 645

    LOSADA, BENITO RAUL, 408

    LOWE, J. WILLIAM, 648

    LUXEMBOURG

    • Art. VIII consultations, 523

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments surplus, 493

    • Exchange markets, dual, xxii, 522–24

    • Exchange rate: central, 562*;

      • floating, 542

    • Par value, 522–23

    • Quota in Fund, 301, 307*

    • SDR allocations, 249*

    • See also BELGIUM

    M

    MACKAY, BARON A. W. R., 136*, 164*

    MADAN, B. K., 162*, 291, 345, 346, 349, 470, 481, 626

    • Comments and views on: distribution of Fund’s net income, 390, 391;

    • exchange rate flexibility, 506;

    • reserve creation, 128, 141–42, 148, 152, 157;

    • SDR allocation, link with quota increases, 215–16;

    • SDR facility, activation of, 174;

    • stabilization of commodity prices, 273, 277

    MAGURN, KATHERINE F., 647

    MALAGASY REPUBLIC

    • Exchange rate and par value, 437, 457–58, 561

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 581

    MALAWI

    • Currency unit, new, 518

    • Drawing (purchase) from Fund, 312, 331*

    • Par value, xviii-xix, 437, 438*, 465, 466*, 518, 560*

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 581

    MALAYSIA

    • Art. VIII, Secs. 2, 3, and 4, acceptance of obligations of, 571

    • Buffer stock financing, views on, 271–72

    • Currency: new unit, 467;

      • used in Fund transactions, 324, 337*

    • Drawings (purchases) and repurchases from Fund: purchases, xxii, 284, 312, 316, 331*;

      • repurchases, 395*;

      • under buffer stock facility, xxii, 284

    • Exchange rate and par value, 437, 542

    • Quota in Fund, 288, 296, 301, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 581, 585

    MALI

    • Drawings (purchases) and repurchases from Fund, 310, 312, 316, 321, 331*, 395*

    • Exchange rate, 457–58

    • Quota in Fund, 307* SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 334*

    • Technical assistance from Fund, 585

    MALTA

    • Exchange rate, central, 562*

    • Membership in Fund, 289

    • Par value, 465, 466*

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 580, 581, 585

    MANAGING DIRECTOR (Per Jacobsson), 12, 16, 21–22, 24, 191, 192, 193, 621, 635

    MANAGING DIRECTOR (Pierre-Paul Schweitzer), 84, 134*, 162*, 368, 454, 470–72, 518, 636

    • Appointment and resume of service, 27, 632–35

    • Chronology of actions on liquidity, 193–203

    • Consultations with Secretary-General of Unctad, 104

    • Cooperation with World Bank, 612, 614

    • Meetings and speaking engagements, 45, 46, 64, 90, 91, 404, 604, 605, 607, 621

    • Positions, comments, explanations: borrowing, bilateral, 377;

      • borrowing, gab, 371–72;

      • buffer stock financing, 270, 272, 278;

      • Canadian dollar float, 477, 479, 481;

      • deutsche mark float, 459–60;

      • developing countries’

      • debt service, 593, 601;

      • distribution of Fund’s net income, 388, 392;

      • exchange rate mechanism and crises (1970 and 1971), 426, 501, 503–504, 521, 523, 526, 531–32, 538–41, 545–48, 551–53;

      • gold deposits, general, 421, 422;

      • gold, disinvestment of, 384–85;

      • Gold Pool, 404;

      • gold prices, 406;

      • gold purchases from South Africa, 409–13;

      • quotas, 292;

      • reserve creation and liquidity—debates, studies, and joint meetings on, 27–28, 29–32, 36, 41–42, 44–46, 58, 64–69, 86–95, 99–103, 105–107, 125–26, 130, 142, 144, 151, 153, 159, 171, 193–203, 451–53, 543–44, 553;

      • role of Fund, future, 651;

      • split voting, 173;

      • stand-by arrangement, U.K., 341, 348;

      • sterling devaluation (1967), 339, 436–37, 447–48;

      • U.S. balance of payments, 491

    • SDRs: actions and views, 176–77, 187;

      • allocations, 181–82, 214–21;

      • designation plan, 228–29;

      • link with development finance, 245

    MANAGING DIRECTOR (H. Johannes Witteveen), 635n

    MANAGING DIRECTOR, DEPUTY. See DEPUTY MANAGING DIRECTOR

    MANSOUR, ALBERT, 137n, 165n, 343, 379, 389, 390, 391, 470

    • Length of service, 626, 627

    MARATHE, SHARAD S.

    • Background, 630

    MARQUEZ, JAVIER, 85n

    MARRIS, S., 137*

    MARTINS, BASILIO

    • Background, 630

    MASSAD A., CARLOS, 219, 304, 481, 552, 596

    • Background and length of service, 627, 629

    MATTERA, ALBERT A., 646

    MAUDE, EVAN W., 279, 292, 339, 341–42, 345, 349, 433, 437, 456

    MAUDLING, REGINALD, 30–31, 40, 41

    • Mutual currency account plan, 24, 59, 60, 193

    MAURITANIA

    • Drawings (purchases) from Fund, 312, 316, 331*

    • Exchange rate, 457–58, 561

    • Quota in Fund, 301, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 585

    MAURITIUS

    • Drawings (purchases) and repurchases from Fund, 312, 331*, 395*

    • Membership in Fund, 289, 440n

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 581

    MAYEKAWA, HARUO, 136*, 164*

    MAYNARD, GEOFFREY, 85n

    McMAHON, C. W., 136*, 164*

    McNAMARA, ROBERT S., 613, 614

    MEMBERSHIP

    • As of selected dates, 306*-308*

    • Changing nature of, 569–70;

    • developing countries, 570;

    • ministates, 302–303, 570, 632

    • Classification in Fund statistics, 82n

    • Formation of groups outside Fund, 576, 616–20

    • New members, 232–33, 289, 301, 302, 303, 570

    • See also NONMETROPOLITAN TERRITORIES OF MEMBERS

    MENTRE, PAUL, 158, 169, 345, 390

    MERM (Multilateral Exchange Rate Model), 537

    MERTENS DE WILMARS, JACQUES, 135*, 163*

    MERWIN, CHARLES L., 645

    MEXICO

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Currency: declared convertible in fact, 225, 226;

      • used in Fund transactions, 337*

    • Exchange rate, central, 562*

    • Quota in Fund, 296, 305, 307*

    • SDR allocations, 249*

    MIDDLE EAST

    • Drawings (purchases) from Fund, 312, 316

    • Fund consultations, 572

    • Technical assistance from Fund, 582, 583, 585

    MILLS, DONALD OWEN

    • Background, 630

    MINISTATES. See STATES, SMALL

    MITCHELL, DEREK, 446, 509, 550

    • Background and length of service, 627, 628

    M’KHAITIRAT, MOHAMED SALEM OULD, 271

    MLADEK, JAN V., 642

    MONETARY POLICY

    • Coordination of, 14–15, 192, 520, 525, 618

    • Credit controls in financial programs, 340, 342, 344, 348, 353, 361–68

    • Criteria used in stand-by arrangements: in general, 343–48, 363–68;

      • in individual countries, 342–43, 348, 353–54, 359–60, 361–62

    • Discussed in consultations, 575–76

    • Interest rates as factor in capital movements, 13–14, 499, 520

    • Seminars of Fund staff: and French officials, 356;

      • and U.K. officials, 443, 445

    • Use: Brazil, 361, 362;

      • Canada, 478;

      • France, 353–54, 450, 453–54;

      • Fed. Rep. of Germany, 463–64;

      • Indonesia, 360;

      • Japan, 494;

      • U.K., 441–45;

      • U.S., 74, 488, 490

    • See also FINANCIAL PROGRAMMING and FISCAL POLICY

    MONETARY UNITS, NEW, 466–68, 518, 543

    MONTANARO, SILVANO, 136*, 164*

    MORALES BERMUDEZ, FRANCISCO, 245n, 600–601

    MOROCCO

    • Drawings (purchases) and repurchases from Fund, 310, 312, 321, 331*, 395*

    • Par value, 560*

    • Quota in Fund, 301, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 335*

    • Technical assistance from Fund, 583

    MORSE, C. J., 136*, 164*

    MUDENDA, E. H. K., 282

    MULDOON, R. D., 277–78, 282, 285

    MULTILATERAL EXCHANGE RATE MODEL (MERM), 537

    MULTILATERAL SURVEILLANCE

    • Emphasized by Group of Ten, 35–36, 40, 69, 70–71, 100, 195

    • Interpretations of, 40, 78, 96–97

    MULTINATIONAL CORPORATIONS, 499, 565

    MULTIPLE CURRENCY PRACTICES. See EXCHANGE RATES, MULTIPLE

    MULTIPLE RESERVE CURRENCY PLANS, 20, 191

    MURPHY, HENRY C, 649

    MUTUAL CURRENCY ACCOUNT PLAN. See MAUDLING, REGINALD

    N

    NELISSEN, R. J., 426, 546

    NEPAL

    • Exchange rate and par value, 440, 465, 466*, 562

    • Quota in Fund, 300, 307*

    • Repurchases from Fund, 395*

    • SDR allocations, 249*

    • Special Drawing Account, participation in, 232

    • Technical assistance from Fund, 580

    NETHERLANDS

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments surplus, 493

    • Basle Agreement, 14, 192

    • Basle Group, 442n

    • Borrowing by Fund under GAB, 374*, 375, 376

    • Currency: declared convertible in fact, 226;

      • swap arrangements, 314–15;

      • used in Fund transactions, 314–15, 328, 337*

    • Exchange markets, dual, 542, 575

    • Exchange rate: central, 554, 555*, 562*;

      • floating, xxii, 3, 327–28, 517, 522, 525, 542, 544

    • Nonmetropolitan territories: exchange rate, 562*;

      • par value, 561*

    • Par value, 462

    • Quota in Fund, 307*

    • Reserve creation, views on, 79, 120

    • SDRs: allocations, 249*;

      • excess holdings, 240;

      • receipt, 236, 240, 243, 314–15

    NETHERLANDS ANTILLES. See NETHERLANDS: Nonmetropolitan territories

    NEW ZEALAND

    • Currency unit, new, 467

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 311, 316, 321, 331*;

      • repurchases, 268*, 395*;

      • under compensatory financing facility, 264, 268*

    • Exchange rate, floating, 542

    • Par value, xviii–xix, 437, 438*, 467, 560*

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Stand-by arrangement with Fund, 320, 335*

    NGUYEN HUU HANH. See HANH, NGUYEN HUU

    NICARAGUA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Drawings (purchases) and repurchases from Fund, 310, 311, 321, 331*, 395*

    • Exchange rate, central, 562*

    • Quota in Fund, 288, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 335*

    • Technical assistance from Fund, 581

    NICOL-COLE, S. B.

    • Background, 630

    NICOLETOPOULOS, GEORGE, 77, 135*, 163*, 647

    NIGER

    • Exchange rate, 457, 561

    • Quota in Fund, 301, 307*

    • SDR allocations, 249*

    NIGERIA

    • Drawings (purchases) and repurchases from Fund: purchases, 284, 312, 316, 331*;

      • repurchases, 395*;

      • under buffer stock facility, 284

    • Exchange rate and par value, 437, 542, 560*

    • Quota in Fund, 289, 296, 307*

    • SDR allocations, 249*

    • Technical assistance from Fund, 581

    NIKOI, AMON, 83n, 89, 101, 125, 134*, 162*, 174, 273, 277, 345, 346, 379, 471

    NIPSTAD, J., 164*

    NIXON, RICHARD M., 384, 488, 521, 529, 531, 552

    NKRUMAH, KWAME, 597

    NONMETROPOLITAN TERRITORIES OF MEMBERS Currency units: decimal system, 518;

    • new, 467, 468

    • Exchange rates, 562*

    • Par values, 439–40, 456, 467, 468, 560, 561

    NORWAY

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571

    • Balance of payments surplus, 493

    • Basle Group, 442n

    • Currency used in Fund transactions, 324, 337*

    • Exchange rate: central, 562*;

      • floating, 542

    • Quota in Fund, 296, 307*

    • SDR allocations, 249*

    NOSE, AKIRA P., 648

    NOUIRA, HEDI, xxi, 282

    O

    OAS. See ORGANIZATION OF AMERICAN STATES

    O’BRIEN, SIR LESLIE, 339

    O’DONNELL, M. W., 89, 94–95, 101, 118, 125, 126, 134*

    OECD. See ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT

    OMABOE, E. N., 471

    OMAN

    • Quota in Fund, 302, 303, 307*

    • SDR allocations, 249*

    • Special Drawing Account, participation in, 232

    • Technical assistance from Fund, 585

    OMWONY, MAURICE P., 368, 510, 552, 631

    • Background and length of service, 627, 629

    ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)

    • Development Assistance Committee (dac), 595

    • Fund’s relations with, 595, 597, 608, 610

    • Participation in reserve creation discussions, 71, 76, 106, 137*, 165*, 553

    • U.S. balance of payments estimates, 549

    • Working Party 3 of Economic Policy Committee, 76, 98, 199, 212, 549;

      • multilateral surveillance, 78, 96–97, 195;

      • study of adjustment process, 3, 36, 38, 194–95

    ORGANIZATION OF AMERICAN STATES (OAS), 608–609

    ORTIZ MENA, ANTONIO, 593

    ORTOLI, FRANÇOIS-XAVIER, 277–78, 411

    OSSOLA GROUP, 36–37, 195

    • Exploration of reserve creation methods, 52

    • Report, 58–61, 71, 196

    OSSOLA, RINALDO, 37, 52, 115, 120, 136*, 156, 157, 164*, 166, 195, 292, 371, 541

    OUTLINE OF A FACILITY BASED ON SPECIAL DRAWING RIGHTS IN THE FUND

    • Approved, xviii, 104–105, 155–59, 175, 204

    • Drafted, 104, 143–47, 153–55, 203

    • Features, 160–61

    • Incorporated in Articles of Agreement, 166–70, 172, 175

    • See also SPECIAL DRAWING RIGHTS

    OZAKI, EIJI, 134*, 162*

    P

    PAKISTAN

    • Drawings (purchases) and repurchases from Fund, 312, 316, 331*, 395*

    • Exchange rate, 542, 563

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 335*

    • Technical assistance from Fund, 581, 583

    PALAMENGHI-CRISPI, FRANCESCO, 224, 228, 279, 286, 354, 414, 479, 550

    • Background and length of service, 627, 628

    • Comments and views on: deutsche mark revaluation, 461;

      • exchange rate flexibility and wider margins, 509–10, 511, 521;

      • financial programming, 366–67;

      • quota review, 292–93, 295;

      • SDRs, use of, 236, 240, 241;

      • U.S. economy, 491

    PANAMA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Drawings (purchases) and repurchases from Fund, 311, 321, 331*, 396*

    • Exchange rate, central, 562*

    • Quota in Fund, 289, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 335*

    • Technical assistance from Fund, 581

    PANT, YADAV PRASAD, 220

    PAR VALUE SYSTEM

    • Calls for review, 21, 452, 483, 484, 501–502, 521, 526

    • Collapse, 3–4, 517, 519–30, 531, 555–56, 564, 565

    • Functioning: concerns, 447–48, 450–51, 478, 479, 481, 514–15, 519, 521, 523;

      • difficulties, 496, 502;

      • nature of implementation, 514, 535–36

    • Governors’ views, 500–501, 503–504, 514–15

    • Managing Director’s views, 447–48, 483–84, 501

    • Special position of U.S. dollar, 535

    • Suggestions for change: numeraire in SDRs rather than gold, 427;

      • “presumptive indicators,” 510

    • Techniques for change studied by Executive Directors, 501–503, 504–10, 511–14

    • Temporary regime of central rates, 557–62

    • See also BALANCE OF PAYMENTS ADJUSTMENT PROCESS and EXCHANGE RATE MECHANISM

    PAR VALUES

    • Central rates in lieu of, 557–59, 561, 562*

    • Changes: by individual countries, xviii-xxii, 433–40, 438*, 453–56, 460–62, 468–70, 471–81, 517–18, 522–24, 560–61;

      • responsibility for initiative, 525;

      • small, discussions and studies of, 501, 505, 507, 511, 513;

      • voting majority required for uniform change, 254

    • Competitive depreciation, concern about, 439, 476

    • Currency/monetary units changed, 466–68, 518, 543

    • Exchange rate model (MERM), 537

    • Initial, 465–66*

    • Maintained after devaluations by other countries, 437, 560*

    • Realignment (1971), xxii, 4, 531–56

    • See also EXCHANGE RATES;

      • FUNDAMENTAL DISEQUILIBRIUM; and individual countries

    PARAGUAY

    • Exchange rate, 563

    • Quota in Fund, 307*

    • Repurchases from Fund, 396*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 335*

    PATEL, I. G., 83n

    PATRON, YAMANDU S., 134*, 162*

    PAYMENTS ARREARS

    • Fund decision on, xxi, 591–93

    • Fund treatment of, 592, 593

    • In individual countries, 358, 360–61, 597

    PER JACOBSSON FOUNDATION LECTURES, 621

    PEREIRA LIRA, PAULO H., 134*, 162*

    PERERA, N. M., 245n

    PEREZ GUERRERO, MANUEL, 245

    PERISIN, IVO, 518

    PEROUSE, MAURICE, 119–20, 126, 127, 135*, 141, 163*

    PERSONNEL. See STAFF

    PERU

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Debt renegotiations, 595

    • Drawings (purchases) and repurchases from Fund: purchases, 265, 310, 311, 321, 331*;

      • repurchases, 396*;

      • under compensatory financing facility, 265, 266n

    • Exchange rate, 563

    • Quota in Fund, 289, 296, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 335*

    • Technical assistance from Fund, 583

    PFEIFER, ALBIN, 646

    PHILIPPINES

    • Drawings (purchases) and repurchases from Fund: purchases, 265, 310, 312, 316, 321, 331*;

      • repurchases, 396*;

      • under compensatory financing facility, 265, 266n

    • Exchange rate, 542, 563

    • Gold production subsidies, 423, 424

    • Quota in Fund, 296, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 335*

    PHILLIPS O., ALFREDO, 134*, 162*

    • Comments and views on: Canadian exchange rate, 480;

      • distribution of Fund’s net income, 391;

      • gold purchases from South Africa, 411;

      • payments arrears, 592;

      • quota, Mexican, 305;

      • quotas, general increase in, 291, 293, 296;

      • reserve assets, 149;

      • SDR allocation-quota increase link, 216;

      • stand-by arrangements, 343, 345, 354

    PLESCOFF, GEORGES, 215, 218, 223, 224, 295, 345, 349, 357, 404, 411, 436, 455, 458, 479, 490, 491, 494

    • Comments and views on: buffer stock financing, 273, 277, 279;

      • deutsche mark revaluation, 461–62;

      • distribution of Fund’s net income, 391;

      • exchange rate flexibility, 507;

      • French franc devaluation (1969), 455–56;

      • gold deposits, general, 421;

      • investment of Fund assets, 384, 385;

      • stand-by arrangement, French, 353;

      • stand-by arrangement, U.K. (1967), 342

    PLUMPTRE, A. F. W., 32

    POLAK, J. J. See ECONOMIC COUNSELLOR

    POMPIDOU, GEORGES, 454

    PONSEN, H., 646

    PORTUGAL

    • Exchange rate: central, 562*;

      • floating, 542

    • Par value, 437

    • Quota in Fund, 307*

    • Technical assistance from Fund, 585

    POSTHUMA, S., 53

    POWERS, WALTER T., 648

    PRAETORIUS, ROBERT L., 648

    PRASAD, P. S. N., 550, 552, 626

    • Background and length of service, 627, 629

    PREBISCH, RAUL, 104, 245, 278

    PRIMARY PRODUCING COUNTRIES

    • Classification in Fund statistics, 82n

    • Exports, 264–65, 269–70, 275–76

    • Payments situation, 82, 269–70

    • Use of Fund resources, 311–12, 315–16, 320–21

    • See also DEVELOPING COUNTRIES

    PROXMIRE, WILLIAM, 528n

    PUBLICATIONS CITED IN THIS VOLUME, 695–99

    PUBLICATIONS OF FUND, 602–603, 604

    PURCHASES (DRAWINGS) FROM FUND. See RESOURCES OF FUND—USE and individual countries

    Q

    QATAR

    • Currency unit and par value, 467

    • Membership in Fund, 570

    QIZILBASH, NAWAB MOZAFFAR ALI KHAN, 220, 281

    QUOTAS IN FUND

    • As basis of reserve unit or SDR allocations, 48, 49, 86–87, 122, 181, 217, 232, 287

    • As conditional liquidity, 32, 43, 287, 291

    • Considered in reserve creation discussions, 32, 43, 109–10, 112, 127, 194

    • Drawings to finance increases in, 257, 297, 316

    • Fifth general review (1969–70), xxi, 222, 289–300;

      • relation to SDR allocation, 215–16, 217, 289–90, 292

    • Formula for calculating, 290, 291n, 303–305

    • Fourth quinquennial review (1964–67), xviii, 33, 37, 41, 42, 194, 195, 196, 198, 288–89

    • Gold subscriptions, 47, 112, 172, 173, 297–98, 300, 356, 416–17

    • Increases not taken, 288–89, 293, 295, 301

    • Increases under compensatory financing decision, 288, 289, 296, 301

    • Of new members, 289, 301, 302, 303

    • Selective increases, 288, 290, 291, 292, 293, 294, 295

    • Small, 302–303

    • Total, 16, 287–89, 295–96, 300, 302, 306*-308*

    • Voting majorities for changes in, 133, 174, 202, 254, 255

    • See also RESOURCES OF FUND—NATURE AND SIZE

    R

    RADCLIFFE COMMITTEE, 20

    RADFORD, RICHARD A., 648

    RAJ, K. N., 83n

    RAJAOBELINA, LEON M., 135*, 163*, 216, 276, 277, 298, 345, 346, 592

    • Background, 630

    RASMINSKY, LOUIS, 481

    RAY, A. S., 647

    RECONSTITUTION. See SPECIAL DRAWING RIGHTS REID, JAY H., 648

    REID, PATRICK M., 134*, 162*, 345

    REMUNERATION ON NET CREDITOR POSITIONS, 236, 244, 256, 373, 387, 388

    REPRESENTATIVE EXCHANGE RATES, 226

    REPURCHASES

    • Abatement, 258–59

    • Amounts, 268*, 282–83, 382–83, 383*, 395*-96*

    • By individual countries, 314, 319, 351, 356, 382

    • Calculations concerning, 230–31, 282, 381

    • Currencies used in, 17, 325, 326, 337*, 395*-96*

    • Gold used in, 337*

    • Of buffer stock drawings, 276, 281

    • Of compensatory financing drawings, 262–63, 266, 268*

    • Problems: fluctuating rates, 382;

      • inability to use U.S. dollars, 312–13, 327;

      • small amounts, 282;

      • substitution of currencies, 381;

      • suspension of U.S. convertibility, 328, 532

    • Rules for, 258–59, 322–24, 325–26, 381–82

    • SDRs used in, 229–30, 325, 337*

    • Special arrangements (1971), 326–29

    • See also individual countries

    REQUIREMENT OF NEED: for drawings under buffer stock facility, 283, 284;

    • for use of SDRs, 149, 151, 160, 182, 183, 242–43

    RESERVE ASSETS

    • Distribution: criteria, 77, 89, 119, 120, 142, 200;

      • debates on limited group, 78–81, 86–87, 117;

      • related to Fund quotas, 122, 146–47, 151, 160

    • Features: basic, 37, 60, 79, 94, 119, 120, 128, 144–46;

      • relation to existing assets, including gold, 60, 78, 115–16, 118, 196

    • Ossola study groups: 1964 group, 37, 52, 58–61, 71, 195, 196;

      • 1966 working party, 115–16

    • Rules for use and transfer: Fund guidance, 94, 115, 147;

      • general questions, 115, 142, 143, 147–50, 200;

      • gradually determined, 151, 202, 203

    • Term: avoided, 107–108, 153–55;

      • broadly used, 80, 143;

      • compromise, 145;

      • drawing unit reserve asset (Dura), 143;

      • reserve asset concept accepted, 188

    • Transfer of real resources involved, 57

    • See also RESERVE CREATION;

      • RESERVE CREATION PLANS; and RESERVE UNITS

    RESERVE CREATION

    • Agreement: facilitated by economic circumstances, 74–75, 209–11;

      • on basic principles by Group of Ten, 95–96, 99–100, 111, 199;

      • on global need for reserves as criterion, 108–109;

      • on need to study new techniques, 39, 195

    • Alternative ways of meeting liquidity deficiency, 21, 191

    • Compulsory reconstitution of credit tranche positions in Fund, 113–14, 119

    • Concern of Executive Directors outside Group of Ten, 105–106

    • Defined, 43, 108

    • Distribution. See RESERVE ASSETS: Distribution

    • Financing: discussed, 117–19, 142, 143, 146, 202;

      • resolved, 145, 146, 160, 203

    • Form of, 111–13, 119, 147, 160, 200

    • Inflation feared, 39, 45, 69, 97, 98, 118, 124, 125, 212

    • Link with development finance, 61, 72, 84, 85, 110–11, 197, 219, 220, 245–46

    • Purpose, 107, 108–11, 119, 200

    • Related to balance of payments equilibrium and adjustment process, 97, 98, 113, 119, 120, 141, 172, 180, 214, 218, 221

    • Related to gold subscriptions in Fund, 112

    • Techniques examined: by Fund, 44–53, 57, 59, 68, 77, 195;

      • by Ossola Group, 59, 196

    • Timing, 110, 120, 123

    • See also LIQUIDITY, INTERNATIONAL;

      • RESERVE ASSETS;

      • RESERVE CREATION PLANS;

      • RESERVE UNITS; and SPECIAL DRAWING RIGHTS

    RESERVE CREATION PLANS

    • Bernstein plans, 20, 53–54, 55–56, 111, 191, 194

    • Contingency plan: agreement to draft, 69–73, 76;

      • distinct from activation, 97–99, 199;

      • push toward agreement on, 130–33, 201;

      • search for, 74–103;

      • specifying conditions for activation, 119, 120, 124, 125, 126, 199

    • Contingency planning: first phase of discussions, 70–72, 196;

      • second phase of discussions, 72–73, 100, 101, 104, 110–11, 196–97

    • CRU proposals, 52, 53–58, 59, 60, 63, 111, 189, 191, 194, 196

    • Day Plan, 20

    • Decision-making and voting arrangements: considerations involved, 78, 96, 121, 127, 146, 173, 199, 201;

      • difficult issue, 55, 121, 126, 142, 150, 151–52, 167, 196, 200, 203;

      • procedures for, 56, 122–26, 131, 133, 143, 144, 155, 156, 160, 177, 179, 202, 203

    • Drawing rights versus reserve units, 119, 128, 143, 201;

      • drawing rights preferred, 111–12, 127, 128, 142, 150;

      • drawing rights recommended by EEC, 132, 133, 202;

      • reserve units preferred, 112–13, 142;

      • two concepts converge, 144–45, 146–47, 150, 203

    • “Dual approach”: arguments for, 78, 79, 81;

      • characteristics of, 80, 81, 197;

      • criticisms of, 81, 88, 89, 90, 91, 95, 98, 198, 199;

      • given up, 99, 199. See also Universal plan, below

    • EEC recommendations on amendment of Articles of Agreement, 132–33

    • Fund plans: early plans, 46–51, 195;

      • Group of Ten’s discussion, 59, 60, 77, 89;

      • joint meeting discussions, 141–43, 201, 202;

      • Managing Director’s proposals (1966), 86–95, 100, 198, 200;

      • outlines (February 1967), 127–30, 201;

      • outlines (May-June 1967), 144–53, 202–203;

      • outline (final) drafted, 153–55, 203

    • Limited schemes: preference for, 56–57, 73, 77, 78–82, 95, 99;

      • response of developing countries, 82–85;

      • size of group to be included, 55, 56–57, 60, 77, 196, 197. See also “Dual approach,” above, and Universal plan, below

    • Liquidation, provision for, 145

    • Maudling plan, 24, 59, 60, 193

    • Opting out. See SPECIAL DRAWING RIGHTS: Allocations, opting out of

    • Ossola Group report, 58–61, 71, 196

    • Outlines. See Fund plans, above

    • Parallel schemes. See “Dual approach,” above

    • Plans submitted to Group of Ten: Canadian, 79–81, 197;

      • Otmar Emminger’s, 79–81, 197;

      • U.K., 79–80, 197;

      • U.S., 79–80, 143, 197, 202

    • Reconstitution, provision for, 142, 143, 147, 149, 150, 151, 152, 153, 156–58, 202

    • Separate or merged resources, 143, 146

    • Stamp Plan, 19, 22, 191

    • Suggestions for extension of mutual assistance among central banks, 20–21

    • Triffin Plan, 17–19, 22, 191;

      • Fund’s reactions to, 22

    • Universal plan: accepted, 95–100, 199;

      • emphasized, 45–46, 67, 89–91, 196, 197, 199

    • Zolotas Plan, 23, 193

    • See also LIQUIDITY, INTERNATIONAL;

      • RESERVE ASSETS;

      • RESERVE CREATION;

      • RESERVE UNITS; and SPECIAL DRAWING RIGHTS

    RESERVE CURRENCY COUNTRIES

    • Balance of payments improvement: noted, 26, 52, 63, 70, 75;

      • urged, 30, 171–72, 194

    • Difficulties of devaluing: U.K., 432;

      • U.S., 535–36

    • Reserve policies, 140, 204, 209–10

    • Special needs of U.S. in currencies selected in drawings, 314

    • See also UNITED KINGDOM and UNITED STATES

    RESERVE POSITIONS IN FUND

    • Definition, 323

    • Included in supply of liquidity, 15–16, 26

    • Increases in, 140, 141, 204

    • Scheme for converting currency balances into, 60

    • Taken into account in policy on selection of currencies, 323, 324, 326

    RESERVE UNITS

    • Distinct from reserve assets, 80, 107–108

    • Distribution. See RESERVE ASSETS: Distribution

    • Features of: general, 120–21, 126, 128–29, 142–45;

      • relation to traditional reserves, 115, 116, 118, 120, 129

    • Proposals for: by E. M. Bernstein, 53–54, 55–56, 111, 194;

      • by Fund, 92–95, 127–30, 141–43, 144–47, 150–53, 198, 199, 200, 201, 202, 203;

      • by Group of Ten, 79–81

    • Rules for use and transfer, 114–17, 119, 128–30, 142–43, 147–48. See also RESERVE ASSETS: Rules for use and transfer

    • Versus drawing rights: both considered, 111–12, 119, 127–28, 142, 146, 150, 202–203;

      • differences, 112–13, 128–29, 201;

      • drawing rights preferred, 111, 147, 150;

      • preference for units, 112, 120, 147;

      • ultimate convergence, 131, 144, 145, 151

    • See also RESERVE ASSETS;

      • RESERVE CREATION; and RESERVE CREATION PLANS

    RESERVES

    • Calculations for Fund operations: Articles amended, 258–59;

      • concept changed from net to gross, 258–59, 380–81;

      • data to be supplied to Fund, 381;

      • exclusion of SDRs, 230–31;

      • in selection of currencies, 323–24, 326

    • Definitions, 49;

      • adequacy, 12–13, 190; “official holdings”

      • in first designation plan, 227, 229;

      • positions in Fund included, 16, 26, 49, 191, 192;

      • SDRs included, 159

    • Developments: Canada, 478;

      • developing countries, 90;

      • France, 209, 450, 454, 458;

      • Fed. Rep. of Germany, 463;

      • Japan, 494;

      • primary producing countries, 82;

      • U.K., 433;

      • U.S., 15, 486–87, 489–90, 528

    • Global need: difficulties of estimating, 37, 44, 87–88, 90, 141–42, 213–14, 216;

      • requirement for SDR allocations, 154, 172, 180;

      • seminar of Fund staff with specialists, 213–14, 221

    • Gold, 25;

      • debate on augmenting official holdings, 410–11;

    • low share of developing countries, 553

    • “Owned” as distinguished from “borrowed,” 37, 38, 40, 41

    • Relation to new reserve assets, 37, 49, 78

    • Studies: by Fund, 87–88, 139–41;

      • by U.S., 141

    • World: composition of, 25, 139–40, 204, 209–10, 211, 212, 215;

      • developments in, 75, 139–41, 204, 215;

      • term as used by Fund, 25n, 138n;

      • U.S. as supplier of, 25–26, 193

    • See also RESERVE POSITIONS IN FUND

    RESOURCES OF FUND—NATURE AND SIZE

    • Access to: by France, 453;

      • expansion of, 16–17, 192, 198

    • Adequacy, 12–13, 16

    • Conditionality, 257

    • Credit tranche positions: definition, 26;

      • included in reserves, 26, 33;

    • role in reserve creation, 113–14, 119

    • Gold tranche positions: definition, 25n;

      • included in reserves, 26, 32, 191;

      • payment of interest on, 246

    • Replenishment of currencies, 298, 301;

      • policies on, 417–20;

      • use of SDRs in, 236

    • Super gold tranche positions: definition, 47n;

      • payment of remuneration on, 236, 244, 256, 373, 387, 388

    • Total quotas, 16, 287–89, 295–96, 300, 302, 306*-308*

    • See also QUOTAS IN FUND

    RESOURCES OF FUND—USE

    • Amendment of Articles on, 253, 255–57

    • Credit tranche drawings (purchases), 33, 316–19

    • Currencies selected: 236–37, 241, 254, 313–14, 315. See also SELECTION OF CURRENCIES IN FUND TRANSACTIONS

    • Gold tranche drawings (purchases): amounts of, 310, 312–16;

      • by France, xix, 315, 352–53, 449–50;

      • by U.S., 310, 312–15;

      • changes in procedures for, 32–33, 309;

      • definition of, 255, 309;

      • discussed in plans for reserve creation, 80;

      • excluded from stand-by arrangements, 256;

      • liberalization of, 32–33, 127, 194;

      • made legally automatic, 33, 255–56;

      • relation to GAB, 371

    • In crises of 1950s, 13

    • Magnitudes, xx, xxi, 310–12, 330*-32*, 337*, 383*, 393;

      • under stand-by arrangements, 320–22

    • Policies: adjusted in early 1960s, 15–17, 32–34, 192;

      • for credit tranche drawings, 317–19, 593;

      • for gold tranche drawings, 32–33, 127, 194, 255–56;

      • on stand-by arrangements, 338, 341–42, 343–48, 352–54, 363–69;

      • under amended Articles, 255–57;

      • vis-à-vis U.S., 312–14

    • Quota increases financed by drawings, 257, 297, 316

    • Special problems after August 15, 1971, 532–33, 549–50, 563–64

    • Super gold tranche drawings (purchases), 310, 312, 314, 315, 450, 463

    • Temporary in character, 256

    • U.S. technical drawings, 312–13

    • Waivers, 26n, 322

    • See also BUFFER STOCK FINANCING;

      • CHARGES ON USE OF FUND RESOURCES;

      • COMPENSATORY FINANCING OF EXPORT FLUCTUATIONS;

      • REPURCHASES;

      • RESOURCES OF FUND-NATURE AND SIZE; and STAND-BY ARRANGEMENTS

    REUSS, HENRY S., 38, 528n

    RICKETT, SIR DENIS, 136*, 164*

    RIEKE, WOLFGANG, 136*, 164*

    ROBICHEK, E. WALTER, 648

    ROELANDTS, JACQUES, 292–93, 415, 462

    ROMANIA

    • Membership in Fund, 570

    ROOSA, ROBERT V., 14–15, 36, 54, 56, 191, 196

    ROSE, BRIAN, 646

    ROTA, GIORGIO, 136*, 164*

    RUEFF, JACQUES, 21, 191

    RULES AND REGULATIONS OF FUND, 158, 166, 177–78, 205, 256, 381

    RWANDA

    • Drawings (purchases) and repurchases from Fund, 312, 321, 331*, 396*

    • Par value, 465, 466*, 560*

    • Quota in Fund, 307*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 320, 321, 335*

    • Technical assistance from Fund, 580, 583

    S

    SAAD, AHMED ZAKI, 343, 625, 626

    • Fund’s authority stressed, 89, 137n, 165n, 626

    • Views and comments on: individual countries, 317, 439, 470;

      • remuneration to creditors, 388, 389;

      • SDRs, 125, 129, 158, 229

    SALLE, JEAN-PAUL, 77, 135*, 163*, 643

    SAN LIN, 663

    SANCHIZ, JOSE C, 648

    SANNER, PIERRE, 83n

    SAPER, JAKOB, 646

    SATOW, KOICHI, 521–22

    • Background, 630

    SAUDI ARABIA

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Par value, 560*

    • Quota in Fund, 296, 308*

    SAVKAR, D. S., 644

    SCHELIN, OTTO, 112

    SCHILLER, KARL, 159, 451, 514

    SCHLEIMINGER, GUENTHER, 216, 224, 293, 295, 349, 391, 459, 495, 522–23, 550

    • Background and length of service, 627, 628

    • Comments and views on: buffer stock financing, 279, 283;

      • Canadian dollar, 479, 481;

      • deutsche mark float, 460;

      • deutsche mark revaluation, 461;

      • exchange rate flexibility and wider margins, 509, 510, 511, 521;

      • SDRs, use of, 235, 240;

      • stand-by arrangement, French (1969), 354;

      • Turkish stabilization program, 475;

      • use of Fund resources and stand-by arrangements, 345;

      • U.S. inflation, 490

    SCHNEIDER, HEINRICH G.

    • Background, 630

    SCHOELLHORN, J., 132n

    SCHWARTZ, CHARLES F., 649

    SCHWEITZER, PIERRE-PAUL. See MANAGING DIRECTOR (Pierre-Paul Schweitzer)

    SCITOVSKY, TIBOR, 83n

    SDRs. See SPECIAL DRAWING RIGHTS

    SELECTION OF CURRENCIES IN FUND TRANSACTIONS

    • Currencies used, 337*

    • Currency budget, 323–35

    • Discussed in reserve creation plans, 129, 150, 160

    • Fund decision (1962), 17, 192, 322–24, 325

    • In drawings by U.S., 313–14, 315

    • See also RESOURCES OF FUND—USE: Currencies selected

    SENEGAL

    • Exchange rate, 457, 561

    • Quota in Fund, 289–90, 308*

    • SDR allocations, 249*

    SHAREF, ZEEV, 594

    SIERRA LEONE

    • Drawings (purchases) and repurchases from Fund, 312, 322, 332*, 396*

    • Par value, xix, 437, 438*, 560*

    • Quota in Fund, 296, 308*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 320, 321, 335*

    • Technical assistance from Fund, 580, 581, 583

    SIGLIENTI, SERGIO, 101, 112, 118, 124, 125, 129, 134*, 148, 152, 155, 162*, 378

    SILLING, DAN R., 648

    SINGAPORE

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571

    • Currency unit, new, 467

    • Exchange rate, 542

    • Par value, 437, 465, 466*, 467, 560*

    • Quota in Fund, 288, 308*

    • Technical assistance from Fund, 581

    SMIT, ROBERT VAN S.

    • Background, 630

    SMITHSONIAN AGREEMENT, xxii, 329, 553–56

    SMOLE, JANKO, 220, 245n, 594

    SNEDDEN, B. M., 427

    SNOY ET D’OPPUERS, BARON, 546

    SOLOMON, ROBERT, 137*, 165*

    SOMALIA

    • Drawings (purchases) and repurchases from Fund, 312, 316, 322, 332*, 396*

    • Exchange rate and par value, 437, 542, 560*

    • Quota in Fund, 308*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 321, 335*

    • Technical assistance from Fund, 581, 583

    SOUTH AFRICA

    • Balance of payments deficit, 415

    • Currency: monetary unit of Botswana, Lesotho, and Swaziland, 465, 466*;

      • used in Fund transactions, 324, 337*

    • Drawings (purchases) and repurchases from Fund, 311, 315, 332*, 396*

    • Exchange rate and par value, 437, 465, 542, 561*

    • Gold production subsidies, 423, 424

    • Gold sales to Fund, xxi, 409–16, 425

    • Quota in Fund, 296, 308*

    • Request for Fund study of international liquidity, 12

    • SDR allocations, 249*

    SOUTHARD, FRANK A., JR., 627. See also DEPUTY MANAGING DIRECTOR

    SOUTHEAST ASIAN CENTRAL BANKS, 278–79

    SOUTHERN YEMEN. See YEMEN, PEOPLE’S DEMOCRATIC REPUBLIC OF

    SPAIN

    • Currency used in Fund transactions, 337*

    • Drawings (purchases) and repurchases from Fund, 311, 315, 332*, 396*

    • Par value, xviii-xix, 437, 438*, 560*

    • Quota in Fund, 296, 308*

    • SDR allocations, 249*

    • Technical assistance from Fund, 585

    SPECIAL DRAWING ACCOUNT

    • Description, 178–79

    • Establishment, xx, 167, 176, 205;

      • requirements for, 175, 205, 214

    • Financing, 177, 179, 229, 286

    • Genesis, 128, 130, 146–47, 152, 154

    • Obligations of participants, 179, 182–85, 242;

      • failure to fulfill, 178, 183, 185;

      • reconstitution of SDR holdings, 167, 178, 185, 186

    • Operations after 1971 crises, 241–42, 244

    • Participation, 176, 179;

      • France, 176, 218;

      • Italy, 176;

      • new members of Fund, 232–33;

      • total, 176, 220, 232–33, 244;

      • U.S., 176

    • Voting, 177, 179;

      • majority required for allocations and cancellations, 155, 156, 158, 160, 203

    SPECIAL DRAWING RIGHTS (SDRs)

    • Allocations for first basic period, xxi, xxii, 232, 233, 248*–50*;

      • Managing Director’s consultations and proposal, Governors’ approval, and Executive Board’s concurrence, xx, 181–82, 203, 214–21;

      • prerequisites for decision, 172, 180–82, 214, 220;

      • principles and techniques, 180–81;

      • reservations of some Executive Directors, 218–19;

      • views of Group of Ten Deputies, 216

    • Allocations, opting out of: by China, 232, 244;

      • implications for total allocations, 217;

      • provisions for discussed, 117, 122, 124–25, 127, 146–47, 152–53;

      • provisions for resolved, 157, 172, 173, 181

    • Allocations to be excluded from members’

      • reserves in determining repurchase obligations, 230–31

    • Cancellation, 154, 180–82

    • Characteristics, 160–61, 172–73, 178–86, 188

    • Designation of participants to provide currency for SDRs: plans, 185, 226–29, 237, 241–42;

      • principles and procedures, 227–28, 235, 238–40;

      • specified in Articles, 167, 178, 183, 184–85, 186

    • Evolution, 190–205

    • Executive Board’s special role, 222, 623–24

    • Facility based on SDRs: activation, 212–31, 492;

      • entry into force, xx, 173–75, 176, 177, 204, 205, 253

    • Gold-value guarantee, 186–87

    • Harmonization of ratios between holdings of SDRs and other reserves: desired objective, 109, 151, 156–58, 228;

      • techniques for achieving, 156–58, 185, 234–35, 237–41

    • Information published on, 233

    • Interest on, 182, 246, 373, 386

    • Link with development finance. See RESERVE CREATION: Link with development finance

    • Manual of Procedures, 231

    • Other holders, 172, 173, 181

    • Outline of facility. See OUTLINE OF A FACILITY BASED ON SPECIAL DRAWING RIGHTS IN THE FUND

    • Reconstitution of holdings: difficult issues, 142, 143, 147, 149, 150, 151, 152, 153, 202;

      • issues gradually settled, 154, 155, 157, 158, 160–61, 167, 178, 203;

      • nature of provisions, 183, 185, 186;

      • study of implementation, 246, 247

    • Requirement of need, 149, 151, 160, 182, 183, 242–43;

      • not subject to challenge, 183

    • Significance, 187–89;

      • an accepted reserve, 244–45;

      • zenith of international cooperation, 3, 620

    • Terminology, 80, 128, 143, 145, 150–55 passim, 157, 197

    • Transactions, 234–37, 240–41, 243–44, 314–15;

      • representative exchange rates for, 226

    • Uses vis-à-vis Fund: for payment of charges and repurchases, 173, 229–30, 234–35, 243, 325, 337*, 379;

      • for payments to members and in currency budgets, 235–36, 244, 325;

      • not for payment of gold subscriptions, 173, 297, 298;

      • reluctance of members to use after suspension of dollar convertibility, 243–44

    • Widened use suggested: as means of development finance, 245–46;

      • as numeraire for monetary system, 244, 427;

      • as primary reserve, 244, 551, 651;

      • as technique for “asset settlement,” 491;

      • questions studied, 246–47

    • See also LIQUIDITY, INTERNATIONAL;

      • RESERVE ASSETS;

      • RESERVE CREATION;

      • RESERVE CREATION PLANS;

      • RESERVE UNITS; and SPECIAL DRAWING ACCOUNT

    SPECIAL RESERVE, 383, 385, 388

    SPECIAL RESERVE DRAWING RIGHTS (SRDR), 80, 153, 154, 197

    SRI LANKA. See CEYLON

    STABILIZATION OF PRICES OF PRIMARY PRODUCTS. See BUFFER STOCK FINANCING

    STABILIZATION PROGRAMS. See FINANCIAL PROGRAMMING

    STAFF

    • Expansion, 637–38

    • Geographic distribution, 639–40

    • Identification, 640–49

    • Lectures, 589–90

    • Organization, 77n, 636–37

    • Seminars: on reserve needs and availabilities, 213–14, 221;

      • with French officials, 356;

      • with U.K. officials, 443, 445

    • Use of electronic data processing, 603, 639

    STAMP, ARTHUR MAXWELL (Stamp Plan), 19, 22, 110, 191

    STAND-BY ARRANGEMENTS

    • Approved, 320–22, 333*-36*;

      • for developing countries, 358–63;

      • for France, 352–56;

      • for U.K., 338–43, 348–49

    • Charges, 379

    • Decision on repurchases in SDRs, 230

    • Discussed with U.S., 313

    • Drawings: Brazil, 361, 362;

      • Colombia, 310, 321, 358, 359;

      • expedited, 368–69;

      • France, xx, xxi, 321, 355;

      • gold tranche excluded, 256, 309;

      • Indonesia, 321, 360;

      • total, 309, 310, 320–22;

      • U.K., xix, 310, 321, 349, 350, 351

    • Policies, 338, 341–42, 343–48, 352–54, 363–69

    • Terms, 343–49, 353–54, 358–62, 363–64, 592, 596;

      • Executive Board’s review of, xix, 343–48

    • Waivers granted, 322

    • See also FINANCIAL PROGRAMMING and individual countries

    STARK, MARIE C., 647

    STATES, SMALL, 302–303, 570, 632

    STERLING AGREEMENTS. See UNITED KINGDOM

    STEVENS, SIR JOHN (formerly J. M. Stevens), 112, 116, 125, 128, 134*, 162*, 472

    STOPPERS, ERICH, 164

    STONE, JOHN O., 134*, 141, 152, 153, 157, 162*, 216, 231, 326, 342, 349, 418, 438, 494

    • Comments and views on: distribution of Fund’s net income, 389, 391;

      • exchange rate adjustment, 505, 507, 511;

      • gold deposits, general, 421, 422;

      • gold purchases from South Africa, 410;

      • quota review, 291–92, 293, 295, 298;

      • SDR designation plans, 237, 239–40;

      • SDR facility, activation of, 218–19;

      • SDRs, use of, 236;

      • stabilization of commodity prices, 276–77;

      • U.S. inflation, 490–91

    STRÄNG, GUNNER, 594

    STRAUSS, FRANZ JOSEF, 132n

    STUDY GROUP ON CREATION OF RESERVE ASSETS. See OSSOLA GROUP

    STURC, ERNEST, 642

    SUBSCRIPTIONS. See GOLD TRANSACTIONS AND OPERATIONS OF FUND and QUOTAS IN FUND: Gold subscriptions

    SUDAN

    • Drawings (purchases) and repurchases from Fund: purchases, 263, 268*, 312, 316, 321, 332*;

      • repurchases, 268*, 396*;

      • under compensatory financing facility, 263, 268*

    • Exchange rate, 542, 563

    • Quota in Fund, 308*

    • SDR allocations, 249*

    • Stand-by arrangements with Fund, 320, 321, 335*

    • Technical assistance from Fund, 580, 581, 583

    SUPER GOLD TRANCHE. See RESOURCES OF FUND—NATURE AND SIZE and RESOURCES OF FUND—USE

    SURINAM. See NETHERLANDS: Nonmetropolitan territories

    SUZUKI, HIDEO, 134*, 162*, 216, 228, 392, 439, 481, 495, 550, 558

    • Background and length of service, 625, 627, 628

    • Comments and views on: distribution of Fund’s net income, 389;

      • exchange rate flexibility, 507, 508, 510, 526;

      • gold sales for currency replenishment, 417, 418;

      • Japanese balance of payments, 494;

      • Japanese par value, 436, 437;

      • quota review, 292;

      • reserve creation, 128, 147

    SWAN, T. W., 83n

    SWAP ARRANGEMENTS. See CENTRAL BANKS

    SWAZILAND

    • Currency unit, 465

    • Drawing (purchase) and repurchase from Fund, 312, 316, 332*, 396*

    • Par value, 465, 466*, 561*

    • Quota in Fund, 301, 303, 308*

    • SDR allocations, 250*

    SWEDEN

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Basle Agreement, 14, 192

    • Basle Group, 442n

    • Borrowing by Fund under GAB, 374*

    • Currency used in Fund transactions, 337*

    • Exchange rate: central, 554, 555*, 562*;

      • floating, 542, 544

    • Quota in Fund, 308*

    • SDR allocations, 250*

    SWEENEY, TIMOTHY, 646

    SWITZERLAND

    • Association with GAB, 372–73

    • Attendance at joint meetings of Fund Executive Directors and Group of Ten Deputies, 106, 137*, 165*, 553

    • Balance of payments surplus, 493

    • Basle Group, 442n

    • Capital inflows, 524

    • Exchange rate, 524

    • Participation in CRU plan proposed, 53, 55, 194

    SYRIAN ARAB REPUBLIC

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 312, 316, 332*;

      • repurchases, 268*, 396*;

      • under compensatory financing facility, 264, 268*

    • Exchange rate, 563

    • Quota in Fund, 288, 308*

    • SDR allocations, 250*

    • Technical assistance from Fund, 585

    T

    TAN SIEW SIN, 267, 271–72, 282, 426, 593

    TANAKA, KEIJIRO, 136*, 164*

    TANN, BEUE, 134*, 162*, 295

    • Length of service, 625, 626

    TANZANIA

    • Exchange rate, 542

    • Par value, 437, 465, 466*, 560, 561*

    • Quota in Fund, 308*

    • Repurchases from Fund, 396*

    • SDR allocations, 250*

    • Technical assistance from Fund, 580, 583, 585

    TARIFFS

    • Generalized system of preferences (EEC, Denmark, Finland, Japan, New Zealand, Norway, Sweden, U.K.), 574

    • In Japan, 495

    • Kennedy round of negotiations, 573

    TECHNICAL ASSISTANCE

    • Carried out through: consultations, 572, 579;

      • outside experts, 580, 582, 584, 588;

      • resident representatives, 471, 579, 587–88;

      • staff, 580, 582, 584

    • Definition, 579

    • Fields of assistance: balance of payments statistics, 584–85;

      • central banking, 579–82;

      • financial statistics, 585–86;

      • fiscal affairs, 582–84;

      • general, 587–88

    • Growth, 578, 583, 585, 587

    • Information exchanged with other international organizations to avoid duplication, 584

    • Recipients: countries, 580–81, 582, 583, 585, 587–88;

      • regional organizations, 581, 583;

      • special program for Zaïre ended, 588

    • Reports to Executive Board, 578–79

    • See also individual countries

    TEJERA-PARIS, ENRIQUE, 89, 101

    TEYSSIER, GERARD M., 134*, 162*, 643n

    THAILAND

    • Drawings (purchases) from Fund under buffer stock facility, 284

    • Exchange rate and par value, 437, 562

    • Quota in Fund, 296, 308*

    • SDR allocations, 250*

    • Special Drawing Account, participation in, 232

    THOMPSON-McCAUSLAND, L. P., 136*, 164*

    THORSON, PHILLIP, 642

    TIN. See BUFFER STOCK FINANCING and INTERNATIONAL TIN AGREEMENT

    TOGO

    • Exchange rate, 457, 561

    • Quota in Fund, 289–90, 308*

    • SDR allocations, 250*

    TONGA. See UNITED KINGDOM: Nonmetropolitan territories

    TOURE, MAMOUDOU, 644

    TRADE, INTERNATIONAL

    • Magnitudes, 25, 565;

      • affected by sterling devaluation, 440;

      • and need for reserves, 18, 75;

      • in French franc area, 458

    • Measures related to 1971 currency realignment, 535, 551, 574

    • Restrictions on, 221, 500, 539, 546

    • Study of commodity trade by Fund and World Bank, 272–75

    • Surpluses: Fed. Rep. of Germany, 449–52, 463;

      • Japan, 494, 528;

      • U.S., 488, 494

    • See also EXPORTS;

      • IMPORTS; and TARIFFS

    TRIFFIN, ROBERT (Triffin Plan), 17–19, 22, 191

    TRINIDAD AND TOBAGO

    • Drawings (purchases) and repurchases from Fund, 311, 316, 332*, 396*

    • Par value, xviii-xix, 437, 438*

    • Quota in Fund, 289, 296, 308*

    • SDR allocations, 250*

    • Technical assistance from Fund, 580

    TUN THIN, 644n

    TUNISIA

    • Drawings (purchases) and repurchases from Fund, 310, 312, 316, 332*, 396*;

      • waiver, 322

    • Par value, 560*

    • Quota in Fund, 288, 296, 308*

    • SDR allocations, 250*

    • Stand-by arrangements with Fund, 321, 336*

    • Technical assistance from Fund, 581, 583, 585

    TURKEY

    • Debt renegotiation, 595

    • Drawings (purchases) and repurchases from Fund, 310, 311, 321, 332*, 396*

    • Exchange and trade reform, 474–75

    • Exchange rate, central, 562*

    • Financial stabilization program, 474–75

    • Multiple exchange practice, 475

    • Par value, xxi, 474–75

    • Payments agreements, bilateral, 474

    • Quota in Fund, 296, 308*

    • SDR allocations, 250*

    • Stand-by arrangements with Fund, 320, 336*, 474

    U

    UDEAC. See CENTRAL AFRICAN CUSTOMS AND ECONOMIC UNION

    UGANDA

    • Drawings (purchases) and repurchases from Fund, 310, 312, 316, 332*, 396*

    • Exchange rate, 542

    • Par value, 437, 465, 466*, 560, 561*

    • Quota in Fund, 308*

    • SDR allocations, 250*

    • Stand-by arrangement with Fund, 320, 321, 336*

    • Technical assistance from Fund, 580

    UGUETO, LUIS, 552

    • Background and length of service, 627, 629

    UMOA. See WEST AFRICAN MONETARY UNION

    UNCTAD. See UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT

    UNDP. See UNITED NATIONS DEVELOPMENT PROGRAM

    UNGERER, HORST, 102, 135*, 163*, 436

    UNION D’ASSUREURS DES CREDITS INTERNATIONAUX (Berne Union), 609

    UNION OF SOVIET SOCIALIST REPUBLICS, 402

    UNITAS, 143

    UNITED ARAB EMIRATES

    • Membership in Fund, 570

    UNITED KINGDOM

    • Art. VIII consultations, 218, 349, 431, 440, 446

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • Balance of payments: correction of deficit advocated, 66, 196;

      • deficit, 14, 29, 171, 212, 221, 339, 432–33, 435, 441, 447;

      • improvement, 74–75, 115, 186, 209–10, 218, 349, 350, 351, 431;

      • surplus, 350, 446, 493, 564

    • Basle Agreement, 14, 192

    • Basle Group, 442

    • Credit, stand-by, from Basle Group, 442

    • Credit from Group of Ten, 339, 340

    • Currency: decimal system, 518;

      • declared convertible in fact, 225–26;

      • Fund holdings, 351;

      • used in Fund transactions, 337*

    • Debt repayment, 351

    • Drawings from Fund. See Transactions … purchases, below

    • Economic situation and policies, 140, 141, 339–42, 348–51, 431–36, 440–46

    • Exchange and trade controls, 441–42;

      • import deposits, 441, 574

    • Exchange markets, dual, 575

    • Exchange rate, floating, 542, 544

    • Nonmetropolitan territories: decimal system for currencies, 518;

      • new currency units, 467, 468;

      • par values, 439–40, 467, 468, 560*, 561

    • Parliament, 38

    • Par value: 1967 devaluation, xviii, 339, 433–37, 438*;

      • unchanged, 554, 555*, 560*

    • Quota in Fund, 296, 308*

    • Reserve creation: proposal, 79–80, 197;

      • views, 111, 112, 120. See also MAUDLING, REGINALD

    • SDRs: allocations, 250*;

      • use, 234, 243

    • Seminars with Fund staff on credit policy, 443, 445

    • Stand-by arrangements with Fund, xix, xx, 320, 336*, 338–43, 345, 348–51

    • Sterling agreements, 441–42

    • Transactions with Fund: purchases, 311, 315, 316, 332*;

      • purchases under stand-by arrangements, xix, 321, 349, 350, 351;

      • repurchases, 348, 351, 396*

    UNITED NATIONS

    • Development Decades, 270, 601

    • Fund relations with, 286, 605–607

    • General Assembly: position on SDR-development finance link, 245;

      • resolution on monetary reform, 84

    • See also respective ECONOMIC COMMISSIONS and various subagencies and committees

    UNITED NATIONS ADMINISTRATIVE COMMITTEE ON COORDINATION (ACC), 605

    UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD)

    • Commodity problems, 261, 272, 273, 278, 285

    • Fund’s relations with, 606–607, 610;

      • on commodity problems, 261, 273, 278, 286;

      • on debt problems, 595;

      • on reserve creation, 104, 106, 110

    • Meetings, 270, 286

    • Reserve creation studied, 83–85, 99, 197, 198, 199, 219

    • See also GROUP OF SEVENTY-SEVEN and GROUP OF TWENTY-FOUR

    UNITED NATIONS DEVELOPMENT PROGRAM (UNDP), 605, 610

    UNITED NATIONS ECONOMIC AND SOCIAL COUNCIL (ECOSOC), 11, 190, 605, 610

    UNITED STATES

    • Acceptance of amendment to Articles of Agreement, 176;

      • legislation, 187

    • Art. IV and Art. VIII, obligations under, 404–405

    • Art. VIII consultations, 218–19, 488, 490, 492, 519, 571

    • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 571n

    • As supplier of world reserves, 25–26, 193

    • Asset settlement suggested by Fund, 491–92

    • Balance of payments: bases defined, 211n;

      • correction of deficit advocated, 66, 196;

      • deficits, 14, 25–26, 29, 31, 171–72, 212, 221, 310, 313, 447, 485–93, 519–20, 527–28, 534, 564;

      • estimate of improvement needed, 543–44, 548–49;

      • improvement, 74–75, 209, 210–11, 218–19;

      • measures to improve, 52, 63–64, 70, 210, 221, 485–93 passim

    • Basle Group, 442n

    • Capital movements, 485, 486, 488, 489, 519–20, 528

    • Capital outflows, measures to stem, 63, 74, 210, 485, 487

    • Congress, 26, 38, 63, 110, 159, 536–37

    • Convertibility of dollar suspended, xxii, 3, 241–42, 517, 527–30, 531–33. See also CONVERTIBILITY

    • Currency: as intervention currency, 497, 535, 536;

      • as reserve currency, 497, 536;

      • as vehicle currency, 497;

      • declared convertible in fact, 223–24, 225–26;

      • role of in monetary system, 20;

      • swap arrangements, 14–15, 192, 314–15, 477;

      • used in Fund transactions, 327, 337*. See also Exchange rate devaluation and Par value, below

    • Dollar shortage ended, 485

    • Drawings from Fund. See Transactions … purchases, below

    • Economic situation and policies, 140, 141, 485–93

    • EEC agricultural policy, views on, 535

    • European exchange markets, arrangements to operate in, 15

    • Exchange rate devaluation: agreed, 554;

      • difficulties, 535–36;

      • relation of to gold price, 528–29, 530, 534, 536–37, 540–41, 545;

      • urged, 525, 534, 546;

      • U.S. views on, 527, 528–29, 531, 534–37, 551–52

    • Fiscal and monetary policies, 488, 490

    • Foreign credit restraint program, 63–64, 210, 485, 486, 489

    • Fund Board of Governors Committee of Twenty proposed, 67, 101, 102

    • Fund credit tranche positions, views on compulsory reconstitution of, 114

    • Fund investment and disinvestment of gold in U.S. securities, 383–85

    • Gold sales at official price, 402, 404

    • Impact on dollar of French franc devaluation, 451;

      • of sterling devaluation, 437, 447–48

    • Import surcharge, 529, 531, 532, 539, 544, 545, 546, 547;

      • imposed, 529;

      • lifted, 554

    • Income tax surcharge, 487

    • Inflation, 218, 489–92, 527–28, 534

    • Interest equalization tax, 63, 210, 485, 486

    • Interest rates, 74

    • International monetary conference suggested, 63, 67, 196

    • International monetary cooperation, 526–27

    • Investment abroad, 492;

      • controls on, 210, 487, 489, 498

    • New Economic Program, 529

    • Par value: effect of French franc devaluation, 451;

      • effect of sterling devaluation, 437, 447–48;

      • 1971 adjustment, 554, 563–64, 564n

    • Quota in Fund, 295–96, 308*

    • Reserve creation: position on link with development finance, 110–11;

      • proposals, 54, 79, 80, 141, 143, 151, 196, 197, 202;

      • views, 112, 120, 131, 201

    • Reserves, 486–87, 489–90, 528

    • SDRs: allocations, 250*;

      • receipt, 236;

      • use, 240, 243, 314–15

    • Stand-by arrangement with Fund suggested, 313

    • Swap facilities, 14–15, 192, 314–15, 477

    • Trade arrangements with Canada and Japan, 551

    • Transactions with Fund: purchases, 311, 312–15, 332*;

      • repurchases, 314, 396*

    • Unemployment, 489, 492, 528

    • Voting power in Fund, 254

    • Wage and price restraint program, 487

    UPPER VOLTA

    • Drawings (purchases) from Fund, 312, 316, 332* Exchange rate, 457–58, 561–62

    • Quota in Fund, 301, 308*

    • SDR allocations, 250*

    UQUAILI, N. M., 594

    URQUIDI, VICTOR L., 85n

    URUGUAY

    • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 310, 311, 316, 321, 332*;

      • repurchases, 268*, 396*;

      • under compensatory financing facility, 264, 268*

    • Quota in Fund, 289, 308*

    • SDR allocations, 250*

    • Stand-by arrangements with Fund, 321, 336*

    U.S.S.R., 402

    V

    VALESCHI, ATHOS, 132n

    VALLE, E., 136*, 164*

    VAN CAMPENHOUT, ANDRE, 134*, 148, 155, 162*, 231, 292, 295, 523

    • Background and length of service, 625, 627

    • Comments and views on: buffer stock financing facility, 279, 283, 286;

      • Canadian dollar, 480, 481;

      • exchange rate flexibility, 507, 508, 511;

      • gold sales for currency replenishment, 418;

      • reserve creation, 112, 114, 124, 127, 129

    VAN DER BRANDEN, R., 135*

    VAN DER VALK, H. M. H. A., 134*, 162*, 439

    • Length of service, 626–27

    VAN LENNEP, EMILE, 36, 120, 136*, 164*

    VAN WENSVEEN, D. M. N., 136*, 164*

    VEHICLE CURRENCY, 497

    VENEZUELA

    • Currency used in Fund transactions, 324, 337*

    • Quota in Fund, 296, 308*

    • SDR allocations, 250*

    VERA, FERNANDO A., 648

    VIENOT, MARC, 357, 492, 522, 526, 533, 549, 550, 551, 558

    • Background and length of service, 627, 628

    VIET-NAM

    • Exchange rate, 563;

      • floating, 542

    • Quota in Fund, 289, 308*

    • SDR allocations, 250*

    • Technical assistance from Fund, 580

    VOLCKER, PAUL A., 412, 413, 531, 543

    VOM HOFE, ERNST, 102, 112, 114, 116, 135*, 146, 147, 151–52, 155, 163*, 389

    VOTING

    • Distribution among members, 105, 254, 632;

      • adjustment discussed, 121–23, 125, 127, 151, 632

    • Provisions proposed in reserve creation plans, 55–56, 78, 121–27, 131–33, 143, 144, 146, 147, 150, 151–52, 155, 156, 158, 160, 161, 167, 202, 203;

      • bloc voting accepted, 173;

      • split voting considered, 123–24, 151–52

    • Special majorities required: in respect of General Account, 254–55;

      • in respect of quotas, 133, 174, 202, 254, 255;

      • in respect of SDRs, 173, 177, 179, 181, 182;

      • in respect of uniform change of par values, 254

    W

    WAITZENEGGER, JACQUES, 649

    WAIVERS OF CONDITIONS FOR DRAWINGS AND STAND-BY ARRANGEMENTS, 26n, 322

    WARDHANA, ALI, 267, 281, 426

    WARIS, KLAUS, 472

    WASS, DOUGLAS W. G., 128, 134*, 152, 162*

    WEEKS, J. MILTON, 594

    WERNER, PIERRE, 132n

    WEST AFRICAN MONETARY UNION (UMOA), 271, 304, 457

    WESTERN HEMISPHERE. See LATIN AMERICA AND CARIBBEAN

    WESTERN SAMOA

    • Quota in Fund, 302, 303, 308*

    • SDR allocations, 250*

    • Special Drawing Account, participation in, 232

    WHITTOME, L. A., 644

    WICKMAN, KRISTER, 171

    WIDER MARGINS. See EXCHANGE RATE MECHANISM

    WILLIAMS, GORDON, 648

    WILLIAMS, LEONARD A., 162*, 174, 343, 349, 390, 391, 507, 592

    WILLIS, GEORGE H., 137*, 165*

    WILLOCH, KÅRE, 594

    WINDSOR, WALTER H., 645

    WITTEVEEN, H. JOHANNES, 132n, 514, 578, 594, 635n

    WOODLEY, W. JOHN R., 645

    WOODS, GEORGE D., 612

    WORKING PARTY ON PROVISIONS TO ENSURE ACCEPTABILITY OF A NEW RESERVE ASSET, 115–16

    WORLD BANK

    • Building arrangements, 589, 650

    • Economic Development Institute, 589

    • Fund-Bank office for Annual Meetings, 647

    • Fund-Bank study on primary products, 269, 271, 272–82;

      • Bank attendance at Fund Board meetings on, 276;

      • Fund attendance at Bank seminar on, 278

    • Fund collaboration with, 469–70, 471, 581, 595, 610–15, 650

    • Fund contribution to development finance proposed through, 119, 246, 391, 392

    • Fund participation in debt meetings of, 471, 593, 595–97, 598

    • International Development Association (IDA), 19, 111, 219, 390, 391

    • International Finance Corporation (IFC), 92, 581

    • Joint Computer Center, 603, 639

    • Participation in Ghana aid meetings, 600

    WORLD ECONOMIC OUTLOOK, 577

    WYCZALKOWSKI, MARCIN R., 646

    Y

    YAFTALY, ABDULLAH, 593

    YAMEOGO, ANTOINE W., 135*, 163*, 174, 216, 219, 345, 368, 457, 458, 552, 631

    • Background and length of service, 625, 627, 628

    • Comments and views on: devaluation by Ghana, 472;

      • distribution of Fund’s net income, 388, 391;

      • split voting, 152;

      • stabilization of commodity prices, 273, 279;

      • stand-by arrangement, French (1969), 354

    YEMEN ARAB REPUBLIC

    • Drawing (purchase) from Fund, 312, 316, 332*

    • Exchange rate, 542, 563

    • Membership in Fund, 312

    • Quota in Fund, 302, 303, 308*

    • SDR allocations, 250*

    • Special Drawing Account, participation in, 222

    • Technical assistance from Fund, 581, 585

    YEMEN, PEOPLE’S DEMOCRATIC REPUBLIC OF

    • Quota in Fund, 301, 308*

    • SDR allocations, 250*

    • Technical assistance from Fund, 581, 585

    YU, KUO-HWA, 267

    YUGOSLAVIA

    • Currency unit, new, 467

    • Drawings (purchases) and repurchases from Fund, 310, 311, 315, 316, 321, 332*, 396*

    • Par value, xxii, 467, 517–18, 561*

    • Quota in Fund, 296, 308*

    • SDR allocations, 250*

    • Stand-by arrangements with Fund, 320, 336*

    Z

    ZAIRE

    • Currency unit, new, 467

    • Drawing (purchase) from Fund under compensatory financing facility and repurchases, 266n, 396*

    • Exchange rate, central, 562*

    • Par value, 455, 466*, 467

    • Quota in Fund, 301, 308*

    • SDR allocations, 250*

    • Stand-by arrangement with Fund, 320, 321, 336*

    • Technical assistance from Fund, 580, 583, 585

    ZAKI, HASSAN ABBAS, 267

    ZAMBIA

    • Currency unit, new, 468

    • Drawings (purchases) and repurchases from Fund: purchases, 265–66, 268*, 312, 332*;

      • repurchases, 396*;

      • under compensatory financing facility, 265–66, 268*

    • Par value, 437, 465, 466*, 468, 560, 561*

    • Quota in Fund, 308*

    • SDR allocations, 250*

    • Technical assistance from Fund, 581

    ZASSENHAUS, HERBERT K., 647

    ZAYAS, EDISON V., 648

    ZEVALLOS, JOAQUIN, 475

    ZOLOTAS, XENOPHON (Zolotas Plan), 23, 193

    Publications Cited

    Numbers refer to pages. The publication is usually cited in a footnote. The list is also intended to serve as a guide to the short titles that have been used in this history for publications frequently cited. For a complete listing of the publications issued by the Fund in the years 1966–71, see Volume II of this history, pages 335–39.

    A

      Adekunle, Joseph O.The Demand for Money: Evidence from Developed and Less Developed Economies,Staff Papers, Vol. 15 (1968), pp. 22066: 367

      Altman, Oscar L.Euro-Dollars: Some Further Comments,Staff Papers, Vol. 12 (1965), pp. 116: 497

      Altman, Oscar L.Foreign Markets for Dollars, Sterling, and Other Currencies,Staff Papers, Vol. 8 (1960–61), pp. 31352: 497

      Altman, Oscar L.The Management of International Liquidity,Staff Papers, Vol. 11 (1964), pp. 21647: 34

      Altman, Oscar L.Professor Triffin on International Liquidity and the Role of the Fund,Staff Papers, Vol. 8 (1960–61), pp. 15191: 22

      Altman, Oscar L.Quotas in the International Monetary Fund,Staff Papers, Vol. 5 (1956–57), pp. 12950: 291

      Altman, Oscar L.Recent Developments in Foreign Markets for Dollars and Other Currencies,Staff Papers, Vol. 10 (1963), pp. 4896: 497

      Annual Report, 19: see International Monetary Fund. Annual Report of the Executive Directors …

      Annual Report on Exchange Restrictions: see International Monetary Fund

      Approaches to Greater Flexibility of Exchange Rates: The Bürgenstock Papers, arranged byC. FredBergsten, George N.Halm, FritzMachlup, and Robert V.Roosa,and edited byGeorge N.Halm (ed) (Princeton, 1970): 483

      Argy, Victor.The Impact of Monetary Policy on Expenditure with Particular Reference to the United Kingdom,Staff Papers, Vol. 16 (1969), pp. 43688: 367

      Argy, Victor.The Role of Money in Economic Activity: Some Results for 17 Developed Countries,Staff Papers, Vol. 17 (1970), pp. 52762: 367 See alsoPolak, J. J., and VictorArgy (ed)

      Armington, Paul S.Adjustment of Trade Balances: Some Experiments with a Model of Trade Among Many Countries,Staff Papers, Vol. 17 (1970), pp. 488526: 537

      Armington, Paul S.The Geographic Pattern of Trade and the Effects of Price Changes,Staff Papers, Vol. 16 (1969), pp. 179201: 537

      Armington, Paul S.A Theory of Demand for Products Distinguished by Place of Production,Staff Papers, Vol. 16 (1969), pp. 15978: 537

      Artus, Jacques R.The Behavior of Export Prices for Manufactures,Staff Papers, Vol. 21 (1974), pp. 583604: 445

      Artus, Jacques R.The Effect of Revaluation on the Foreign Travel Balance of Germany,Staff Papers, Vol. 17 (1970), pp. 60219: 463

      Artus, Jacques R.The 1967 Devaluation of the Pound Sterling,Staff Papers, Vol. 22 (1975), pp. 595640: 445

      Artus, Jacques R., and Rudolf R.Rhomberg.A Multilateral Exchange Rate Model,Staff Papers, Vol. 20 (1973), pp. 591611: 537

    B

      Bank for International Settlements. Annual Reports: 497

      Bell, Geoffrey. The Euro-Dollar Market and the International Financial System (London, 1973): 498

      Bernstein, Edward M.The Adequacy of United States Gold Reserves,American Economic Review (Papers and Proceedings of the Seventy-Third Annual Meeting of the American Economic Association), Vol. 51 (1961), pp. 43946: 20

      Bernstein, Edward M.The Dollar Is the Problem of the International Monetary System,Quarterly Review and Investment Survey, Model, Roland & Co. (New York), Second Quarter, 1971, pp. 112: 246

      Bernstein, Edward M.Further Evolution of the International Monetary System,Moorgate and Wall Street (London), Summer1965, pp. 5170: 54

      Bernstein, Edward M.“International Effects of U.S. Economic Policy,” in Employment, Growth and Price Levels, U.S. Congress, Joint Economic Committee (Study Paper No. 16), 86th Cong., 2nd sess. (Washington, 1960): 20

      Bernstein, Edward M.A Practical Program for International Monetary Reserves,Quarterly Review and Investment Survey, Model, Roland & Co. (New York), Fourth Quarter, 1963, pp. 18: 53

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      Bernstein, Edward M.The U.S. Balance of Payments and International Liquidity” (June18, 1965), “Changes in the International Monetary System” (October27, 1964), “Two Reports on International Liquidity” (August19, 1964), and “The Underdeveloped Countries and Monetary Reserves” (March24, 1965), in Guidelines for International Monetary Reform, U.S. Congress, Joint Economic Committee, Hearings Before the Subcommittee on International Exchange and Payments, 89th Cong., 1st sess. (Washington, 1965), Part 2, Supplement, pp. 23081: 54

      Bhagwat, Avinash, and YusukeOnitsuka.Export-Import Responses to Devaluation: Experience of the Nonindustrial Countries in the 1960s,Staff Papers, Vol. 21 (1974), pp. 41462: 445

      Bhatia, Rattan J.Factors Influencing Changes in Money Supply in BCEAO Countries,Staff Papers, Vol. 18 (1971), pp. 38998: 367

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      Boissonneault, Lorette.SeePolak, J. J., and LoretteBoissonneault (ed)

      Bürgenstock Papers: see Approaches to Greater Flexibility of Exchange Rates

    C

      Chandavarkar, Anand G.Some Aspects of Interest Rate Policies in Less Developed Economies: The Experience of Selected Asian Countries,Staff Papers, Vol. 18 (1971), pp. 48112: 367

      CIAP. See International Monetary Reform and Latin America

    D

      Day, A. C. L.Memorandum of Evidence,in Principal Memoranda of Evidence, [Radcliffe] Committee on the Working of the Monetary System, Vol. 3 (London, 1960): 20

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      Deming, Frederick L.Remarks at the Third International Investment Symposium, U.S. Treasury Department, Press Release, July14, 1966: 97

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      de Grauwe, Paul.The Development of the Euro-Currency Market,Finance and Development, September1975, pp. 1416: 499

      de Vries, Margaret G.Exchange Depreciation in Developing Countries,Staff Papers, Vol. 15 (1968), pp. 56078: 305

      de Vries, Margaret G.Multiple Exchange Rates: Expectations and Experiences,Staff Papers, Vol. 12 (1965), pp. 282313: 359

    E

      Elson, R. Anthony.SeeTeigeiro, José D., and R. AnthonyElson (ed)

      Expert Group on International Monetary Issues (Unctad). International Monetary Issues and the Developing Countries (New York, 1965, UN document TD/B/32 and TD/B/C.3/6): 83, 197

    F

      Fleming, J. Marcus.Effects of Various Types of Fund Reserve Creation on Fund Liquidity,Staff Papers, Vol. 12 (1965), pp. 16388: 51

      Fleming, J. Marcus.The Fund and International Liquidity,Staff Papers, Vol. 11 (1964), pp. 177215: 34

      Fleming, J. Marcus.Guidelines for Balance-of-Payments Adjustment Under the Par-Value System, Essays in International Finance, No. 67 (Princeton, 1968); reprinted in his Essays in International Economics (London and Cambridge, Massachusetts, 1971), pp. 26895: 501

      Fleming, J. Marcus.International Liquidity: Ends and Means,Staff Papers, Vol. 8 (1960–61), pp. 43963: 23

      Fleming, J. Marcus.The SDR: Some Problems and Possibilities,Staff Papers, Vol. 18 (1971), pp. 2547: 246

      Fleming, J. Marcus.Use and Acceptance of Reserve Claims,Staff Papers, Vol. 13 (1966), pp. 44352: 94

      Fowler, Henry H.Speech to Virginia State Bar Association, July 10, 1965, U.S. Treasury Department, Press Release, July 11, 1965, and International Financial News Survey, Vol. 17 (1965), p. 251: 63

    G

      Giscard d’Estaing, Valéry.“La politique monétaire internationale de la France,” in Exposés de M. Valéry Giscard d’Estaing, Ministre des Finances et des Affaires Economiques, sur les problèmes monétaires internationaux (Paris, 1965), in Les problèmes monétaires internationaux (Paris, 1965), and in Problèmes Economiques, August1965: 54

      Gold, Joseph.The Amendments,” in History, 1945–1965, Vol. II, Chap. 27: 166

      Gold, Joseph.Floating Currencies, Gold, and SDRs: Some Recent Legal Developments, IMF Pamphlet Series, No. 19 (Washington, 1976): 533

      Gold, Joseph.The Fund’s Concepts of Convertibility, IMF Pamphlet Series, No. 14 (Washington, 1971): 168

      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, Vol. 1 (Cleveland, 1969), pp. 10523: 152

      Gold, Joseph.The Next Stage in the Development of International Monetary Law: The Deliberate Control of Liquidity,American Journal of International Law, Vol. 62 (Washington, 1968), pp. 365402: 161, 166

      Gold, Joseph.The Reform of the Fund, IMF Pamphlet Series, No. 12 (Washington, 1969): 166, 253

      Gold, Joseph.Special Drawing Rights: Character and Use, IMF Pamphlet Series, No. 13, 2nd ed. (Washington, 1970): 166, 178, 188

      Gold, Joseph.Special Drawing Rights: The Role of Language, IMF Pamphlet Series, No. 15 (Washington, 1971): 153, 154, 166

      Gold, Joseph.Stand-By Arrangements The Stand-By Arrangements of the International Monetary Fund: A Commentary on Their Formal, Legal, and Financial Aspects (Washington, 1970): 25, 263, 317, 347, 379

      Gold, Joseph.Voting and DecisionsVoting and Decisions in the International Monetary Fund: An Essay on the Law and Practice of the Fund (Washington, 1972): 616, 621, 625, 631, 632

      Group of Seventy-Seven. The Declaration and Principles of the Action Programme of Lima, adopted by the Group of Seventy-Seven at the Second Ministerial Meeting on November 7, 1971: 618

      Group of Ten. Communiqué of the Ministers and Governors of the “Group of Ten.” Issued onSeptember28, 1965, Summary Proceedings, 1965, p. 281: 72

      Group of Ten. Communiqué of Ministers and Governors and Report of Deputies ([Frankfurt], 1966): 96, 98

      Group of Ten. Communiqué of the Ministers and Central Bank Governors of the Group of Ten, July 18, 1967, International Financial News Survey, Vol. 19 (1967), p. 229: 157

      Group of Ten. Communiqué of the Ministers and Central Bank Governors of the Group of Ten, December 18, 1971, International Financial News Survey, Vol. 23 (1971), pp. 41718: 554

      Group of Ten. Ministerial Statement of the Group of Ten and Annex Prepared by Deputies ([Washington], 1964): 36

      Group of Ten. Report of the Study Group on the Creation of Reserve Assets (Washington, 1965): 59

      Group of Ten. Statement Issued on October 2, 1963 by the Secretary of the Treasury of the United States on Behalf of the “Group of 10” Members of the Fund, Summary Proceedings, 1963, pp. 28586: 29

      Guenther, Jack D. ‘Indexing’ Versus Discretionary Action—Brazil’s Fight Against Inflation,Finance and Development, September1975, pp. 2529: 363

    H

      Habermeier, Walter.Operations and Transactions in SDRs: The First Basic Period, IMF Pamphlet Series, No. 17 (Washington, 1973): 244

      Hirsch, Fred.SDRs and the Working of the Gold Exchange Standard,Staff Papers, Vol. 18 (1971), pp. 22153: 246

      Hodjera, Zoran.International Short-Term Capital Movements: A Survey of Theory and Empirical Analysis,Staff Papers, Vol. 20 (1973), pp. 683740: 499

      History, 1945–65The International Monetary Fund, 1945–1965: Twenty Years of International Monetary Cooperation (Washington, 1969). Vol. I, Chronicle, byJ. KeithHorsefield:4, 11, 12, 14, 15, 17, 21, 33, 143, 168, 313, 343, 385, 432, 578, 588, 593, 603, 606, 621, 626, 633, 636, 650; Vol. II, Analysis, by Margaret G.de Vries and J. KeithHorsefieldwith the collaboration ofJosephGold, Mary H.Gumbart, GertrudLovasy, and Emil G.Spitzer and edited byJ. KeithHorsefield: (ed)4, 166, 167, 168, 253, 262, 284, 313, 317, 343, 409, 432, 439, 473, 477, 576, 607, 616, 626, 632, 636, 640; Vol. III, Documents, edited byJ. KeithHorsefield: (ed)4, 11, 12, 19, 33, 188, 262, 313, 382, 423, 603

    I

      An International Development Strategy for the Second United Nations Development Decade (New York, 1970, UN document A/C.2/L.1104/Rev. 1): 245

      International Monetary Fund. “The Adequacy of Monetary Reserves,Staff Papers, Vol. III (1953–54), pp. 181227, and History, 1945–65, Vol. III, pp. 31148: 11

      International Monetary Fund. Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1961–1972 (Washington, 1961–1972): 1961, 16; 1963, 26, 27; 1964, 34, 35, 41, 46; 1965, 43, 46, 53, 72; 1966, 82, 88, 95; 1967, 139, 204; 1969, 220, 497; 1970, 491, 497; 1971, 419, 497, 520; 1972, 564

      International Monetary Fund. Annual Report on Exchange Restrictions, 1972 (Washington, 1972): 575

      International Monetary Fund. International Financial News Survey:96, 153, 529, 603 See also references listed by author

      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, April1968): 175, 204

      International Monetary Fund. International Reserves and Liquidity (Washington, 1958): 12.

      International Monetary Fund. Press Release No. 853, August20, 1971: 533

      International Monetary Fund. The Problem of Stabilization of Prices of Primary Products: A Joint Staff Study (Part I), International Monetary Fund and International Bank for Reconstruction and Development; Report of the Executive Directors [and] Scope for Action by the Fund (Part II of a Staff Study), International Monetary Fund (Washington, 1969, 2 vols.): 273, 274, 279, 280

      International Monetary Fund. A Report to the Board of Governors of the International Monetary Fund Containing the Managing Director’s Proposal on the Allocation of Special Drawing Rights for the First Basic Period (Washington, 1969): 220

      International Monetary Fund. The Role of Exchange Rates in the Adjustment of International Payments (Washington, 1970): 484, 512

      International Monetary Fund. Special Drawing Account: Manual of Procedures [for] Operations and Transactions in Special Drawing Rights (Washington, 1970); and Supplement No. 1, Principles and Procedures for Reconstitution (Washington, 1971); and Revised Supplement No. 1, Principles and Procedures for Reconstitution (Washington, 1973): 231

      International Monetary Fund. Staff Papers: seevarious articles listed by author

      International Monetary Fund. Summary Proceedings of the … Annual Meeting of the Board of Governors, 19(Washington, 19—): 1960, 16; 1961, 16, 21; 1962, 22, 23, 24; 1963, 26, 28, 29, 30, 31; 1964, 38, 39, 40, 41, 42, 255; 1965, 68, 69, 70, 71, 72, 73, 81, 255; 1966, 102, 103, 271, 593; 1967, 159, 173, 270, 271, 272, 273, 594; 1968, 175, 176, 278, 285, 348, 377, 406, 407, 408, 411, 484, 594; 1969, 177, 178, 187, 189, 212, 219, 220, 267, 281, 282, 285, 294, 304, 409, 417, 459, 503, 504, 594; 1970, 245, 267, 282, 416, 426, 491, 514, 515, 578, 601, 625, 631; 1971, 244, 246, 267, 426, 427, 546, 547, 601, 651

      International Reserves: Needs and Availability, Papers and Proceedings of a Seminar at the International Monetary Fund (Washington, 1970): 87, 214, 221

      International Monetary Reform and Latin America, report to Inter-American Committee on the Alliance for Progress (ciap), 1966: 85, 198

    J

      Jacobsson, Per.Fund Report at ECOSOC,International Financial News Survey, Vol. 13 (1961), pp. 12127: 21

      Jacobsson, Per.The Two Functions of an International Monetary Standard: Stability and Liquidity,in World Monetary Reform: Plans and Issues, Herbert G.Grubel, (ed)ed. (Stanford, 1963), pp. 22737: 22

      Jones, Edgar.The Fund and the GATT,Finance and Development, September1972, pp. 3033: 607

      Junz, Helen B., and Rudolf R.Rhomberg,Price Competitiveness in Export Trade Among Industrial Countries,American Economic Review (Papers and Proceedings of the Eighty-Fifth Annual Meeting of the American Economic Association), Vol. 63 (1973), pp. 41218: 445

    K

      Khatkhate, Deena R.Analytic Basis of the Working of Monetary Policy in Less Developed Countries,Staff Papers, Vol. 19 (1972), pp. 53358: 368

    M

      Machlup, Fritz. Plans for Reform of the International Monetary System, Special Papers in International Economics, No. 3 (Princeton, 1962): 21

      Machlup, Fritz. Remaking the International Monetary System: The Rio Agreement and Beyond, Committee for Economic Development, Supplementary Paper No. 24 (Baltimore, 1968): 155

      Machlup, Fritz, and Burton G.Malkiel,eds. International Monetary Arrangements—The Problem of Choice: Report on the Deliberations of an International Study Group of 32 Economists (Princeton, 1964): 29, 38

      Morgan Guaranty Trust Company, World Financial Markets: 497

      Le Monde, Paris, February6 and 13, 1965: 61

    O

      Onitsuke, Yusuke. SeeBhagwat, Avinash, and YusukeOnitsuke (ed)

    P

      Park, Yung Chul. “Some Current Issues on the Transmission Process of Monetary Policy,Staff Papers, Vol. 19 (1972), pp. 145: 368

      Park, Yung Chul. “The Variability of Velocity: An International Comparison,Staff Papers, Vol. 17 (1970), pp. 62037: 367

      Partners in Development, Report of the Commission on International Development (New York, 1969), p. 220: 613

      Polak, J. J.Monetary Analysis of Income Formation and Payments Problems,Staff Papers, Vol. 6 (1957–58), pp. 150: 366

      Polak, J. J.. “The Report of the International Monetary Fund,American Economic Review (Papers and Proceedings of the Seventy-Seventh Annual Meeting of the American Economic Association), Vol. 55 (1965), pp. 15865: 61

      Polak, J. J.. Some Reflections on the Nature of Special Drawing Rights, IMF Pamphlet Series, No. 16 (Washington, 1971): 178

      Polak, J. J., and VictorArgy. “Credit Policy and the Balance of Payments,Staff Papers, Vol. 18 (1971), pp. 124: 366

      Polak, J. J., and LoretteBoissonneault. “Monetary Analysis of Income and Imports and Its Statistical Application,Staff Papers, Vol. 7 (1959–60), pp. 349415: 366

      Posthuma, S.The International Monetary System,Quarterly Review, Banca Nazionale del Lavoro (Rome), September1963, pp. 23961: 53

    Q

      Questions and Answers on the International Monetary Fund (June10, 1944), History, 1945–64, Vol. III, pp. 13682: 188

      Quinn, Brian. SeeBhatia, Rattan J., GyorgySzapary, and BrianQuinn (ed)

    R

      [Radcliffe] Committee on the Working of the Monetary System, Report (London, Cmnd. 827, 1959), pp. 241 and 24748: 20

      Rhomberg, Rudolf R.SeeArtus, Jacques R., and Rudolf R.Rhomberg; Junz, Helen B., and Rudolf R.Rhomberg (ed)

      Robichek, E. Walter, and Carlos E.Sansón. “The Balance of Payments Performance of Latin America and the Caribbean, 1966–70,Staff Papers, Vol. 19 (1972), pp. 286343: 367

      Roosa, Robert V.Monetary Reform for the World Economy, The Elihu Root Lectures, 1964–65 (New York, 1965): 54

    S

      Sakakibara, Eisuke. “The Euro-Currency Market in Perspective,Finance and Development, September1975, pp. 1113: 498

      Sansón, Carlos E.SeeRobichek, E. Walter, and Carlos E.Sansón (ed)

      Schweitzer, Pierre-Paul. Speech, Ecosoc, February 24, 1966, International Financial News Survey, Vol. 18 (1966), Supplement, pp. 6568: 90

      Schweitzer, Pierre-Paul. Speech, Federation of German Industries, April 25, 1966, International Financial News Survey, Vol. 18 (1966), Supplement, pp. 14144: 90, 91

      Schweitzer, Pierre-Paul. Speech, Institut d’Etudes Bancaires et Financières, June 2, 1965, International Financial News Survey, Vol. 17 (1965), Supplement, pp. 20916: 64

      Schweitzer, Pierre-Paul. Speech, National Foreign Trade Convention, November 16, 1964, International Financial News Survey, Vol. 16 (1964), pp. 44145: 45, 46

      Schweitzer, Pierre-Paul. Speech, University School of Economies, Bombay University, September 29, 1964, International Financial News Survey, Vol. 16 (1964), Supplement, pp. 36164: 45

      Shonfield, Andrew (ed), ed. International Economic Relations of the Western World, 1959–1971, Vol. 2International Monetary Relations, by Susan Strange (London, 1976), Chap. 6: 498

      Southard, Frank A., Jr.Speech, Jno. E. Owens Memorial Foundation, March 27, 1964, International Financial News Survey, Vol. 16 (1964), Supplement, pp. 11316: 44

      Staff Papers, International Monetary Fund (Washington): see various articles listed by author

      Stamp, Maxwell. “Changes in the World’s Payments System,Moorgate and Wall Street (London), Spring1961, pp. 322: 19

      Stamp, Maxwell. “The Fund and the Future,Lloyds Bank Review (London), October1958, pp. 120: 19

      Stamp, Maxwell. “The Stamp Plan—1962 Version,Moorgate and Wall Street (London), Autumn1962, pp. 517: 19

      Summary Proceedings: see International Monetary Fund

      Szapary, Gyorgy. SeeBhatia, Rattan J., GyorgySzapary, and BrianQuinn (ed)

    T

      Teigeiro, José D., and R. AnthonyElson. “The Export Promotion System and the Growth of Minor Exports in Colombia,Staff Papers, Vol. 20 (1973), pp. 41970: 359

      Triffin, Robert. “An Agreed International Monetary Standard,Annals of International Studies, Alumni Association of the Graduate Institute of International Studies (Geneva, 1970), pp. 21423: 246

      Triffin, Robert. “Altman on Triffin: A Rebuttal,Quarterly Review, Banca Nazionale del Lavoro (Rome), March1961, pp. 3150: 22

      Triffin, Robert. “A Brief for the Defense,Staff Papers, Vol. 8 (1960–61), pp. 19294: 22

      Triffin, Robert. Gold and the Dollar Crisis: The Future of Convertibility (New Haven, 1960): 17

      Triffin, Robert. “The Return to Convertibility: 1926–1931 and 1958—? or, Convertibility and the Morning After,Quarterly Review, Banca Nazionale del Lavoro (Rome), March1959, pp. 357: 17

      Triffin, Robert. “Statement,in Employment, Growth and Price Levels, U.S. Congress, Joint Economic Committee, Hearings, 86th Cong., 1st sess., October 26–30, 1959 (Washington, 1959), Part 9A, pp. 290554: 17

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    U

      United Nations. Document A/C.2/270 (1971): 618

      United Nations. Document A/C.2/L.1104/Rev. 1 (1970): 245

      United Nations. Document TD/11/RES/19 (1968): 273

      United Nations. Document TD/143 (1971): 618

      United Nations. Document TD/B/32 (1965): 83, 197

      United Nations. Document TD/B/75 (1966): 85

      United Nations. Document TD/B/C.3/6 (1965): 83, 197

      United Nations. General Assembly Resolution (International Monetary Reform) 2208 (XXI), December17, 1966: 84

      United Nations. A Study of the Capacity of the United Nations Development System (Geneva, 1969), 2 vols.: 605

      United Nations Conference on Trade and Development (Unctad). Proceedings of the United Nations Conference on Trade and Development, Volume I: Final Act and Report (New York, 1964): 617See also Expert Group on International Monetary Issues; Group of Seventy-Seven; andUnited Nations. Documents

      U.S. Commission on International Trade and Investment Policy, United States International Economic Policy in an Interdependent World: Report to the President (Washington, 1971): 529, 537

      U.S. Congress, Joint Economic Committee. Action Now to Strengthen the U.S. Dollar: Report of the Subcommittee on International Exchange and Payments, 92nd Cong., 1st sess. (Washington, 1971): 528, 537 See alsoBernstein, Edward M., Day, A. C. L., and Triffin, Robert (ed)

      U.S. Department of Commerce. News, May17, 1971: 527

      U.S. Department of State. Department of State Bulletin, Vol. 49 (1963) and Vol. 59 (1968): 26, 187

    W

      The World Bank Since Bretton Woods, byEdward S.Mason and Robert E.Asher (Washington, 1973), Chap. 16: 615

      World Monetary Reform: Plans and Issues, Herbert G.Grubel (ed), ed. (Stanford, 1963): 21, 22

    Z

      “Zehner-Gruppe und Reform des Weltwàhrungssys-tems,”Auszüge aus Presseartikeln, Deutsche Bundesbank, January26, 1966, pp. 16: 81

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