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IMF History (1972-1978) Volume 2
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
February 1996
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    Appendics
    Appendix A. Executive Directors and their Alternates, 1972-78

    In the three tables of Appendix A, the various constituencies are listed, in descending order, by the size of the voting power of their Executive Director on December 31, 1978. An exception is made in Table A-2 where the constituency headed by China, formed in 1960 and ended in 1972, is listed first. (See footnote 6 of Chapter 2, page 35.) In Tables A-2 and A-3, members of a constituency are listed in the chronological order in which they joined the constituency.

    Table A-1.Appointed Executive Directors and Their Alternates, 1972-78
    Member1Executive Director and Alternate2
    Appointed DirectorService3
    NameBecame Member3FromToNameFromTo
    United States12/27/451946William B. Dale11/1/622/28/74
    Charles R. Harley9/17/70
    Sam Y. Cross5/3/74
    Charles R. Harley11/4/75
    Thomas Leddy11/5/75
    United Kingdom12/27/451946Derek Mitchell11/7/6912/17/72
    Ronald H. Gilchrist7/20/707/8/72
    Peter J. Bull7/9/72
    Anthony K. Rawlinson12/18/7210/15/75
    Peter J. Bull
    William S. Ryrie10/17/75
    Peter J. Bull5/2/76
    Pendarell Kent5/3/76
    Germany, Federal Republic of8/14/521960Günther Schleiminger5/1/6812/13/74
    Lore Fuenfgelt8/26/6812/31/74
    Eckard Pieske1/1/75
    Gerhard Laske1/1/75
    France12/27/451946Marc Viénot11/1/706/30/73
    Claude Beaurain1/1/71
    Jacques Henri Wahl7/1/739/4/78
    Claude Beaurain7/31/74
    Gérard de Margerie8/1/746/30/75
    Jean Foglizzo8/1/758/31/77
    Denis Samuel-Lajeunesse9/1/77
    Paul Mentré de Loye9/5/78
    Denis Samuel-Lajeunesse
    Japan8/13/521970Hideo Suzuki11/1/7010/31/72
    Koichi Satow11/1/70
    Kaichi Kawaguchi11/1/7210/31/76
    Koichi Satow6/14/73
    Mikio Wakatsuki6/15/737/19/76
    Rei Masunaga7/20/76
    Masanao Matsunaga11/1/76
    Rei Masunaga
    Saudi Arabia48/26/571978Mahsoun B. Jalal11/1/78
    Source:

    Article XII, Section 3(b)(i) provides for the appointment of Executive Directors by the five members having the largest quotas.

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

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

    Saudi Arabia appointed an Executive Director under the terms of Article XII, Section 3(c) of the Articles of Agreement as amended on April 1, 1978. An Alternate Executive Director, Yusuf A. Nimatallah, was appointed effective January 15, 1979.

    Table A-2.Elected Executive Directors and Their Alternates, 1972-78
    Members of Constituency1Executive Director and Alternate2
    In ConstituencyService3
    NameBecame Member3FromToNameFromTo
    China412/27/4519601972Peh Yuan Hsu (China)11/1/706/15/72
    Korea8/26/5519661972Nguyên Huu Hanh (Viet Nam)11/1/68
    Viet Nam9/21/5619661972Placido L. Mapa, Jr. (Philippines)6/16/7210/31/72
    Philippines12/27/4519701972Nguyên Huu Hanh (Viet Nam)10/31/725
    Netherlands12/27/451946Pieter Lieftinck (Netherlands)10/1/5512/31/76
    Israel7/12/541954Tom de Vries (Netherlands)1/15/69
    Yugoslavia12/27/451954H.O. Ruding (Netherlands)1/1/77
    Cyprus12/21/611962Tom de Vries (Netherlands)
    Romania612/15/721974
    Canada12/27/451946Robert Bryce (Canada)10/1/7110/31/74
    Ireland8/8/571960Donald Owen Mills (Jamaica)1/1/7110/31/72
    Jamaica2/21/631964George Reynolds (Ireland)11/1/72
    Barbados712/29/701972Bernard J. Drabble (Canada)11/1/74
    Bahamas68/21/731974George Reynolds (Ireland)10/31/75
    Grenada88/27/751976Donal Lynch (Ireland)11/1/75
    Italy3/27/4719479Francesco Palamenghi-Crispi12/1/677/5/76
    Spain9/15/5819581978(Italy)
    Portugal3/29/611962Carlos Bustelo (Spain)11/1/6811/16/73
    Malta9/11/681970Jose Luis Mora (Spain)12/17/731/31/76
    Greece12/27/451978Eduardo O. de Toledo (Spain)2/1/76
    Lamberto Dini (Italy)7/6/76
    Eduardo 0. de Toledo (Spain)10/31/78
    Costa P. Caranicas (Greece)11/1/7810
    Australia8/5/4719489Lindsay B. Brand (Australia)12/24/704/13/75
    South Africa12/27/4519481974Robert van S. Smit (South Africa)6/5/7110/31/74
    Viet Nam9/21/5619561966R. S. Deane (New Zealand)11/1/74
    New Zealand8/31/611962R. J. Whitelaw (Australia)4/14/75
    Lesotho7/25/6819681972R. S. Deane (New Zealand)10/31/76
    Swaziland9/22/6919701974Ernest Leung (Philippines)11/1/7610/31/78
    Western Samoa712/28/711972Richard John Lang (New Zealand)11/1/78
    Philippines12/27/451974
    Papua New Guinea810/9/751976
    Korea8/26/551978
    Seychelles116/30/771978
    Solomon Islands9/22/781978
    Egypt1212/27/451946Nazih Deif (Egypt)11/1/7010/31/76
    Iran12/29/4519461972Muhammad Al-Atrash (Syrian Arab Republic)12/1/701/5/73
    Iraq12/27/451946
    Lebanon4/14/471948M. M. Ahmad (Pakistan)6/8/738/28/73
    Syrian Arab Republic4/10/471948Mohamed Finaish (Libya)8/29/73
    Pakistan7/11/501950Muhammad Al-Atrash (Syrian Arab Republic)11/1/7610/31/78
    Jordan8/29/521952
    Afghanistan7/14/551956Mohamed Finaish (Libya)5/23/77
    Saudi Arabia8/26/5719581974Kadhim A. Al-Eyd (Iraq)5/24/77
    Kuwait9/13/6219621978Mohamed Finaish (Libya)11/1/78
    Somalia8/31/621964Kadhim A. Al-Eyd (Iraq)
    Yemen Arab Republic5/22/701970
    Yemen, People’s9/29/6919701972
    Democratic Republic of1978
    Oman712/23/7119721974
    Bahrain9/7/721972
    Libyan Arab Jamahiriya139/17/581972
    Qatar9/8/721972
    United Arab Emirates9/22/721972
    Maldives111/13/781978
    Belgium12/27/451946André van Campenhout (Belgium)12/1/5410/31/73
    Luxembourg12/27/451946Hem rich G. Schneider (Austria)12/1/70
    Austria8/27/481954Jacques de Groote (Belgium)11/1/73
    Turkey3/11/471954Heinrich G. Schneider (Austria)
    Algeria9/26/631972Mohammed Yeganeh (Iran)11/1/728/7/73
    Ghana9/20/571972Costa P. Caranicas (Greece)11/1/72
    Greece12/27/4519721978Jahangir Amuzegar (Iran)8/8/73
    Iran12/29/451972Costa P. Caranicas (Greece)10/31/7810
    Morocco4/25/581972Mohammed Yeganeh (Iran)12/19/78
    Tunisia4/14/581972
    Yemen, People’s9/29/6919721978
    Democratic Republic of
    Afghanistan7/14/551974
    Oman12/23/711974
    India1412/27/451972P.S.N. Prasad (India)6/5/715/31/75
    Bangladesh8/17/721972Sharad S. Maranthe (India)2/1/6910/31/72
    Sri Lanka158/29/501972W. M. Tilakaratna (Sri Lanka)11/1/72
    S. Jagannathan (India)6/1/7510/31/76
    W. M. THakaratna (Sri Lanka)6/30/76
    Warnasena Rasaputram (Sri Lanka)7/1/76
    M. G. Kaul (India)11/1/76
    Warnasena Rasaputram (Sri Lanka)
    S. D. Deshmukh (India)6/3/77
    Warnasena Rasaputram (Sri Lanka)
    Denmark3/30/461952Erik Brofoss (Norway)11/1/7010/31/73
    Finland1/14/481952Sigurgeir Jónsson (Iceland)12/31/6810/31/72
    Iceland12/27/451952Sven Lampe (Sweden)11/1/72
    Norway12/27/451952Per Åsbrink (Sweden)11/1/7310/31/76
    Sweden8/31/511952Sven Lampe (Sweden)1/31/74
    Knut J. M. Andreassen (Norway)2/1/742/28/75
    Jørn H. Kjaer (Denmark)3/1/75
    Frede Hollensen (Denmark)11/1/7610/31/78
    Jørn H. Kjaer (Denmark)2/28/77
    Matti Vanhala (Finland)3/1/7710/31/78
    Matti Vanhala (Finland)11/1/78
    Gísli Blöndal (Iceland)11/1/78
    Ghana9/20/5719581972Byanti Kharmawan (Indonesia)11/1/68
    Libyan Arab Jamahiriya139/17/5819581972Costa P. Caranicas (Greece)11/1/7010/31/7210
    Malaysia153/7/5819581970Nguyên Huu Hanh (Viet Nam)11/1/7210/31/745
    1972Maung Shein (Burma)11/1/741/19/76
    Morocco4/25/5819581972Sein Maung (Burma)1/20/7610/31/76
    Tunisia4/14/5819581972Kiat Chong Ng (Singapore)11/1/7610/31/76
    Lao People’s Democratic7/5/6119621970Savenaca Siwatibau (Fiji)11/1/78
    Republic151972
    Algeria9/26/6319641972
    Singapore158/3/6619661970
    1972
    Indonesia162/21/671968
    Democratic Kampuchea17
    Greece12/27/4519701972
    Burma151/3/521972
    Fiji75/28/711972
    Korea8/26/5519721978
    Nepal159/6/611972
    Philippines12/27/4519721974
    Thailand155/3/491972
    Viet Nam9/21/561972
    Burundi9/28/631964Maurice P. Omwony (Kenya)11/1/7010/31/72
    Guinea9/28/631964S. B. Nicol-Cole (Sierra Leone)11/1/7010/31/72
    Kenya2/3/641964S. B. Nicol-Cole (Sierra Leone)11/1/7210/31/74
    Liberia3/28/621964H. R. Monday, Jr. (The Gambia)11/1/7210/31/74
    Nigeria3/30/611964H. R. Monday, Jr. (The Gambia)11/1/7410/31/76
    Sierra Leone9/10/621964J. B. Zulu (Zambia)11/1/747/5/76
    Sudan9/5/571964Wila D. Mung’omba (Zambia)10/4/7610/31/76
    Tanzania9/10/621964Wila D. Mung’omba (Zambia)11/1/7610/31/78
    Trinidad and Tobago9/16/6319641976Festus G. Mogae (Botswana)11/1/76
    Uganda9/27/631964Festus G. Mogae (Botswana)11/1/78
    Malawi7/19/651966Semyano Kiingi (Uganda)11/1/78
    Zambia9/23/651966
    Botswana7/24/681968
    Gambia, The9/21/671968
    Ethiopia12/27/451970
    Lesotho7/25/681972
    Swaziland9/22/691974
    Benin7/10/6319639Antoine W. Yaméogo (Upper Volta)11/1/6610/31/76
    Cameroon7/10/6319639Léon M. Rajaobelina (Madagascar)11/1/668/15/72
    Central African Republic7/10/6319639
    Chad7/10/6319639Samuel Nana-Sinkam (Cameroon)10/15/7210/31/76
    Congo7/10/6319639
    Gabon9/10/6319639Samuel Nana-Sinkam (Cameroon)11/1/76
    Ivory Coast3/11/6319639Victor Alipui (Togo)11/9/7710/31/77
    Madagascar9/25/6319639Abderrahmane Alfidja (Niger)1/3/78
    Mauritania9/10/6319639
    Niger4/24/6319639
    Rwanda9/30/6319639
    Senegal8/31/6219639
    Togo8/1/6219639
    Upper Volta5/2/6319639
    Zaïre9/28/631966
    Mauritius9/23/681968
    Equatorial Guinea12/22/691970
    Mali9/27/631970
    Comoros9/21/761978
    Guinea-Bissau113/24/771978
    São Tomé and Principe119/30/771978
    Cape Verde1811/20/78
    Djibouti1812/29/78

    Article XII, Section 3(6)(iii) of the Articles of Agreement was applicable until the 1978 regular election of Executive Directors. Executive Directors who took office on November 1, 1978 were elected in accordance with the amended provision of Article XII, Section 3(6)(ii) introduced by the Second Amendment.

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

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

    See fn. 6 of Chap. 2, p. 35.

    Effective November 1, 1972, Nguyên Huu Hanh (Viet Nam) became Alternate to Byanti Kharmawan (Indonesia).

    The Bahamas and Romania joined the Fund after the 1972 regular election of Executive Directors. The Bahamas designated Robert Bryce (Canada) to look after its interests in the Fund until the next regular election of Executive Directors in 1974; Romania designated Pieter Lieftinck (Netherlands).

    Barbados, Fiji, Oman, and Western Samoa joined the Fund afterthe 1970 regular election of Executive Directors. Barbados designated Robert Bryce (Canada) to look after its interests in the Fund until the next regular election of Executive Directors in 1972; Fiji designated Byanti Kharmawan (Indonesia); Oman designated Nazih Deif (Egypt); Western Samoa designated Lindsay B. Brand (Australia).

    Grenada and Papua New Guinea joined the Fund after the 1974 regular election of Executive Directors. Grenada designated Bernard J. Drabble (Canada) to look after its interests in the Fund until the next regular election of Executive Directors in 1976; Papua New Guinea designated R. J. Whitelaw (Australia).

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

    Effective November 1, 1972, Costa P. Caranicas (Greece) became Alternate to Mohammed Yeganeh (Iran), and effective November 1, 1978, Alternate to Lamberto Dini (Italy).

    Guinea-Bissau, Maldives, São Tomé and Principe, and Seychelles joined the Fund after the 1976 regular election of Executive Directors. Guinea-Bissau and Sao Tome and Principe designated Samuel Nana-Sinkam (Cameroon) to look after their interests in the Fund until the next regular election of Executive Directors in 1978; Maldives designated Muhammad Al-Atrash (Syrian Arab Republic); Seychelles designated R. J. Whitelaw (Australia).

    Egypt did not participate in the regular election of Executive Directors in 1978.

    The full formal name, the Socialist People’s Libyan Arab Jamahiriya, became effective on March 2, 1977.

    India had an appointed Executive Director from 1946 until 1972. 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. After November 1, 1972, India formed an elected constituency with Bangladesh and Sri Lanka.

    Burma, Lao People’s Democratic Republic, Malaysia, Nepal, Singapore, Sri Lanka, and Thailand, whose votes were not cast for any of the Executive Directors elected in the 1970 regular election of Executive Directors, designated Hideo Suzuki (Japan) to look after their interests in the Fund until the next regular election of Executive Directors in 1972.

    Indonesia became a member of the Fund on April 15, 1954, withdrew effective August 17, 1965, and rejoined on February 21, 1967.

    In June 1978 the Fund, as was done in the United Nations, began to use the name Democratic Kampuchea to refer to what was previously called Cambodia or the Khmer Republic.

    Cape Verde and Djibouti joined the Fund after the 1978 regular election of Executive Directors. They designated Samuel Nana-Sinkam (Cameroon) to look after their interests in the Fund until the next regular election of Executive Directors in 1980.

    Table A-3.Elected Executive Directors and Their Alternates (Latin America and Caribbean), 1972-78
    Members of ConstituencyExecutive Director and Alternate2
    In ConstituencyService3
    NameBecame Member3FromToNameFromTo
    Costa Rica1/8/461946Luis Ugueto (Venezuela)11/1/7010/31/72
    El Salvador3/14/461946Guillermo González (Costa Rica)11/25/7010/31/72
    Guatemala12/28/451946Guillermo Bueso (Honduras)11/1/7210/31/74
    Mexico12/31/451946Alfredo Phillips O. (Mexico)11/13/725/19/73
    Venezuela12/30/461948Francisco Suárez (Mexico)5/20/7310/31/74
    Honduras12/27/451952Francisco Suárez (Mexico)11/1/7410/31/76
    Nicaragua3/14/461952Roberto Guarnieri (Venezuela)11/1/7410/31/76
    Spain9/15/581978Roberto Guarnieri (Venezuela)11/1/7610/31/77
    Néstor O. Caldera (Nicaragua)11/1/76
    Eduardo Mayobre (Venezuela)11/1/7710/31/78
    Néstor O. Caldera (Nicaragua)10/31/78
    Joaquín Muns (Spain)11/1/78
    Ariel Buira (Mexico)11/1/78
    Brazil1/14/461946Alexandre Kafka (Brazil)11/1/66
    Peru12/31/451946Basilio Martins (Brazil)10/2/7111/6/74
    Dominican Republic12/28/451948Clovis L. A. Albuquerque (Brazil)11/11/7410/31/75
    Panama3/14/461952Winston Temple-Seminario (Peru)11/1/7512/31/77
    Haiti9/8/531954
    Colombia12/27/451956T. Ainsworth Harewood (Trinidad and Tobago)1/1/78
    Guyana9/26/661970
    Trinidad and Tobago9/16/631976
    Suriname4/27/781978
    Argentina9/20/561956Carlos Massad A. (Chile)11/1/7010/31/74
    Bolivia12/27/451956Ricardo H. Arriazu (Argentina)11/1/6810/31/74
    Chile12/31/451956Roberto Gavaldá (Argentina)11/1/747/15/76
    Ecuador12/28/451956José Luis Zabala (Chile)11/1/7410/31/75
    Paraguay12/28/451956Santiago Sevilla (Ecuador)11/1/75
    Uruguay3/11/461956Dante Simone (Argentina)7/20/7610/31/78
    Santiago Sevilla (Ecuador)12/31/76
    Alfredo Crespo (Ecuador)1/21/7710/31/78
    Francisco Garcés (Chile)11/1/7710/31/78
    Francisco Garcés (Chile)11/1/78
    Julio C. Gutierréz (Paraguay)11/1/78
    1

    Article XII, Section 3(b)(iv) of the Articles of Agreement governing election of Executive Directors from Latin American and Caribbean members was applied until the 1978 regular election of Executive Directors. Executive Directors who took office on November 1, 1978 were elected in accordance with the amended provision of Article XII, Section 3(b)(ii) introduced by the Second Amendment. After the 1978 election of the Executive Directors, the constituency made up mostly of the Central American Republics had the largest voting power because Spain joined the constituency; hence this constituency is listed first in the table.

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

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

    Appendix B. Management and Senior Staff as of December 31, 1978
    The Managing DirectorJacques de Larosière
    The Deputy Managing DirectorWilliam B. Dale
    The General CounselJoseph Gold
    The Economic CounsellorJ. J. Polak

    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.

    Associate General Counsel.

    Department or OfficeHead of Department or OfficeOther Senior Staff1
    AdministrationKenneth N. ClarkP.N. Kaul
    William M. Avery
    Timothy Cole
    John D. Huddleston
    Henri H.P. King
    Charles O. Olsen
    Ronald J. Powell
    Chaiha K. Rhee
    AfricanJ.B. ZuluR.J. Bhatia
    Edwin L. Bornemann
    Jack D. Guenther
    Kwame Kwateng
    Oumar Barou Makalou
    D. Boushehri
    Evangelos A. Calamits
    Francis d’A. Collings
    Alberto S. Foz
    Christian A. Francois
    Bo Karlstroem
    Joseph G. Keyes
    Joachim W. Kratz
    Massimo Russo
    Grant B. Taplin
    AsianTun ThinAndreas Abadjis
    Albert A. Mattera
    P.R. Narvekar
    W. John R. Woodley
    Joachim Ahrensdorf
    Paul Chabrier
    Hubert Neiss
    Kunio Saito
    Douglas A. Scott
    Kemal Siber
    Bruce J. Smith
    Gunnar Tomasson
    Central Banking ServiceRoland TenconiSan Lin
    N.H. Hanh
    D.R. Khatkhate
    Richard H. Miller
    James K. Nettles
    European DepartmentL.A. WhittomeRolf Evensen
    Azizali Mohammed
    Albin Pfeifer
    Brian Rose
    Ekhard O.C. Brehmer
    Patrick B. de Fontenay
    Hans O. Schmitt
    Geoffrey Tyler
    Horst Ungerer
    Harilaos Vittas
    A. Charles Woodward
    Exchange and Trade RelationsErnest SturcC. David Finch
    S. Kanesa-Thasan
    Subimal Mookerjee
    Donald K. Palmer
    Eduard H. Brau
    Michael Dakolias
    Erik Elmholt
    Hans W. Gerhard
    Manuel Guitian
    W.F. Hughes
    John B. McLenaghan
    Bahram Nowzad
    Richard C. Williams
    Fiscal AffairsRichard GoodeW.A. Beveridge
    Rasheed O. Khalid
    Leif Muten
    A.M. Abdel-Rahman
    Carlos A. Aguirre
    E.A. Conrad
    Jean-Francois Garnier
    Richard S. Latham
    A. Premchand
    Richard A. Radford
    Alan A. Tait
    Vito Tanzi
    David C. Treffry
    IMF InstituteGerard M. TeyssierCiro Tognetti
    U Tun Wai
    Andrew H. Gantt
    M. Haris Jafri
    Orlando H. Lobo
    Jean-Marie Parmentier
    Arthur H. Whitfield
    Legal DepartmentJoseph GoldGeorge Nicoletopoulos2
    James G. Evans, Jr.
    Robert C. Effros
    William E. Holder
    Philine R. Lachman
    Rose S. Porras
    Stephen A. Silard
    Olav C.A. Snellingen
    John V. Surr
    Middle EasternA.S. ShaalanA.K. El Selehdar
    A.S. Ray
    Andrew Crockett
    F. Drees
    A.S. Gerakis
    S.H. Hitti
    B.A. Karamali
    S. von Post
    Muhammad Yaqub
    ResearchJ.J. PolakRudolf R. Rhomberg
    Charles F. Schwartz
    John H. Young
    Jacques Artus
    Carl P. Blackwell
    Anne W.R. Braun
    Louis M. Goreux
    Anthony Lanyi
    John S. Smith
    George von Furstenberg
    Secretary’sLeo Van HoutvenD.E. Brantley
    Joseph W. Lang, Jr.
    Margaret G. de Vries
    Norman K. Humphreys
    Katherine F. Magurn
    Marie C. Stark
    Alan Wright
    Treasurer’sWalter O. HabermeierRobert J. Familton
    David Williams
    Muhammad N. Bhuiyan
    Duane H. Brown
    A.G. Chandavarkar
    David Cutler
    Dhruba Gupta
    Willard A. Hawxhurst
    Walter T. Powers
    Anna Watkins
    Gunter Wittich
    Western HemisphereE. Walter RobichekSterie T. Beza
    Carlos E. Sanson
    Edison V. Zayas
    Omar Albertelli
    Marcello Caiola
    Joseph Chatelain
    Joaquin Ferran
    Julio E. Gonzalez
    Linda M. Koenig
    Horst J.O. Struckmeyer
    Jose D. Teigeiro
    Frits van Beek
    Bureau of Language ServicesBernardo T. RutgersAntonio Medrano
    Jean E. Merry
    Bureau of StatisticsWerner DannemannArie C. Bouter
    Jai B. Gupta
    Robert L. Kline
    Jonathan V. Levin
    Akira P. Nose
    Anne F. Oesterlen
    Chandrakant A. Patel
    Dan R. Silling
    Muthuswami Swaminathan
    Office in EuropeAldo GuettaAndrew J. Beith
    Julius K. Rosenblatt
    Office in GenevaFernando VeraJack P. Barnouin
    Finance & DevelopmentSamuel L. Katz
    Information OfficeJay H. ReidCharles S. Gardner
    Internal AuditorJ. William Lowe
    Special Representative to the United NationsJan-Maarten Zegers

    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.

    Associate General Counsel.

    Appendix C. Chronology, 1972-78
    1972
    January 1The third and final allocation of SDRs (SDR 2.95 billion) for the first basic period was made, bringing the total of SDRs allocated since January 1970 to a little over SDR 9.3 billion.
    January 4The Executive Board took a decision specifying the exchange rates to be used in lieu of par values for computations in the Fund’s transactions and operations and for adjustments of the Fund’s holdings of currencies, thereby enabling the Fund to resume temporarily its financial operations disrupted since the United States suspended official convertibility of the dollar on August 15, 1971.
    February 25The Executive Board recommended to the Board of Governors that the Fund express its financial accounts in terms of SDRs instead of U.S. dollars. The Board of Governors approved the recommendation, effective March 20, 1972.
    April 3-7The Group of Twenty-Four held inaugural meetings at the level of both deputies and ministers in Caracas, Venezuela. The Managing Director addressed the first ministerial meeting.
    April 24The narrow margins agreement of the European Community (EC), “the snake in the tunnel,” entered into force as the central bank governors of the six members agreed that the margins of fluctuation between their currencies would not be permitted to exceed 2¼ percent, half the margin permitted under the Fund’s temporary regime of central rates and wider margins.
    April 26Agreement was reached on arrangements for the United Kingdom to effect a large repurchase of pounds sterling from the Fund. Agreement had been difficult because the United Kingdom wanted to repurchase with U.S. dollars, but the Fund could not accept that currency in repurchase.
    May 8The new par value for the U.S. dollar, devaluing the dollar by 7.89 percent in terms of gold, became effective. Several other members also changed the par values of their currencies. The Executive Board specified the exchange rates to be used for computations in the Fund’s transactions and operations and for adjustments of the Fund’s holdings of currencies. The decision of January 4, 1972 was terminated.
    June 23U.K. officials informed the Fund that the pound sterling would be allowed to float temporarily. This was the first break in the exchange rates agreed in December 1971. The six countries of the EC resolved to keep stable the rates of their own currencies.
    June 26The Executive Board agreed on a draft resolution to the Board of Governors recommending that an ad hoc Committee of Governors on Reform of the International Monetary System and Related Issues, referred to as the Committee of Twenty, be set up. This resolution was adopted by the Board of Governors, effective July 26, 1972.
    August 17Bangladesh, with a quota of SDR 125 million, became the 121st Fund member and a participant in the Special Drawing Account.
    August 18The Executive Board submitted to the Board of Governors a report entitled Reform of the International Monetary System.
    August 31The Board of Governors adopted a resolution taking note of a report of the Executive Directors recommending that the size of the Executive Board should remain at 20 and that the African members should continue to be entitled to elect 2 Executive Directors.
    September 7Bahrain, with a quota of SDR 10 million, became the 122nd Fund member and a participant in the Special Drawing Account.
    September 8Qatar, with a quota of SDR 20 million, became the 123rd Fund member, but not a participant in the Special Drawing Account.
    September 22The United Arab Emirates, with a quota of SDR 15 million, became the 124th Fund member, but not a participant in the Special Drawing Account.
    September 28The Committee of Twenty held its inaugural meeting (at the ministerial level) in Washington and selected Ali Wardhana, Finance Minister of Indonesia, as Chairman.
    September 29The deputies of the Committee of Twenty held their first meeting in Washington and selected C. Jeremy Morse of the United Kingdom as Chairman.
    November 1The term of Frank A. Southard, Jr. as Deputy Managing Director of the Fund was extended for another four years. He had been Deputy Managing Director since November 1962.
    November 27-29The deputies of the Committee of Twenty held their second meeting, in Washington, the first at which substantive issues were discussed. Attention centered on a U.S. proposal for signaling the need for balance of payments adjustment by use of reserve indicators.
    December 15Romania, with a quota of SDR 190 million, became the 125th Fund member and a participant in the Special Drawing Account.
    December 15-20After reviewing the rules for reconstitution of SDRs, the Executive Board recommended that the same rules be continued, and a few days later, the Board of Governors adopted a resolution to this effect. The Executive Board also decided not to adopt any new rules or procedures for designation of SDRs.
    1973
    January 1A second SDR period, an empty period in which no SDRs were allocated, began. Denmark, Ireland, and the United Kingdom joined the European Community, enlarging its membership to nine.
    January 21-22The deputies of the Group of Twenty-Four met in Paris to discuss international monetary questions and reiterated the aspiration that a link be established between allocations of SDRs and the provision of development finance.
    January 22To stem large capital outflows and heavy loss of reserves, Italy introduced a free market for capital transactions, the second break in the exchange rates agreed in December 1971.
    January 23The Swiss franc was permitted to float.
    January 23-25The deputies of the Committee of Twenty, at their third meeting, held in Paris, turned their attention to the role of reserve assets and to methods for achieving “asset settlement,” a new form of currency convertibility.
    February 12George P. Shultz, Secretary of the U.S. Treasury, announced late at night that President Nixon was requesting the U.S. Congress to authorize a proposal to the Fund that there be a devaluation of the U.S. dollar of 10 percent in terms of SDRs, the second devaluation of the dollar in 14 months. The Executive Board, meeting later, discussed the U.S. action and supported it.
    February 13Italian authorities informed the Fund that for the time being the rate for the lira in the official exchange market (for current transactions) would float. Japan also informed the Fund that, as a temporary measure, the Japanese yen would float.
    February 16The Executive Board put the new par value of the U.S. dollar into effect for purposes of the Fund’s transactions and operations. The new rate of US$1 = SDR 0.828 948 was to be in use for the Fund’s purposes prior to the formal establishment of this par value with the Fund by the U.S. authorities, which occurred on October 18, 1973.
    March 2Turbulence in exchange markets again led to the closing of markets around the world. The Executive Directors held a discussion of this further crisis.
    March 9The finance ministers and central bank governors of the Group of Ten met in Paris, under the chairmanship of Valéry Giscard d’Estaing, together with representatives of the countries of the EC, to discuss the exchange crisis. Pierre-Paul Schweitzer and Ali Wardhana also participated.
    March 11The finance ministers of six countries of the EC decided to introduce a joint float against the U.S. dollar. They were to maintain a maximum margin of 2¼ percent in the rates between their own currencies. Sweden and Norway joined the arrangements shortly thereafter. Ireland, Italy, and the United Kingdom continued to float their currencies independently of the joint arrangements.
    March 16The finance ministers and central bank governors of the Group of Ten and officials of the EC countries met in Paris and reached agreement on the new joint float arrangements. Mr. Schweitzer attended the meeting.
    March 19Major foreign exchange markets, closed on March 2, reopened. The par value system agreed in 1944 thus came to an end as a new regime of floating rates for most major currencies came into being.
    March 22-23The deputies of the Committee of Twenty met for the fourth time, in Washington, and decided to proceed urgently with the drafting of an Outline of the reformed system. They set up a Technical Group on Indicators and one on Disequilibrating Capital Flows.
    March 26-27The Committee of Twenty held its second meeting, in Washington. The ministers supported the decision of their deputies to prepare a draft Outline of Reform.
    March 30Mr. Schweitzer officially informed the Executive Directors that he expected his service with the Fund to terminate on August 31, 1973 when his second five-year term expired.
    April 23The Executive Board adopted a decision permitting the buffer stock facility to be used by members in connection with their loans to the International Cocoa Council to build up cocoa stocks.
    May 21-25The deputies of the Committee of Twenty, meeting for the fifth time, in Washington, considered a preliminary draft Outline of a reformed system. A Technical Group on the SDR/Aid Link and Related Proposals was set up to study the possibility of a link between allocations of SDRs and development finance.
    July 11-13The deputies of the Committee of Twenty held their sixth meeting, in Washington, to consider a revised Outline of a reformed system.
    July 30-31The Committee of Twenty held its third meeting, in Washington. Optimism increased that agreement on the reformed system might be reached.
    August 21The Bahamas, with a quota of SDR 20 million, became the 126th Fund member and a participant in the Special Drawing Account. The Board of Governors’ resolution on membership for the Bahamas provided for the subscription to be paid wholly in Bahamian dollars (rather than partly in gold), at least for the time being, the first time such payment in gold had been formally waived by membership resolution.
    August 31Pierre-Paul Schweitzer’s second five-year term as the fourth Managing Director ended.
    September 1H. Johannes Witteveen, of the Netherlands, became the fifth Managing Director.
    September 5-7The deputies of the Committee of Twenty, at their seventh meeting, in Paris, considered compromise arrangements for balance of payments adjustment and for currency convertibility, but failed to agree.
    September 12-14At a ministerial meeting in Tokyo, decisions were taken on the scope and timing of the Tokyo Round of Multilateral Trade Negotiations, to be conducted in Geneva, thereby inaugurating the most important international trade negotiations since the establishment of the gatt.
    September 23-24The Committee of Twenty held its fourth meeting, in Nairobi, but ministers continued to disagree. The Committee set July 31, 1974 as the deadline to complete its work.
    Meanwhile, it issued an interim report to the Board of Governors, attaching a First Outline of Reform, which was written in very general terms and regarded as a document agreed by technicians only and not by officials at the political level.
    September 27The deputies of the Committee of Twenty, at their eighth meeting, in Nairobi, set up four more Technical Groups—on Intervention and Settlement, on Adjustment, on Global Liquidity and Consolidation, and on the Transfer of Real Resources.
    October 10-17Six members of opec, for the first time, unilaterally set new posted prices for crude oil. Prices were raised for Saudi Arabian crude oil, for example, from $3.01 to $5.12 a barrel, a 70 percent rise.
    October 18The new par value for the U.S. dollar was established with the Fund, formally instituting the dollar devaluation of February 1973.
    October 31The Executive Board agreed to special consultations by the Fund with members whose external policies were of major international importance, to be held in conjunction with the world economic outlook exercise. Mr. Witteveen had proposed these consultations as a way for the Fund to monitor the exchange rates of members with floating rates.
    November 5The Executive Board suspended for 120 days the provision of the Articles of Agreement which applied the equal value principle to transactions and operations in SDRs. This decision temporarily enabled settlements in SDRs to be made among the EC countries participating in the snake arrangements, until a new method for valuing the SDR was worked out.
    November 7The Executive Board revised its decision of December 18, 1971 temporarily permitting central rates and wider margins. A member could now fix a central rate for its currency if its rate was maintained in relation to a currency that was itself floating under the decision.
    November 12The governors of the central banks of the seven countries that had at one time actively participated in the Gold Pool, meeting at the Bank for International Settlements (bis) in Basle, decided to terminate their agreement of March 1968 that prevented them from selling gold on the free market. Central banks could now sell gold at market prices.
    November 26The Executive Board requested the Board of Governors to prescribe the bis as a holder of SDRs. On January 21, 1974, the bis became the first agency other than a member government of the Fund to be permitted to accept, hold, and use SDRs.
    December 7The Executive Board agreed to a request by South Africa to terminate its agreement with the Fund of December 30, 1969 allowing South Africa to sell gold to the Fund under certain circumstances when prices for gold in free markets were relatively low.
    December 23Six oil exporting countries once more raised prices of crude oil, this time to an average of about $11 per barrel, thus nearly quadrupling the prices for crude oil since the beginning of October.
    1974
    January 3Mr. Witteveen cabled Mr. Wardhana to suggest that the Committee of Twenty, planning to meet two weeks later, urgently consider the problems raised by the large rise in oil prices. Mr. Witteveen also proposed that an oil facility be created in the Fund, thereby initiating a technique that was to become known as recycling petrodollars.
    January 14-15The deputies of the Committee of Twenty held their ninth meeting, in Rome. Most deputies agreed that because of the new serious disequilibria in world payments, floating rates for the major currencies were likely to continue for some time and that prospects for a reformed international monetary system were seriously dimmed.
    January 15In a speech in London, Mr. Witteveen urged officials of members to accept oil deficits rather than curb them by deflation and restrictions, thereby possibly throwing the world economy into recession.
    January 17-18The Committee of Twenty, meeting for the fifth time, in Rome, in effect abandoned its efforts at full-scale reform of the international monetary system and decided to let a new system evolve out of existing arrangements.
    January 21France informed the Fund that the franc was being withdrawn from the EC snake to float freely for six months. The Fund welcomed the intention of the French authorities to be guided by the Fund’s decision of November 1973 providing for consultations with members on external policies.
    January 23The Executive Board took a decision stating that in its consultations with members the Fund would pay special attention to the restrictions on trade and payments imposed by members.
    March 1William B. Dale, U.S. Executive Director since 1962, was appointed the Fund’s fourth Deputy Managing Director, following the retirement of Mr. Southard, who had been with the Fund for 25 years, including 13 years as Executive Director for the United States.
    March 4The Board of Governors adopted a resolution extending the suspension of the equal value principle of the Articles of Agreement for an additional period of 240 days, until October 31, 1974.
    March 21Because floating of the franc made a dual market unnecessary, France abolished the separate market for financial transactions established in August 1971. The next day Italy also eliminated the dual market it had established in January 1973.
    March 27-29The deputies of the Committee of Twenty, at their tenth meeting, in Washington, received the reports of three of the Technical Groups set up in Nairobi and worked on a Final Outline of Reform.
    April 5-18After having gone to Iran in February, Mr. Witteveen went to Algeria, Kuwait, Libya, Saudi Arabia, and the United Arab Emirates to explore possibilities of Fund borrowing for the proposed oil facility. At the end of April, Mr. Dale went to Nigeria for the same purpose.
    April 9-May 2At the insistence of officials of developing countries, the Sixth Special Session of the General Assembly of the United Nations was held in New York to discuss problems of raw materials and economic development. A resolution was adopted calling for the establishment of a “new international economic order.”
    April 10The Fund approved a one-year stand-by arrangement for SDR 1,000 million, in the upper credit tranches, for Italy. This stand-by arrangement was the first for Italy and the largest since that approved for France in 1969.
    April 22-23The EC finance ministers, meeting in Zeist, Netherlands, agreed that central banks should be free to buy and sell gold among themselves at prices related to prices for gold in private markets and to purchase in the market at least limited amounts of gold at prices other than the official price.
    April 30The report of the Technical Group on the Transfer of Real Resources, sent to the deputies of the Committee of Twenty, recommended the establishment of a joint committee of Governors of the Fund and of the World Bank to study the transfer of real resources to developing countries. This recommendation was the origin of the Development Committee.
    May 7-9The deputies of the Committee of Twenty, at their eleventh meeting, in Paris, completed the draft of the revised Outline of Reform and discussed the immediate steps needed to help an “unreformed” system evolve.
    June 10-11The deputies of the Committee of Twenty held their twelfth, and final meeting, in Washington, completing their work.
    June 11The finance ministers and central bank governors of the Group of Ten, meeting in Washington, agreed that central banks might value their official gold stocks at free market prices when they used such gold as collateral for loans from other central banks. The decision was expected to help Italy use its gold stocks as a basis for borrowing from the Federal Republic of Germany.
    June 12-13At its sixth and final meeting, in Washington, the Committee of Twenty agreed on several immediate steps: establishment of an Interim Committee, with advisory powers, adoption of a method of valuation of the SDR based on a basket of 16 currencies and of an initial interest rate on the SDR of 5 percent, establishment of guidelines for the management of floating exchange rates, establishment of an oil facility in the Fund, provision for countries to pledge themselves on a voluntary basis not to introduce or intensify restrictions, early adoption of an extended Fund facility, and establishment of the Development Committee. The Committee agreed also on an Outline of Reform.
    June 13The Executive Board adopted several decisions implementing the immediate steps agreed on by the Committee of Twenty.
    June 14The Chairman of the Committee of Twenty submitted to the Board of Governors the final report of the Committee of Twenty, accompanied by an Outline of Reform, endorsed by the Committee of Twenty.
    June 26The Executive Board took a decision associating the Fund with the Committee of Twenty’s invitation to members to subscribe voluntarily to a declaration on trade aimed at avoiding an escalation of restrictions.
    July 1The Fund put into operation a method of valuing the SDR, based on a basket of the 16 currencies most used in world trade.
    July 9The Fund circulated to the Executive Directors the first draft amendments to the Articles, heralding the start of preparing the Second Amendment of the Articles of Agreement.
    August 7The Executive Board established a procedure for calls to be made on lenders in connection with purchases under the oil facility and approved borrowing agreements with seven members.
    August 22The Fund announced that, having completed borrowing agreements with seven lenders for SDR 2.8 billion for the period ending December 1975, it was now in a position to begin processing members’ requests for purchases under the 1974 oil facility. Requests for purchases started to come in immediately.
    September 13The Fund established an extended facility to give medium-term assistance to developing members.
    September 30In his opening address at the Annual Meeting, Mr. Witteveen urged that another and larger oil facility for 1975 be established in the Fund.
    October 2The Committee of Twenty formally ceased to exist and the Interim Committee of the Board of Governors on the International Monetary System was established. On the following day the Interim Committee held its inaugural meeting, in Washington, and John N. Turner, Minister of Finance of Canada, was selected Chairman for two years.
    October 2The Joint Ministerial Committee of the Boards of Governors of the World Bank and the Fund on the Transfer of Real Resources to Developing Countries (the Development Committee) was established. It held its inaugural meeting, in Washington, and Henri Konan Bédié, Minister of Finance and Economy of the Ivory Coast, was selected Chairman. The immediate focus of the Committee’s work would be to consider problems of the developing countries “most seriously affected” by higher oil prices and sharply higher prices for food.
    October 23After agreement in September by the Group of Ten to renew the General Arrangements to Borrow (gab) for five more years, beginning on October 24, 1975, the Executive Directors adopted a decision agreeing to renewal of the Arrangements. This was the third renewal of the gab.
    November 14U.S. officials were not receptive to another oil facility in the Fund. Secretary of State Henry A. Kissinger proposed instead that a “common loan and guarantee facility” (a “safety net”) be created through the Organization for Economic Cooperation and Development (oecd) to redistribute up to $25 billion of petrofunds for industrial countries in 1975. In order to offer a facility to developing countries, he also proposed that a Trust Fund, managed by the International Monetary Fund, be set up to offer concessional balance of payments assistance to the poorest developing members.
    December 6In its second review of the 1974 oil facility, the Executive Board decided that members might draw up to the maximum amount of their calculated access and that a member could still draw under the oil facility if the Fund received from the member, before February 28, 1975, a statement of its intention to draw.
    December 15-16President Valéry Giscard d’Estaing of France and President Gerald R. Ford of the United States, meeting in Martinique, agreed that a government could revalue its official gold holdings on the basis of current market prices, an accord hailed as a breakthrough on the impasse between France and the United States on international monetary arrangements.
    December 23The Executive Board agreed to recommend to the Interim Committee, which was to meet in a few weeks, that the Fund have an oil facility for 1975.
    December 31U.S. citizens were permitted to buy, sell, and own gold for the first time since 1933.
    1975
    January 6The U.S. Treasury held its first auction to dispose of a portion of its gold holdings.
    January 9France revalued its gold reserves on the basis of free market prices. Revisions in the revaluation were to be made every six months.
    January 15-16The Interim Committee, meeting for a second time, in Washington, agreed on an oil facility for 1975 that was larger than the one for 1974 and on establishment of a Subsidy Account to help the most seriously affected developing members defray the interest costs of using the 1975 facility. The Committee also agreed that under the Sixth General Review total quotas should be increased by 32.5 percent from SDR 29.2 billion to SDR 39 billion, with the quotas of oil exporting members as a group being doubled. The Committee also agreed on the general scope of provisions for draft amendments to the Articles and that, when the Articles of Agreement were amended, the official price of gold would be abolished and that obligatory payments of gold by members to the Fund would be eliminated.
    January 17The Development Committee, at its second meeting, in Washington, agreed on a program of work and welcomed the larger oil facility, the prospective Subsidy Account, and the possibility of a special Trust Fund.
    January 27The Managing Director, accompanied by senior staff, began an extensive trip to Iran, Iraq, Lebanon, Qatar, Saudi Arabia, and the United Arab Emirates, and to the Federal Republic of Germany, the Netherlands, and Switzerland to try to arrange borrowing by the Fund for a 1975 oil facility.
    January 31After a year of discussion, the Executive Directors were unable to agree on how increases in quotas under the Sixth General Review should be distributed among various groups of members. Since under the Articles of Agreement the review of quotas was to be completed before February 9, 1975, the Executive Directors asked the Board of Governors to adopt a resolution noting that the required review was in progress. The Board of Governors adopted the resolution effective March 4.
    February 11-13The Tokyo Round of Multilateral Trade Negotiations by some 80 industrial and developing countries began in Geneva under the auspices of the Contracting Parties to the General Agreement on Tariffs and Trade (the gatt).
    March 14The staff circulated to the Executive Directors a Comprehensive Draft Amendment that proposed pervasive modification of the Articles of Agreement. The Executive Directors’ consideration of amending the Articles of Agreement, which resumed at the end of March, thereby reached a new stage.
    April 4The Executive Board took the necessary decisions to establish an oil facility for 1975, to continue until March 31, 1976. Use of the facility was subject to greater conditionality than the 1974 facility.
    May 28The Executive Board agreed on a report to the Interim Committee concerning possible improvements in the Fund’s buffer stock facility, including an amendment that would permit drawings under that facility to float in the reserve tranche as did drawings under the compensatory financing facility.
    June 8-9The Group of Twenty-Four, meeting at ministerial level for the tenth time, in Paris, expressed their grave concern at the adverse effects of inflation and recession in industrial countries on balances of payments positions of developing countries and urged the Fund to liberalize its compensatory financing facility.
    June 10-11At its third meeting, in Paris, the Interim Committee held a detailed discussion about gold, but was able to agree only on the principles of a solution, not on specific arrangements. It failed to agree also on the disputed issue of the relative size of the quotas of industrial members under the Sixth General Review of Quotas.
    June 12-13The Development Committee, at its third meeting, in Paris, welcomed the request of the Interim Committee to the Executive Directors to consider modifications in the Fund’s compensatory and buffer stock facilities.
    July 7Kenya became the first member to use the Fund’s new extended facility.
    July 28In its first review of the 1975 oil facility, the Executive Board liberalized access to the facility by permitting a member to request up to 50 percent of its “calculated maximum access” rather than 30 percent.
    August 1The Executive Board established a Subsidy Account to assist the Fund’s most seriously affected members to meet the cost of using the 1975 oil facility. The decision was to be reviewed annually.
    August 24The finance ministers of the EC countries, meeting in Venice, agreed on a common position to be taken at the forthcoming Interim Committee meeting regarding the disposition of the Fund’s gold holdings, gold trading by EC countries, and Fund quotas under the Sixth General Review.
    August 27Grenada, with a quota of SDR 2 million, became the 127th Fund member and a participant in the Special Drawing Account.
    August 30The Group of Twenty-Four asked the Fund to review the conditionality on use of its resources and to liberalize its compensatory financing and buffer stock facilities. The Group also asked that industrial members agree soon on quotas under the Sixth General Review and stressed that in future reviews of Fund quotas the share of developing members should progressively increase. The Group also stated that no arrangements for gold were satisfactory unless they substantially raised the flow of financial resources to developing countries and did not accentuate the already inequitable distribution of international liquidity and urged study of a gold substitution account.
    August 31The Interim Committee, at its fourth meeting, in Washington, reached a consensus on arrangements for gold. The Committee agreed also upon the sale of one sixth of the Fund’s gold (25 million ounces) for the benefit of developing members, the establishment of a Trust Fund, and the restitution (the return at the official price) of one sixth of the Fund’s gold to all members. Agreement was reached also on the size of quotas for large industrial members under the Sixth General Review.
    September 1-16The Seventh Special Session of the un General Assembly called for early establishment of a Trust Fund in the International Monetary Fund for the benefit of developing countries, and planned that Unctad iv, to be held in Nairobi in mid-1976, consider an integrated program for commodities and a “Common Fund” for commodity price support.
    September 3-4The Development Committee, at its fourth meeting, in Washington, gave support to a Trust Fund. The Committee also gave special attention to commodity price fluctuations and their consequences on developing countries’ export earnings.
    October 9Papua New Guinea, with a quota of SDR 20 million, became the 128th Fund member and a participant in the Special Drawing Account.
    October 13The central bank governors of the countries of the Group of Ten, meeting at the bis in Basle, held their first discussion to set up arrangements to oversee their gold trading, as had been agreed by the Interim Committee in August. The Fund’s Managing Director and the Governor of the Swiss National Bank were present.
    November 5The agreement by which Switzerland, not a member of the Fund, was associated with the General Arrangements to Borrow was extended until October 23, 1980. This was the third extension of the association of Switzerland with the gab.
    November 15-17The leaders of six major industrial countries met in the Chateau de Rambouillet, in France, the first summit on economic topics. They issued a declaration on the need jointly to assure the recovery of their economies from the 1974-75 recession and to reduce “the waste of human resources involved in unemployment.” Following agreement between U.S. and French monetary officials settling their differences on the nature of exchange rates acceptable in amending the Fund’s Articles, the Presidents of the United States and France also reached rapprochement on exchange rates, removing the last obstacle to agreement on amended Articles of Agreement for the Fund.
    December 16-19The Conference on International Economic Cooperation (ciec) met in Paris at the ministerial level. The Conference had been proposed by the President of France for a “dialogue” between industrial countries and developing countries (commonly called the North-South dialogue) on energy, raw materials, and the problems of development.
    December 19The ministers of finance and central bank governors of the Group of Ten, meeting in Paris, agreed on proposals of the United States and France for amendments to Article IV of the Fund’s Articles of Agreement regarding a new exchange rate regime. They agreed also on arrangements to coordinate the sale and purchase of gold by their central banks.
    December 23In an intensive day of three meetings, the Executive Board agreed to the draft Article IV on exchange rate arrangements proposed jointly by the Executive Directors appointed by France and the United States. The Executive Board had also almost finished its work on the draft comprehensive amendment. The way was now paved for what was soon to be the proposed Second Amendment.
    December 24Having agreed on quotas for all individual members under the Sixth General Review of Quotas, the Executive Board now approved a report listing the proposed quotas for transmittal to the Interim Committee. The Executive Board also invited the staff to send to the Interim Committee a report urging agreement on temporary enlarged access to the Fund’s resources under existing quotas, pending the new larger quotas under the Sixth General Review, and on establishment of a Trust Fund. The Executive Board also adopted a decision substantially liberalizing the compensatory financing facility. Moreover, the Board adopted a decision specifying that purchases under the buffer stock financing facility were not to exceed 50 percent of a member’s quota.
    December 31The Fund approved a purchase by the United Kingdom for SDR 1,000 million under the 1975 oil facility and a one-year stand-by arrangement for SDR 700 million, in the first credit tranche, for the United Kingdom.
    December 31According to the World Bank’s debtor reporting system, the external public debt of 84 developing countries at the end of 1975 reached $174.1 billion, compared with $103 billion at the end of 1970.
    January-DecemberDrawings on the Fund in 1975 totaled SDR 4.7 billion, the largest amount ever registered in a single year.
    1976
    January 6The Group of Twenty-Four, meeting in Jamaica, just before meetings of the Interim and Development Committees, expressed their “strong disappointment” that the interests and concerns of developing countries had received so little attention in the negotiations on international monetary reform, and that “decisions affecting all countries continued to be taken in restricted groups of countries.” The Group also expressed strong dissatisfaction with the proposed arrangements for gold as grossly distorting the distribution of international liquidity at the expense of developing countries and undermining the position of the SDR.
    January 7-8The Interim Committee, at its fifth meeting, in Jamaica, under the chairmanship of Willy De Clercq, Minister of Finance of Belgium, completed arrangements for an “interim reform” of the international monetary system. In the Jamaica accord, which was regarded as ushering in a new “unreformed” international monetary system to be legalized in a Second Amendment of the Fund’s Articles, agreement was finally reached on the arrangements for exchange rates to be put in the amended Articles (a new Article IV), on the treatment to be given to gold, on a number of other provisions aimed at improving the operation of the General Account and the characteristics and uses of the SDR, on the establishment of a Trust Fund for developing countries, and on increases for individual members’ quotas under the Sixth General Review. Because the quota increases could not become effective until the Second Amendment went into effect, the Interim Committee agreed to the temporary enlargement of access to the Fund’s resources under existing quotas, described in the entry for January 19.
    January 9The Development Committee, at its fifth meeting, in Jamaica, noted with concern that in 1976 the non-oil developing countries were likely to incur extraordinarily large current account deficits for the third successive year and that the minimum 6 percent growth target of the Second Development Decade was not likely to be met.
    January 19Following agreement by the Interim Committee at its meeting in Jamaica, the Executive Board made arrangements to extend temporarily the size of each credit tranche by 45 percent, that is, to enlarge “lending” by the Fund through its “normal channels” by 45 percent. The action was designed mainly to enable the Fund’s developing members to draw more from the Fund’s regular resources before the increased quotas under the Sixth General Review went into effect.
    February 10The Group of Seventy-Seven, in which 111 developing countries took part, met in Manila, to prepare for Unctad iv to be held in May and agreed on two documents known as the Manila Charter. Proposals included an integrated program of commodity stabilization agreements with a $3 billion common fund to finance buffer stocks in ten basic commodities.
    February 19The Executive Board sent to the Board of Governors a Report on the Sixth General Review of Quotas. The Board of Governors approved the necessary resolution effective March 22.
    March 18In its final review of the 1975 oil facility, the Executive Board increased access to 78.46 percent of the calculated maximum access.
    March 24Having completed its work on the drafting of the Proposed Second Amendment to the Articles of Agreement, the Executive Board submitted the Amendment to the Board of Governors for approval. On April 30 the Board of Governors approved the Proposed Second Amendment, which was then submitted to member countries for acceptance.
    April 2The Philippines became the second member for which an extended arrangement was approved.
    April 28In a new dispute over salaries, the Fund staff held a one-day work stoppage, the first such event since the Fund started to employ staff in April 1946.
    May 3-31At Unctad iv, in Nairobi, the principal issues discussed included the stabilization of raw material prices, debt burdens of developing countries, the international transfer of technology, the regulation of multinational corporations, and increased economic cooperation among the developing nations themselves.
    May 5The Executive Directors agreed on the policies and procedures to be used to effect the sale of one third of the Fund’s holdings of gold. A program of regular gold auctions for the next two years was announced. The Executive Board also took a decision establishing a Trust Fund.
    May 21In view of the expectation that in the near future drawings under the compensatory financing facility after the December 1975 decision might exceed SDR 1.5 billion, the Fund conducted the review required by that decision when drawings in any 12-month period exceeded SDR 1.5 billion. The Fund decided to make no further changes in the facility.
    May 30The last purchases under the oil facilities took place, bringing total purchases under the 1974 and 1975 oil facilities to over SDR 6.9 billion.
    May 31Total drawings from the Fund of SDR 4.64 billion in the first five months of 1976 alone attained levels near the record amount of SDR 4.66 billion reached in the full year 1975.
    June 2The Fund conducted its first gold auction, awarding 780,000 ounces of gold to successful bidders at a common price of $126 an ounce. Proceeds of the sale were to go to the newly established Trust Fund.
    June 8The Group of Ten, Switzerland, and the bis granted a $5.3 billion stand-by credit to the United Kingdom to prevent a further decline in the exchange rate of the pound sterling.
    June 23The Executive Board decided that the Fund would meet members’ requests for financial assistance up to the full amount of their compulsory contributions to the tin buffer stocks to be established under the new Fifth International Tin Agreement, which was to go into effect on July 11, 1976.
    June 27-28The leaders of seven major industrial countries met at Dorado Beach, Puerto Rico, for a second economic summit. They reviewed progress since the first economic summit at Rambouillet in November 1975 and resolved to continue to consult and cooperate to coordinate their countries’ policies for achieving sustained and orderly economic growth with price stability.
    June 30The Executive Board completed reviews of the valuation of the SDR, the rate at which the Fund paid remuneration on members’ super gold tranche positions in the Fund, and the rate of interest on the SDR. The rate of remuneration was to be determined quarterly and was to be three fifths of the weighted average of short-term money market rates in the United States, the Federal Republic of Germany, the United Kingdom, France, and Japan. This decision was to be reviewed in three years. No change was made in the method of valuing the SDR agreed in June 1974.
    July 22The Fund made the first payments under the Subsidy Account to defray interest costs in using the 1975 oil facility to 18 eligible members. Payments amounted to SDR 13.8 million.
    August 24The Fund announced changes in its gold auction procedures. Successful bidders were to pay the prices they bid, rather than a common price, and the names of successful bidders would be published after the auction.
    August 25The Executive Board decided that participants in the Special Drawing Account might engage in transactions by agreement that brought the holdings of both participants closer to their net cumulative allocations, and the users of SDRs in these transactions would be exempt from the requirement of balance of payments need. The users of SDRs in a transaction by agreement to promote reconstitution of their position in SDRs were also exempted from the requirement of balance of payments need.
    September 1Faced with a precarious foreign exchange situation, the Mexican Government decided to sever the 22-year link of 12.50 Mexican pesos per U.S. dollar and, for the first time in modern history, allowed the peso to float.
    September 15The Executive Board decided that the Socialist Republic of Viet Nam, composed both of North Viet Nam, which had not been a member, and of South Viet Nam, which had been a member, was a member of the Fund.
    September 20The Executive Board reviewed the decision setting up the extended facility and decided not to modify the facility, but to review it again in the future and in any event when total drawings under extended arrangements reached SDR 2 billion.
    September 21The Comoros, with a quota of SDR 1.9 million, became the 129th Fund member and a participant in the Special Drawing Account.
    October 1-8The Group of Twenty-Four, at its thirteenth meeting, in Manila, asked for a new allocation of SDRs, less conditionality, and the establishment of an SDR/aid link. At the Thirty-First Annual Meeting, in Manila, Mr. Witteveen told the Governors that the time had come for them to lay more stress on adjustment of oil-related balance of payments deficits and less emphasis on financing. The Interim Committee, at its sixth meeting, shared the Managing Director’s view. It also asked the Executive Directors to consider how the Fund should exercise “firm surveillance” over members’ exchange rate policies. At its sixth meeting, the Development Committee again urged that more resources be committed to international lending institutions. The Interim Committee, at its seventh meeting, selected Willy De Clercq, Minister of Finance of Belgium, to continue as Chairman for a new term. The Development Committee, at its seventh meeting, selected Cesar E. A. Virata, Secretary of Finance of the Philippines, as Chairman.
    November 5The Executive Board decided, and the ten participants in the General Arrangements to Borrow agreed, on an increase in the amount of Japan’s credit arrangement in the gab from ¥ 90 billion to ¥ 340 billion, thereby for the first time raising the size of the gab, to approximately SDR 6.2 billion.
    December 7The Executive Board reviewed the Fund’s experience with selling its gold holdings and established a new program of auctions designed to enhance the smoothness of the sales. After the fifth and sixth gold auctions on December 8, 1976 and January 26, 1977, again for 780,000 ounces, regular monthly auctions of 525,000 ounces were to start in March 1977 on the first Wednesday of each month.
    December 22The Executive Board approved an agreement with the Swiss National Bank by which the Fund could borrow U.S. dollars equivalent to SDR 300 million to help finance purchases under an anticipated stand-by arrangement with the United Kingdom. Representatives of the Group of Ten meeting in Paris agreed to a proposal by the Managing Director to provide SDR 2,560 million under the General Arrangements to Borrow to help finance a stand-by arrangement with the United Kingdom.
    January-DecemberDrawings on the Fund in 1976 totaled SDR 7 billion, much larger even than the record amount of 1975.
    1977
    January 3The Executive Board approved a two-year stand-by arrangement for the United Kingdom for SDR 3,360 million, the largest amount ever approved by the Fund and the first stand-by arrangement to exceed one year.
    January 10The governors of the central banks of Belgium, Canada, the Federal Republic of Germany, Japan, the Netherlands, Sweden, Switzerland, and the United States agreed on arrangements among themselves and the bis to support a medium-term financing facility for $3 billion under which balances of pounds sterling held by official entities abroad were to be reduced.
    January 25The Executive Board decided that the Fund would make the first interim loan disbursements to 12 members deemed eligible to qualify for loans from the Trust Fund.
    February 23The Fund completed the first of four annual restitutions of gold to its members. Just under 6 million ounces were sold at the official price of SDR 35 an ounce to 112 members in proportion to their quotas.
    March 11The Executive Board again reviewed the compensatory financing facility. No further modifications in the facility were made but another review was to be conducted when drawings in any 12-month period exceeded SDR 1.5 billion, or when outstanding drawings exceeded SDR 4.0 billion, and in any event, not later than May 31, 1979.
    March 24Guinea-Bissau, with a quota of SDR 3.2 million, became the 130th Fund member and a participant in the Special Drawing Account.
    March 28In an important first-time activity in the history of the Fund, the Managing Director was asked to help monitor the arrangement concerning sterling balances made in January between the Bank of England and the central banks of other large industrial countries and the bis. The Executive Board agreed to the Managing Director’s participation.
    April 1The Executive Board increased the Fund’s charges to help bring the Fund’s income into line with its operating expenses and agreed on a formula to safeguard the Fund’s budgetary position whenever the margin between the rate of charges and the rate of remuneration became so narrow as to endanger that position.
    April 25The Executive Board approved a stand-by arrangement for Italy for SDR 450 million, to continue until December 31, 1978 (a 20-month period). The Executive Board also approved an agreement between the Fund and the Swiss National Bank by which the Fund could borrow U.S. dollars equivalent to SDR 37.5 million to help finance purchases under the stand-by arrangement.
    April 26The Group of Twenty-Four, at their fourteenth meeting, in Washington, advocated a second round of SDR allocations, establishment of the temporary supplementary financing facility that Mr. Witteveen had proposed, continuation of the Subsidy Account for low-income developing members, an increase of 100 percent in quotas under the Seventh General Review, a link between SDRs and development finance, and a review of the Fund’s conditionality.
    April 27The Development Committee held its eighth meeting, in Washington, and emphasized the need for increased flows of official development assistance.
    April 28-29The Interim Committee, at its eighth meeting, in Washington, considered the main issues relating to the Seventh General Review of Quotas and agreed that there should be an adequate increase. The Committee also supported the temporary supplementary financing facility and the principles agreed by the Executive Board for surveillance of exchange rates by the Fund. In addition, the Interim Committee requested the Executive Directors to consider a further allocation of SDRs and to review the characteristics of the SDR.
    April 29The Executive Board adopted a decision on the exercise of Fund surveillance of the exchange rate policies of members when the new Article IV of the proposed Second Amendment became effective.
    May 7-8The third economic summit took place in London. The conferees pledged cooperation on economic problems and support for the Fund. They stressed that the Fund play a prominent role in balance of payments financing and adjustment and agreed that there was need for a supplementary financing facility in the Fund and for another round of quota increases.
    May 30-June 2The Conference of International Economic Cooperation (ciec) held its final meeting in Paris, under the co-chairmanship of Allan J. MacEachen, President of the Privy Council of Canada, and Manuel Perez-Guerrero, Minister of State for International Economic Affairs of Venezuela. Agreement was reached on the principle of establishing a common fund to help stabilize the prices of several commodities simultaneously, negotiations for which were to take place in the Unctad. ciec also asked the Development Committee to review the problem of stabilization of export earnings of developing countries.
    June 29The Managing Director reported to the Executive Board that he was unable to obtain enough support among participants to propose an allocation of SDRs for the third basic period, starting January 1, 1978.
    June 30Seychelles, with a quota of SDR 1 million, became the 131st Fund member and a participant in the Special Drawing Account.
    July 25The Executive Board adopted a decision on a list of members eligible to receive a direct transfer of profits that the Fund received from the sale of gold through the Trust Fund.
    August 6At the invitation of the Managing Director, representatives of 14 potential lenders to the Fund met in Paris to discuss amounts that they would lend for the supplementary financing facility and the terms and conditions on which they would make these loans to the Fund.
    August 29The Executive Board adopted a decision establishing a supplementary financing facility in the Fund to go into effect when loan agreements totaling not less than SDR 7.75 billion were completed. The Managing Director aimed at a facility of $10 billion (SDR 8.6 billion), and SDR 8.4 billion had been pledged.
    September 21Mr. Witteveen announced that when his first term expired on August 31, 1978, he would not be available for a second term as Managing Director.
    September 24At its ninth meeting, in Washington, under the chairmanship of Denis Healey, Chancellor of the Exchequer, who was selected Chairman to finish the term of Mr. De Clercq, the Interim Committee reviewed the world economic outlook, expressed concern about the faltering of economic activity in several industrial countries, agreed on a series of policies for economic recovery, and welcomed the supplementary financing facility. Agreement was not yet reached on the Seventh General Review of Quotas.
    September 25The Development Committee held its ninth meeting, in Washington. This meeting was preceded by a first meeting of deputies of the Development Committee, held in Paris, September 15-16, also under the chairmanship of Cesar E. A. Virata. The Development Committee requested a study by the staffs of the Fund and the World Bank on the stabilization of export earnings.
    September 30At the closing session of the Thirty-Second Annual Meeting, the Managing Director summed up the consensus of officials to the effect that the world needed “to restore a satisfactory rate of recovery and expansion while continuing to make progress in reducing inflation.” During the Annual Meeting it was announced that Willy Brandt, former Chancellor of the Federal Republic of Germany, would chair a new commission on international development issues.
    September 30Sao Tome and Principe, with a quota of SDR 1.6 million, became the 132nd Fund member and a participant in the Special Drawing Account.
    October 28The Executive Board agreed on a list of members eligible to receive loans from the Trust Fund for the second period.
    December 16The Fund decided that its buffer stock facility might be used by members in connection with their financing of special stocks of sugar to be established under the 1977 International Sugar Agreement.
    January-DecemberDrawings on the Fund’s resources during 1977 totaled just over SDR 3.4 billion, a little less than half the amount of 1976. Since there was also a record volume of repurchases, total net drawings for 1977 were only SDR 488 million.
    1978
    January 4-5The rates for the U.S. dollar had been steadily declining since September 1977. The U.S. Treasury and the Federal Reserve Board issued a joint statement on U.S. intervention policy. The Exchange Stabilization Fund of the U.S. Treasury ($4.7 billion) was to be used together with the $20.2 billion of reciprocal currency arrangements. The Deutsche Bundesbank also issued a statement announcing extension of a new credit line to the Treasury’s Exchange Stabilization Fund, which could be drawn on for intervention in the dollar market. Intervention in the markets was aimed at “checking speculation and re-establishing order in foreign exchange markets.” It was explicitly “not to peg rates for the dollar.”
    January 13Maldives, with a quota of SDR 700,000, became the 133rd Fund member and a participant in the Special Drawing Account.
    January 31The transitional arrangements governing gold trading among the countries of the Group of Ten and Switzerland, to which Portugal also adhered, were allowed to expire after two years of life.
    March 13The rates for the dollar against the deutsche mark continued to depreciate, and in a joint statement, Hans Matthöfer, Finance Minister of the Federal Republic of Germany, and W. Michael Blumenthal, Secretary of the U.S. Treasury, outlined cooperative measures “to counter disorderly conditions in exchange markets.” The measures included a doubling—to $4 billion—of the amount of the reciprocal currency arrangements (swap arrangements) between the Deutsche Bundesbank and the U.S. Federal Reserve System. The total of the swap lines between the Federal Reserve System and 14 central banks abroad and the bis now came to $22,160 million. U.S. officials agreed also to draw on the U.S. reserve tranche position in the Fund up to $5 billion, if necessary, to support the dollar.
    March 22Under the amended Articles of Agreement, shortly to go into effect, members were to make early repurchases of their drawings in certain circumstances. The Executive Board adopted a series of guidelines to clarify these circumstances.
    March 31Under the Sixth General Review, 85 members, representing 78.52 percent of total Fund quotas as of February 19, 1976, finally consented to quota increases agreed by the Board of Governors in March 1976. The increases thus went into effect.
    March 31The Executive Board adopted a decision changing the valuation of the SDR, effective July 1, 1978. A basket of 16 currencies was to be retained, with some changes in the currencies included.
    April 1After a process lasting nearly two years, the necessary three fifths of the members representing four fifths of the total voting power finally accepted the Second Amendment of the Articles of Agreement. The new Articles entered into force, applicable to all members.
    April 24The Executive Board agreed to a schedule of higher charges to be applicable to balances of a member’s currency acquired by the Fund under the regular credit tranches that raised the Fund’s holdings of the currency above 200 percent of the member’s quota, not counting the holdings acquired under certain special facilities. The separate schedule of higher charges was considered appropriate for such exceptional use of the Fund’s resources and to maintain equity with the schedule of charges adopted in September 1977 for use of the Fund’s resources under the supplementary financing facility.
    April 27Suriname, with a quota of SDR 25 million, became the 134th Fund member and a participant in the Special Drawing Rights Department. (The term Special Drawing Right Department was substituted for the term Special Drawing Account following entry into force of the amended Articles of Agreement.)
    April 28The Development Committee had a meeting of “senior officials,” rather than a full meeting, in Mexico City. The senior officials discussed, among other topics, the status of the study by the staffs of the Fund and the World Bank on the stabilization of export earnings.
    April 29-30At its tenth meeting, in Mexico City, the Interim Committee reached a consensus on the general outlines of a coordinated strategy designed to promote noninflationary growth in the world economy in the medium term through 1980. The Interim Committee’s discussion was facilitated by a report submitted by the Managing Director on the “World Economic Outlook and Working of the Adjustment Process.” This was also the first time that even a summary version of the world economic outlook report was made public. The Interim Committee noted with approval the Fund’s implementation of the new provisions of the Articles on exchange rate surveillance. The Interim Committee failed to reach agreement on quotas under the Seventh General Review, however. An allocation of SDRs, establishment of a substitution account in the Fund, and the Fund’s conditionality were to be reviewed.
    May 8In a speech in London, Mr. Witteveen explained and defended the Fund’s conditionality, which was coming under increasing criticism.
    May 19As the Fund completed the second year of its four-year gold sales program, the Executive Board reviewed the policies and procedures for the Fund’s sales of gold and decided on the terms and conditions for the auctions to be held during the next 12 months.
    June 2The Executive Board started a review of the conditions associated with use of the Fund’s resources in the upper credit tranches.
    June 2The Executive Board took a decision amending the General Arrangements to Borrow to make them conform to the provisions of the Fund’s amended Articles of Agreement.
    June 14-15At the ministerial level annual meeting of the Council of the 24-member oecd, agreement was reached on the major components of a broad program of an internationally coordinated action to stimulate growth in the world economy without rekindling inflation.
    June 16The Executive Board decided that the receipts from gold sales temporarily held in the Trust Fund could be placed in deposits with the bis. Thus, for the first time, investments by the Fund could be in a form other than U.S. Government securities.
    June 16-17Mr. Witteveen ended his term as Managing Director, and J. de Larosière, of France, took office as the sixth Managing Director.
    June 26The Executive Directors reviewed the study on the stabilization of export earnings prepared by the staffs of the Fund and the World Bank in response to the request by the Development Committee. A major section of the study was devoted to the Fund’s compensatory financing facility. The Executive Directors agreed that the study should be transmitted to the Development Committee as a staff study not endorsed by the Executive Board.
    July 1The revised basket of 16 currencies used for determining the value of the SDR, agreed in March, went into effect.
    July 6 and 7The European Council, composed of the heads of state or of government of the nine EC countries, meeting in Bremen under the chairmanship of Helmut Schmidt, Chancellor of the Federal Republic of Germany, decided on a common approach to the economic problems facing the European Community and firmed up arrangements for a European Monetary System (ems).
    July 13A framework of understanding on the Tokyo Round of Multilateral Trade Negotiations, taking place since 1973 under the auspices of the gatt, was issued in Geneva. The framework expressed hope that the Tokyo Round would see a major liberalization of trade, new rules for the gatt, new mechanisms for international consultations and the settlement of disputes in international trade, and additional benefits for developing countries.
    July 16-17An economic summit meeting was held in Bonn. The leaders of the seven major industrial nations agreed on a comprehensive strategy of mutually reinforcing action to promote world economic recovery similar to that recommended by the Interim Committee in April and the oecd in June. U.S. officials emphasized that exchange rate stability depended on solving world economic problems first but promised to intervene to the extent necessary to counter disorderly conditions in exchange markets.
    September 22Solomon Islands, with a quota of SDR 2.1 million, became the 135th Fund member and a participant in the Special Drawing Rights Department.
    September 23 and 27The Development Committee held two meetings, in Washington, mainly to consider the study on stabilization of export earnings prepared by the staffs of the Fund and the World Bank. Its members expressed a strong desire for further liberalization of the Fund’s compensatory financing facility.
    September 24The Interim Committee at its eleventh meeting, in Washington, agreed to a 50 percent increase in the overall size of members’ quotas in the Fund under the Seventh General Review. This increase would raise total quotas from SDR 39 billion to SDR 58.6 billion. The Interim Committee agreed to support greater use for the SDR and other changes that the Executive Directors were considering. Discussion of a possible substitution account was also getting under way. The Interim Committee also agreed to an allocation of SDRs—SDR 4 billion in each of the three years, 1979, 1980, and 1981—for the third basic period.
    September 25Addressing the Board of Governors as Managing Director for the first time, Mr. de Larosière stressed the seriousness of the problems of the world economy and instability in exchange markets.
    The Executive Board took a decision reducing the minimum average holdings of SDRs that members had to maintain from 30 percent to 15 percent of their net cumulative allocations. The Executive Board also agreed on a report containing proposals for increases in individual members’ quotas under the Seventh General Review. The Managing Director made a proposal, in which the Executive Board concurred, to make allocations of SDRs in accordance with the Interim Committee agreement in September. These actions were forwarded to the Board of Governors for approval.
    November 1In accordance with the provision of the Articles of Agreement that a member lending certain amounts to the Fund could appoint an Executive Director, an Executive Director appointed by Saudi Arabia took a seat on the Executive Board. The number of appointed Directors rose from 5 to 6, and the Executive Board was temporarily enlarged from 20 to 21.
    November 1President Jimmy Carter undertook measures to strengthen the dollar in foreign exchange markets. The measures included a drawing from the Fund of $3 billion (a reserve tranche drawing), the sale of $2 billion in SDRs, and the expansion of reciprocal currency arrangements (swap lines) with the Federal Republic of Germany, Japan, and Switzerland from a total of $7.4 billion to $15 billion. Measures were taken also to counter inflationary pressures in the domestic economy with the intent also of helping support the dollar abroad.
    November 14In a speech in Chicago, Mr. de Larosière described the procedures that the Fund expected to follow to exercise surveillance of members’ exchange rate policies under the new Article IV of the amended Articles of Agreement.
    November 20Cape Verde, with a quota of SDR 2 million, became the 136th Fund member and a participant in the Special Drawing Rights Department.
    December 4-5Meeting in Brussels, the European Council reached agreement to launch the European Monetary System on January 1, 1979.
    December 4The Executive Board took a decision considerably broadening the authority of the Trust Fund to make investments other than in U.S. government securities or deposits in the bis.
    December 11The Board of Governors adopted resolutions agreeing to increases in members’ quotas, thereby completing the Seventh General Review of Quotas, and agreeing to allocations of SDRs for 1979, 1980, and 1981.
    December 12Dominica, with a quota of SDR 1.9 million, became the 137th Fund member and a participant in the Special Drawing Rights Department.
    December 17Officials of opec, meeting in Abu Dhabi, decided to raise oil prices by 14.5 percent by the end of 1979, thus starting a second round of oil price increases.
    December 29Djibouti, with a quota of SDR 3.8 million, became the 138th Fund member and a participant in the Special Drawing Rights Department.
    January-DecemberDuring the year 1978 there was a net contraction of Fund credit as repurchases of SDR 4.9 billion exceeded total drawings of SDR 3.8 billion. By the end of 1978, Ethiopia, Lebanon, Libya, Qatar, Saudi Arabia, Singapore, and the United Arab Emirates, which had not previously been participants in the Special Drawing Rights Department, became participants. (The only member that was still not a participant was Kuwait.)

    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, 1025

    • ABELA, J.F., 404

    • ABU DHABI

      • Borrowing by Fund for: oil facility, 346*; supplementary financing facility, 556, 557n

    • acc. See UNITED NATIONS ADMINISTRATIVE COMMITTEE ON COORDINATION

    • ACCOUNTS OF FUND. See GENERAL ACCOUNT; INVESTMENT ACCOUNT; SPECIAL DISBURSEMENT ACCOUNT; SPECIAL DRAWING ACCOUNT; SUBSIDY ACCOUNT; SUBSTITUTION ACCOUNT. See also GENERAL DEPARTMENT and SPECIAL DRAWING RIGHTS DEPARTMENT

    • acp COUNTRIES, 402

    • acu. See ASIAN CLEARING UNION

    • ADJUSTMENT PROCESS. See BALANCE OF PAYMENTS ADJUSTMENT

    • AFGHANISTAN

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; repurchases, 571*

      • Exchange arrangements, 805*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 904*

      • Quota in Fund, 532, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 426*

      • Trust Fund eligibility, 671n

    • AFRICA

      • Drawings (purchases) and repurchases from Fund: purchases, 412*, 434*-36*, (net), 886*; repurchases, 570*

      • Executive Board representation, 765-66

      • Quotas in Fund, 541*-42*

      • SDR allocations, 886*

    • AFRICAN CENTRE FOR MONETARY STUDIES, 954

    • AFRICAN DEVELOPMENT BANK (afdb), 921, 962

    • AHMAD, ZIAUDDIN, 980

    • AHAMED, ALI, 331

    • AICHI, KIICHI, 189, 227, 228, 236, 240, 254

    • AL-ATRASH, MUHAMMAD, 474

      • Comments and views on: conditionality, 503; “link,” 207; performance criteria, 457; procedure for Executive Board meetings, 995; procedure for transmittal of information, 993, 994; reserve assets, 180; Trust Fund eligibility, 675 Service, 998

    • AL-EYD, KADHIM A., 677, 910, 937

    • ALLOCATIONS OF SDRs. See SDR ALLOCATIONS

    • ALGERIA

      • Balance of payments, 308

      • Classification by Fund, 42n

      • Consultations, special, 279

      • Dinar: use in Fund transactions, 580*

      • Exchange arrangements, 804*

      • External debt, 928

      • Gold sales, profits received from, 679*

      • Membership: in Fund, 904*; in opec, 306

      • Quota in Fund, 540*

      • SDR allocations, 885*

      • Trust Fund eligibility, 674

    • AL-GOSAIBI, KHALID M., 855, 879

    • ALI, S. OSMAN, 980

    • amf. See ARAB MONETARY FUND

    • AMUZEGAR, JAHANGIR, 474

      • Comments and views on: Executive Board, procedure for meetings, 995, size of, 766; extended Fund facility, 367; gold substitution account, 616-17; Jamaica agreement, 760; membership of small states, 910; oil facility, 323; surveillance, 841; Trust Fund, 669, 677, 678

      • Service, 997

    • ANDEANRESERVE FUND, 954

    • ANDEAN SUBREGIONAL INTEGRATION AGREEMENT (Cartagena Agreement), 962

    • ANDERSEN, SVEND, 234

    • ANDERSON, ROBERT, 102

    • ANDREASSEN, KNUT J.M., 299, 319

    • ANDREOTTI, GIULIO, 453, 454, 796

    • ANDROSCH, HANNES, 254, 721, 818, 929

    • ANNUAL MEETINGS, 142, 774, 971-72

      • 1st (1946), 775

      • 22nd (1967, Rio de Janeiro), 94

      • 25th (1970, Copenhagen), 21, 151, 170

      • 26th (1971), 123, 130

      • 27th (1972), 140, 158, 163, 164, 166, 167, 400

      • 28th (1973, Nairobi), 239, 240, 250, 267, 290, 401, 608, 609, 814, 959

      • 29th (1974), 163, 303, 334, 335-36, 389, 401, 614

      • 30th (1975), 404

      • 31st (1976, Manila), 392, 490, 495, 529, 675, 817

      • 32nd (1977), 490, 495, 496, 531, 817, 878, 928-29, 938-39, 940

      • 33rd (1978), 416, 490-91, 500-501, 858, 859, 929, 935-36

      • Increased importance of, 980-82

      • Observers’ attendance at, 954

      • Role of, 692

      • Size of as factor inestablishment of committees, 980

    • ANNUAL REPORTS OF EXECUTIVE DIRECTORS

    • Contents, 821, 947

    • Exchange arrangements: changes in, comparisons of, 810-11; classified in, 802; vicious circle hypothesis, 831

    • Fund’s budgets (1972-78), 602n

    • Preparation of, 981

    • Protectionism discussed, 940

    • Reserve adequacy discussed, 873, 876

    • World economic problems, 92, 333, 388-89

    • See also Index to Publications Cited (under International Monetary Fund, p. 1148 of this volume)

    • ANNUAL REPORTS ON EXCHANGE RESTRICTIONS, 939, 941, 947

    • ANSARY, HUSHANG, 336

    • ANWAR ALI, 236, 325

    • APEL, HANS, 254, 326, 496, 531, 624, 721

    • ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (badea), 954

    • ARAB FUND FOR ECONOMIC AND SOCIAL DEVELOPMENT, 326

    • ARAB MONETARY FUND (amf), 921, 954

    • ARGENTINA

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under compensatory financing facility, 410, 413*; under oil facility, 347*; repurchases, 472*, 568

      • Exchange arrangements, 805*, 806

      • External debt, 928; renegotiation, staff study on, 925

      • Gold sales, profits received from, 679*

      • Membership in Fund, 904*

      • Peso: use in Fund transactions, 577, 580*

      • Quota in Fund, 526, 542*

      • SDRs: allocations, 887*; holdings, 897

      • Stand-by arrangements with Fund, 426*

      • Trust Fund, proposed exclusion from, 675

    • ARRIAZU, RICARDO, 518, 523

    • ARTICLES OF AGREEMENT OF FUND

      • Amendment. See ARTICLES …: FIRST AMENDMENT and ARTICLES …: SECOND AMENDMENT

      • Art. I, 236

      • Art. IV, collaboration, 276, 297

      • Art. IV, Sec. 8, “gold clause,” 596

      • Art. V, Sec. 8(c), charges, 327-28, 726

      • Art. VIII, Sees. 2, 3, and 4, acceptance of obligations of, 574, 575, 727, 912n

      • Art. X, cooperation with international organizations, 954

      • Developing members not distinguished in, 199-200, 256-57

      • Distribution of Fund’s powers under, 693, 966

      • Fund’s resources, temporary use of, 362

      • Membership criteria, 909, 910

      • Principle of uniformity of treatment under, 405, 663, 664

      • Provisions on: currencies, convertibility of, 689; exchange rates, 95; Executive Board, 984; Executive Board structure, 764; gold, 607, 609, 611, 614, 618; gold, Fund’s sales and purchases of, 629; information to be furnished to Fund, 943-44; par values, 35, 279, 280, 292; quotas, 512, 514; repurchase, 695, 696-97; use of currencies in Fund transactions, 320; use of Fund resources, 482; voting, 154-55, 712-13

      • Publication of, 948

      • Purposes of Fund in, 256-57, 996

      • Rigidity of, 694

      • Violation of vis-à-vis gold transactions, 612-13, 619-20

    • ARTICLES OF AGREEMENT: FIRST AMENDMENT

      • Art. IV, Sec. 4, obligations of, 79-80

      • Art. V, Sec. 9, 594

      • Art. XVIII, on interpretation, 145-46

      • Compared with Second Amendment, 685

      • Conditional and unconditional liquidity defined, 485

      • Equal value provision suspended, 287

      • Powers of Board of Governors under, 966

      • Provisions on: compensatory financing facility, 417n; interconvertibility, 764; quotas, 512; repurchase, 697; SDR allocations, 872, 877; SDR interest rate and remuneration, 294; transactions with designation, 897; voting, 713

      • Purposes of Fund in, 257

    • ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS

      • Considered but not agreed: gold substitution account, 639-42, 723, 730, 731, 759, 770; “link,” 707, 708, 711, 770; trade restrictions, Fund’s jurisdiction over, 689, 703-706, 708, 711, 770

      • Council: composition and powers discussed, 692, 693, 707-708, 720-21; developing members’ views, 721, 732; opposition to, 693; U.S. views on, 691-92; voting in, 692-93, 708

      • Exchange arrangements: legalization of floating rates debated, 689, 700-703, 708, 709, 736-37; proposals on, by France, 737; by Fund staff, 737-38, by U.S., 737; Interim Committee discussion of, 738-39, 739-41; French-U.S. negotiations on, 743-46; agreed at Rambouillet, 746-47; considered by Executive Board, 749, 754-55; by Group of Ten, 748-49; by Interim Committee, 755, 757

      • General Account: authority of Fund to perform financial and technical services, 694-95; change to General Department, 723; charges, 716, 723; currencies, convertible, 688-89; currencies, freely usable, 716, 728-29; currencies, norm for Fund’s holdings, 716-18; currencies, selection of, 695-96; Investment Account, 689, 699, 716; media of payment to and by Fund, 694, 699, 709, 715-16; objective of flexibility in, 694-95; repurchases, 696-99, 715; requirement of need for use of Fund resources, 700, 715; stand-by arrangements defined, 699

      • Gold: as medium of payment, 618, 621, 699, 709, 729; cooperation clause debated and agreed, 626, 632-33, 730, 757; elimination of official price, 618, 621; Executive Directors’ discussion, 615-17; role of, opposing views on, 729; role of reduced, 621, 729; sales of Fund holdings, 730, 757; substitution account, see Considered but not agreed, above; use in Fund transactions eliminated, 620, 621, 626

      • SDRs: as medium of payment in lieu of gold, 699, 706; changes in to improve characteristics and extend use, 706, 709; interest rate on, 706; need requirement for use of, 706; other holders, 706, 719; reconstitution obligations, 706-707, 719, 721-22; transactions among participants in, 706, 719; valuation, 718-19, 722

      • Special voting majorities: compared with original Articles and First Amendment, 712-14; developing members’ position on, 716; for charges, 716; for distribution of profits from Fund’s gold sales, 757; for establishment of Council, 720; for exchange arrangements, 751, 752, 753, 756; for political decisions, 720; for SDR reconstitution, 722, 758; for SDR valuation, 718, 722, 757-58; used by Executive Directors in drafting amendments, 732-33; 85 percent instead of 80 percent required, 721

      • Structure of Fund: Executive Board, 766

    • ARTICLES OF AGREEMENT: SECOND AMENDMENT—FINAL PROVISIONS

      • Council, 732, 770

      • Exchange arrangements: Art. IV and Schedule C, 750-57, 802, 855; comparison with original Articles, 756-57

      • General Department (General Account): authority of Fund to perform financial and technical services, 714, 770n; charges, 726; currencies, freely usable, 724, 727-29, 757-58, 763-64; currencies, selection of, 580, 726-27, 757, 763-64; Investment Account, 723-24; media of payment, 725, 726, 731; nomenclature changed, 723-24; repurchases, 580, 725-26, 780; see also Implementation of …, below; use of general resources, requirement of need for, 724; waiver of conditions governing, 724

      • Gold: cooperation clause, 730, 757; elimination of official price, 729; no longer denominator, 729; purchases from Fund, 659; reduced role in system and in Fund operations, 729; sales of Fund’s holdings, distribution of profits from, 678, 730-31, 757; SDR no longer defined in terms of, 729

      • Implementation of by Executive Board decisions, 776-81

      • Jamaica agreement, 755-58

      • SDRs: allocations, 877; as medium of payment, 731; as principal reserve asset, 633; as unit for Fund’s computations and valuation, 731; other holders, 732; reconstitution, 732, 757-58, 895-96; relation between SDR interest rate and remuneration, 894; transactions between participants, 731, 898; transactions by agreement, 898; valuation, 731, 757-58, 892

      • Special voting majorities for: amendment of Articles, 768, 911; charges, 726; Council, 732; distribution of profits from Fund’s gold sales, 731, 757; repurchases, 725; SDR reconstitution, 732; SDR valuation, 732, 757, 891; use of 80 percent and 70 percent, 713-14

      • Structure of Fund: Executive Board, 766-67

    • ARTICLES OF AGREEMENT: SECOND AMENDMENT—GENERAL

      • As Fund’s response to evolving system, 392-93

      • As interim measure, 689-90, 715

      • Disagreements about, 690-91

      • Based on Outline of Reform, 686-87, 688, 690

      • Commentary on, 728, 767

      • Compared with First Amendment, 685

      • Comprehensive draft amendment: becomes Proposed Second Amendment, 763; completed, 723; techniques employed in—enabling powers, 712, 714, 731; implied powers made explicit in, 714; special voting majorities, 712-14

      • Preparation of, 685; role of General Counsel in, 686

      • Principles underlying amendments, 688-89; questioned by Executive Directors, 687-88, 690

      • Proposed Second Amendment: acceptance by members delayed, 768-79; compared with First Amendment, 768; entry into force, 769; transmitted to Board of Governors and approved, 768

      • Report of Executive Directors, 728, 767

      • Scope and significance of, 770-71

    • ASBRINK, PER, 302, 528

    • AsDB. See ASIAN DEVELOPMENT BANK

    • ASIA

      • Drawings (purchases) and repurchases from Fund: purchases, 412, 436*, (net), 887*; repurchases, 571*

      • Quotas in Fund, 542*

      • SDR allocations, 887*

    • ASIAN CLEARING UNION (ACU), 954

    • ASIAN DEVELOPMENT BANK (AsDB), 35, 962

    • ASSET SETTLEMENT

      • As replacement for convertibility, 128

      • Avoided in U.S. proposal on convertibility, 168 Defined, 128

      • Discussed: by Executive Directors, 135, 136; in Fund staff study, 185-86; in Outline of Reform, 259; in report on reform, 138, 139; in staff sketch, 131; see also COMMITTEE OF TWENTY—DELIBERATIONS and …TECHNICAL GROUPS: Intervention and settlement

      • First proposed by Managing Director, 128, 1003

      • Mandatory or voluntary discussed, 180, 181, 184, 246-47

      • Model of Bureau of Committee of Twenty on, 232-33

      • Proposals for by: France, 248; Germany, Fed. Rep., 182-83, 248; Italy, 183-84, 248; U.K., 183; U.S., 182; compared, 184-85

      • Views on: of European countries, 180, 183-84, 217; of U.S., 180-81, 216-17

      • See also CONVERTIBILITY

    • ASSETS OF FUND. See CURRENCY HOLDINGS OF FUND; GOLD HOLDINGS OF FUND; INVESTMENT OF FUND’S ASSETS; LIQUIDITY, FUND

    • AUSTRALIA

      • Art. VIII, acceptance of obligations of, 912n

      • Balance of payments: surplus, 56-57; views on adjustment, 238

      • Capital movements, measures to control, 57, 215

      • Classification by Fund, 42n, 789

      • Dollar: pegged to U.S. dollar, 55; use in Fund transactions, 580*; use in SDR currency basket, 293*, 893*

      • Drawings (purchases) and repurchases from Fund: purchases, 433*, (net), 885*; under compensatory financing facility, 411, 42*; repurchases, 569*

      • Exchange arrangements, 805*; views on surveillance of, 839

      • Gold, views on, 229, 621

      • “Link,” views on, 209, 224

      • Membership in Fund, 904*

      • Par value change, 57

      • Quota in Fund, 540*; views on, 525

      • SDR allocations, 885*

      • Stand-by arrangements with Fund, 426*

      • Subsidy Account contribution, 354*

      • Trade, views on Fund’s role in, 221, 705

      • Trust Fund, exclusion from, 675

    • AUSTRIA

      • Art. VIII, acceptance of obligations of, 912n

      • Borrowing by Fund: for oil facility, 345*, 346; for supplementary financing facility, 556n, 557n

      • Classification by Fund, 42n, 789

      • Economic situation and policies, 439

      • Exchange arrangements, 804*, 806; policies, views on, 816, 818

      • Intermediary in gold restitution, 659

      • Membership in Fund, 538, 904*

      • Quota in Fund, 525, 537n, 538, 540*

      • Schilling: central rate, 58; rate for, 811; use in Fund transactions, 32, 33-34, 576, 580*; use in SDR currency basket, 293*, 892, 893*

      • Signatory of voluntary declaration on trade, 349

      • SDR allocations, 885*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 674

    B

    • badea. See ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA

    • BAFFI, PAOLO, 453

    • BAHAMAS

      • Art. VIII, acceptance of obligations under, 912

      • Drawings (purchases) from Fund (net), 887*; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 536*, 904*; gold subscription payment, 611

      • Per capita income, 676

      • Quota in Fund, 536*, 539, 542*; subscription payments, 611-12

      • Trust Fund eligibility, 675-76

    • BAHRAIN

      • Acceptance of Second Amendment, 769

      • Art. VIII, acceptance of obligations under, 912

      • Classification by Fund, 42n, 526n, 888n

      • Dinar: use in Fund transactions, 321, 577, 580*

      • Drawings (purchases) from Fund, 438*, (net), 888*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 536*, 904*, 908

      • Quota in Fund, 524, 536*, 539, 543*

    • BALANCE OF PAYMENTS

      • Definitions: basic balance, 174-75, 952n; official settlements balance, 952; “surplus” and “deficit” changed with floating rates, 952; “sustainable,” 864

      • Effects of oil price increases on, 305-306, 308-10, 313, 315-16, 355-57, 359-60, 642

      • Massive disequilibria: as problem for world economy, 387; as reason for oil facility, 791

      • Need test required for: buffer stock drawings, 419; compensatory drawings, 406; oil facility drawings, 321-22, 324; Trust Fund loans, 671; use of Fund resources, 700, 715; use of SDRs, 706, 731, 889-90, 898

      • Positions: developing members, 308-309; European countries, 109

      • See also TRADE, INTERNATIONAL and individual countries

    • BALANCE OF PAYMENTS ADJUSTMENT

      • As problem of Bretton Woods system, 103-105; aggravated by capital mobility, 66, 106; given less priority than liquidity in, 107, 108, 109-111 By industrial members, 98; by developing members, 99

      • Changed nature of, following oil price increases, 313-14

      • Emphasis on instead of deficit financing, 392, 490, 495-96, 497, 499, 529, 831-32

      • In Outline of Reform, 257

      • Model of Bureau of Committee of Twenty on, 232, 235; opposing views of European officials, 234-35, 238; U.S. officials, 234, 238-39; views of developing members, 236; views of Mr. Morse, 237

      • Policies for dealing with: in consultations, 94; under par value system, 96-97, 108

      • Pressures for. See PRESSURES

      • Relation to: exchange rate policy treated in Second Amendment, 755; resource transfer to developing members, 251-52

      • U.S. proposal for compared with Keynes’s plan, 169

      • See also COMMITTEE OF TWENTY-DELIBERATIONS; EXCHANGE RATES: Role in adjustment; INDICATORS; STABILIZATION PROGRAMS; and WORLD ECONOMIC OUTLOOK

    • BALANCE OF PAYMENTS MANUAL, 919, 950

      • Problems of publishing, 951-53

    • BALANCE OF PAYMENTS YEARBOOK, 949

    • BALOGH, THOMAS, 89

    • BANGLADESH

      • Acceptance of Second Amendment, 769

      • Art. XIV consultations, 917

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; under compensatory financing facility, 400, 411, 412*, 425*; under oil facility, 331, 347*; repurchases, 568, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 55n, 535, 536*, 904*, 908

      • Quota in Fund, 526, 532, 535, 536*, 542*

      • Stand-by arrangements with Fund, 426*

      • Subsidy Account payments received, 355*

      • Taka floating, 55

      • Trust Fund: eligibility, 670n; loan from, 672, 673*

    • BANK FOR INTERNATIONAL SETTLEMENTS (bis)

      • As bidder in Fund’s gold auctions, 633-34, 635, 649, 650, 652

      • As other holder of SDRs, 898, 899

      • Attendance by Managing Director and staff at meetings of, 630, 631, 635

      • Credits to U.K., 467

      • Depository of Fund instrument, 681

      • Exchange rate policy discussions, 850

      • Fund relations with, 954, 961, 981; on capital markets, 932-33; on Eurocurrency markets, 930

      • Involvement in safety net proposal, 339

      • Role in Group of Ten gold arrangements, 626, 630-31, 634, 635; views on role of gold, 630

      • Sterling agreement: role in, 475; Managing Director’s special role in, 475-76, 478 World economy surveyed 394

    • BANK OF CENTRAL AFRICAN STATES (beac), 954

    • BANKS, COMMERCIAL

      • Access to related to reserve adequacy, 875

      • Fear of failure of, 334, 336, 555, 931

      • Fund relations with, 931, 933; on external debt, 936; transmittal of information to discussed, 937, 939

      • Lending by: controls on, views of developing members on, 642; effects of Fund’s conditionality on, 493-94; effects of oil price increases on, 357; increase in related to international liquidity, 637-38; preferred over use of Fund resources, 507, 547-48, 555; U.S. views on, 341; related to Fund quota increases, 530; to developing members, Fund studies and implications of, 931-32; to developing members increased, 333-34, 382

      • Oil facility’s impact on, 359

      • Trend toward financing developing countries’ deficits, 936

      • See also DEBT, EXTERNAL, OF DEVELOPING MEMBERS

    • BARBADOS

      • Dollar floating, 55

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under compensatory financing facility, 44, 413*; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 904*

      • Quota in Fund, 542*

      • SDR allocations, 887*

    • BARDEPOT. See CAPITAL MOVEMENTS: Measures to control

    • BARBER, ANTHONY, 240, 254, 290

      • Comments and views on: aspects of reformed system, 130-31, 164, 167, 193; balance of payments adjustment, 48, 228; floating of pound, 50; par values, 191; U.K. repurchase, 34

    • BARRATTIERI, VITTORIO, 248, 252

    • BASLE AGREEMENT. See BANK FOR INTERNATIONAL SETTLEMENTS: Sterling agreement

    • BEAC. See BANK OF CENTRAL AFRICAN STATES BEAURAIN, CLAUDE, 248, 277, 299

      • Comments and views on: gold, 31, 136; special consultations, 277; staff sketch on reform, 132

    • BELGIUM

      • Art. VIII, acceptance of obligations of, 912n

      • Borrowing by Fund for: oil facility, 345, 346*; supplementary financing facility, 557n

      • Classification by Fund, 42n, 789

      • Consultations, special, 278

      • Economic situation and policies, 439

      • Exchange arrangements, 805*, 806; dual market, 64, 192, 215; policies, 816; views on fixed versus floating rates, 169, 172

      • Franc: central rate, 39, 58; convertible in fact, 764; floating jointly with ec, 23, 79, 80; see also Participation in snake, below; use in Fund transactions, 33-34, 576, 580*, 581; use in SDR currency basket, 293*, 892, 893*

      • Intermediary in gold restitution, 659

      • “Link,” views on, 205, 224

      • Membership in: Fund, 904*; Group of Ten, 11

      • Participation in snake, 802-803, 811, 812, 813

      • Proposals on: gold substitution account, 616, 639-40; SDR valuation and interest rate, 892

      • Quota in Fund, 525, 537n, 538, 540*

      • Reserve currencies, views on, 179, 217

      • Signatory of voluntary declaration on trade, 349

      • SDRs: allocations, 885*; holdings, 897

      • Stand-by arrangements with Fund, 426*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

    • BENIN

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 904*

      • Quota in Fund, 541*

      • SDR allocations, 886*

    • BENNETT, JACK F., 662, 814-15

    • BENSLIMANE, ABDEL-KADER, 254

    • BERGSTEN, C. FRED, 111

    • BERNE UNION. See UNION D’ASSUREURS DES CREDITS INTERNATIONAUX

    • BERNSTEIN, EDWARD M., 85, 87, 93, 102, 760

    • BEVERIDGE, W.A., 1027

    • BEZA, STERIE F., 1028

    • BHATIA, RATTAN J., 1025

    • “BIG FIVE.” See GROUP OF FIVE

    • Bis. See BANK FOR INTERNATIONAL SETTLEMENTS

    • BLUMENTHAL, W. MICHAEL, 554, 858, 938

      • Comments and views on: access to capital markets by developing members, 935; balance of payments adjustment and conditionality, 495; exchange rates, 818; international debt, 928; international monetary cooperation, 853-54; supplementary financing facility, 556; transmittal of information to commercial banks, 938; U.S. economic situation and policies, 855-56, 861

    • BOARD OF GOVERNORS

      • Annual Meetings: new significance of, 980-82; not required under Second Amendment, 971-72; role in, 142

      • By-Laws of. See BY-LAWS, FUND

      • Committees: as new elements in Fund policymaking, 963, 966-67, 980; efforts to establish before 1972, 145-48; see also COMMITTEE OF TWENTY; DEVELOPMENT COMMITTEE; and INTERIM COMMITTEE; on interpretation, 145-47; not established, 147, 774; to study reserve creation (1966), 145

      • Policymaking process, role in, 963, 964-66

      • “Political” organ of Fund, 142

      • Powers of, 693, 721, 966

      • Resolutions: as decision-making tool, 966, on Committee of Twenty establishment and termination, 155, 303; on Development Committee’s work, 974, 975; on Interim and Development Committees’ establishment, 303; on quotas, 526-27, 535, 708; on reform of monetary system, 242; on SDR as Fund’s unit of account, 31; on Second Amendment, 768

      • Voting, 692

    • BOH, HIDEO, 818

    • BOHMAN, GÖSTA, 635, 855

    • BOLIVIA

      • Acceptance of Second Amendment, 769

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under buffer stock facility, 427; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 904*

      • Par value and currency unit change, 57

      • Quota in Fund, 527, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 426*

      • Trust Fund: eligibility, 671n; loan from, 673*

    • BORNEMANN, EDWIN L., 1025

    • BORROWING BY FUND (BILATERAL)

      • Amounts, 584*, 593

      • As major intermediary, 545, 547

      • Claims under, 584*, 585*

      • From individual members, 325, 326, 330, 345, 346*, 556n, 557n

      • From Swiss National Bank, 457, 476, 592-93

      • Increased, 661

      • Interest rates on, 546, 550, 553; and transfer charges, media of payment, 592n

      • Relative to quota increases, 517, 530

      • Significance of in Fund’s liquidity, 582-83

      • See also GENERAL ARRANGEMENTS TO BORROW; OIL FACILITY; and SUPPLEMENTARY FINANCING FACILITY

    • BOTSWANA

      • Currency floating, 55

      • Drawings (purchases) from Fund (net), 886*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 904*

      • Par value change, 56

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Signatory of voluntary declaration on trade, 349

    • BOULIN, ROBERT, 496, 818, 928

    • BOUMEDIENE, HOUARI, 325

    • BOURAOUI, RACHID, 243, 980

    • BRAND, LINDSAY B.

      • Comments and views on: Canadian float, 41; exchange rates, 78; gold, 136; guidelines for floating rates, 299; “link,” 204, 366; repurchase provisions, 698; trade matters, 221, 705

      • Service, 998

    • BRANDT COMMISSION, 358

    • BRANTLEY, D.E., 1027

    • BRAUN, ANNE ROMANIS, 1030

    • BRAZIL

      • Capital inflows, 43

      • Consultations: Art. IV, 917; special, 279

      • Cruzeiro: use in Fund transactions, 578, 580*

      • Debt, external, 925, 928

      • Exchange arrangements, 805*, 806

      • Gold sales, profits received from, 679*

      • Intermediary in gold restitution, 659

      • Membership in Fund, 904*

      • Quota in Fund, 539, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 426*, 431

      • Subsidy Account contribution, 354*

      • Use of Fund resources, 318

    • BRETTON WOODS AGREEMENT

      • Compared with Jamaica agreement, 761-62

    • BRETTON WOODS CONFERENCE

      • Circumstances of, 86, 267-68; contrasted with Committee of Twenty, 265-66, 270

      • Objectives of, 106; U.K. negotiators, 86; U.S. negotiators, 86-88

    • BRETTON WOODS SYSTEM

      • Collapse of: capital movements as factor in, 192, 930; causes of, 111

      • Defined, 83n

      • Elements of, 83n, 1033

      • Gold-exchange standard, 96

      • Problems of: dealt with in report on reform, 137; par value change for U.S. dollar, 131

      • Role in postwar economic expansion, 90-94; criticized, 90-91

      • Role of gold in, 607

      • See also PAR VALUE SYSTEM

    • BROFOSS, ERIK, 205, 797

    • BROWN, G. ARTHUR, 234, 251

    • BROWNE, G.W.G., 178, 219

    • BRUCE, VICTOR E., 253

    • BRYCE, ROBERT, 612

      • Comments and views on: Canadian float, 40-41; consolidation, 132; extended Fund facility, 366; Fund’s jurisdiction in trade matters, 705; guidelines for floating rates, 299, 300; “link,” 205; quotas, 520, 522

    • BUDGET OF FUND, 1014-15

      • Defined, 581, 599

      • Developments in, 599-603*; deficit, 599-601

      • Income from charges, 562-63, 564, 599-601

    • BUESO, GUILLERMO, 248, 366-67

    • BUFFER STOCK FINANCING FACILITY

      • Changes in, calls for, 417-19

      • Direct lending to international organizations proposed, 417, 418, 419-20

      • Established, 200

      • Extension of for developing members, 209

      • Floating alongside reserve tranche: agreed, 420, 776; proposed, 418, 419, 420

      • Joint ceiling with compensatory financing facility, 406, 407, 409, 410, 420

      • Loans to International Cocoa Council discussed, 417

      • Sugar, 420-21

      • Tin: contributions to International Tin Agreement, 420

      • Use: drawings (purchases) under International Sugar Agreement, 421; for contributions under International Tin Agreement, 417; total (1972-78), 425*

      • Views of: developing members, 223; Group of Twenty-Four, 401; Interim and Development Committees, 401-402

    • BULL, PETER J., 53, 300, 612, 616, 698, 722 Service, 998

    • BURMA

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; under compensatory financing facility, 400, 412*; repurchases, 571*

      • Exchange arrangements, 804*, 805*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 904*

      • Quota in Fund, 526, 532, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 426*

      • Trust Fund: eligibility, 670n; loan from, 673*

    • BURNS, ARTHUR F., 937

      • Comments and views on: floating rates, 77, 191; “link,” 230; role of gold and par values in reformed system, 134; termination of 1968 gold agreement, 609; transmittal of information to commercial banks, 937; U.K. stand-by arrangement, 469, 471; U.S. economic policy, 17

    • BURUNDI

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 886*; under oil facility, 347*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 904*

      • Par value changes, 56

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 362, 426*

    • BY-LAWS, FUND, 873, 948

      • Amendments, 774; need for, 773

      • Nature of, 773-74

    C

    • cach. See CENTRAL AMERICAN CLEARING HOUSE

    • CALDERA, NESTOR, 677

    • CALLAGHAN, JAMES, 464, 469, 472, 796

    • CAMEROON

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 886*; under compensatory financing facility, under oil facility, 347*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 904*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Subsidy Account payments received, 355*

    • CANADA

      • Art. VIII, acceptance of obligations of, 912n

      • Balance of payments deficit, 390

      • Borrowing by Fund for: oil facility, 326, 330, 346*; supplementary financing facility, 557n

      • Classification by Fund, 42n, 789

      • Conditionality versus automaticity, views on, 482

      • Consultations: Art. VIII, 41; special, 53, 278, 279

      • Credits to United Kingdom, 467

      • Dollar: floating, 28, 40–41, 276; rates for vis-à-vis U.S. dollar, 809, 811, 865; use in Fund transactions, 28, 32, 33-34, 576, 580*, 581; use in SDR currency basket, 293*, 892, 893*

      • Exchange arrangements, 805*, 808; fixed and floating rates, views on, 190, 300, 701; policies discussed by Executive Directors, 838; policies discussed by Executive Directors, 838; see also Par value, below

      • Gold: producer of, 649; sales and valuation of, views on, 220

      • Gross national product, 24-25, 389, 391

      • Import restrictions, 941; Fund study, 941

      • Intermediary in gold restitution, 659

      • Intervention, views on, 815

      • Membership in: Fund, 904*; Group of Ten, 11

      • Participation in summit meetings, 940, 978

      • Par value: urged by Fund, 40; views on, 40-41

      • Price increases, 310-11

      • Proposal for asset settlement, 249

      • Quota in Fund, 513, 525, 527, 538, 540*; views on, 522

      • SDR allocations, 885*; views on, 877

      • Signatory of voluntary declaration on trade, 349

      • Subsidy Account contribution, 354*

      • Trade negotiations, 960

      • Trust Fund, exclusion from, 675

      • Unemployment and inflation, 12

    • CAPE

      • VERDE Membership in Fund, 352, 536*, 904*

      • Quota in Fund, 536*, 541*

    • CAPITAL MARKETS

      • Access to by developing members, 209; Development Committee work on, 933-34; Fund study on, 932, 935; papers by cec, 251; related to reserve adequacy, 875, 878, related to reserve adequacy, 875, 878, 880, 883; subject of Fund consultations, 934

      • As major source of subject reserves, 875

      • Borrowing in by Fund suggested, 335

      • Fund studies and reports on, 932-33

      • See also EUROCURRENCY MARKETS

    • CAPITAL MOVEMENTS

      • As factor: in collapse of par value system, 192, 930; in need for Fund’s resources, 92; need for Fund’s resources, 92; 125, 192

      • Capital financing facility in Fund discussed in report on reform, 139

      • Increases in related to reserve adequacy, 876

      • Inflows to developing members, 42, 43

      • Lack of reflows to U.S., 17; reasons for, 19-20

      • Leads and lags defined, 61n

      • Liberalization suggested, 934

      • Measures to control: Australia, 57; Germany, Fed. Rep., 17-18, 24, 66; Italy, 61, 64; Japan, 854; U.K., 50; U.S., 24, 25, 66-67, 109; discussed by Executive Directors, 136, 137; examined in individual countries, 214-215; in guidelines for floating rates, 298, 299; in Outline of Reform, 257, 258-59; in report on reform, 139; in staff sketch, 129, 192-93; opposed, 167; postwar liberalization of, 92, 99; surveillance of discussed, 209; under Fund’s rules, 933

      • Mobility of as factor in balance of payments adjustment, 104, 106

      • Outflows: from Italy, 70, 74; from U.K., 48, 49-50; to and from U.S., 14, 17-18, 25; to Switzerland, 64

      • Relation to exchange rate instability, 824-25, 930

      • Speculative flows, 18-19, 65-66, 71, 192; from Eurocurrency markets, 830; into Germany, Fed. Rep., 812

      • See also COMMITTEE OF TWENTY-DELIBERATIONS and individual countries

    • CARANICAS, COSTA P.

      • Service, 997

    • CARLI, GUIDO, 228, 401, 441, 608

    • CARIBBEAN DEVELOPMENT BANK (cdb), 962

    • CARTAGENA AGREEMENT. See ANDEAN SUB-REGIONAL INTEGRATION AGREEMENT

    • CARTER, JIMMY, 495, 548, 796, 818, 1007

      • Comments and views on: dollar decline, 858, 859, 862; energy program, 819, 856; protectionism, 940; supplementary financing facility, 554; U.S. economic policy (1977), 819, 856, 862

    • CASTANEDA, LUIS BARUA, 980

    • CASTILLO, VICTOR, 404

    • cdb. See CARIBBEAN DEVELOPMENT BANK

    • CENTER FOR LATIN AMERICAN MONETARY STUDIES (cemla), 962

    • CENTRAL AFRICAN CUSTOMS AND ECONOMIC UNION, 921

    • CENTRAL AFRICAN REPUBLIC

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 886*; under compensatory financing facility, 410, 412*; under oil facility, 347*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 904*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Subsidy Account payments received, 355*

    • CENTRAL AMERICAN CLEARING HOUSE (cach), 245

    • CENTRAL AMERICAN COMMON MARKET Participants in, 245

    • CENTRAL AMERICAN MONETARY COUNCIL, 962

    • CENTRAL BANKING EXPERTS OF THE AMERICAN CONTINENT, 962

    • CENTRAL BANKING, TECHNICAL ASSISTANCE IN. See TECHNICAL ASSISTANCE

    • CENTRAL BANKS

      • Currency swap arrangements among, 107, 467, 820, 853, 862

      • Eligibility of to bid in Fund gold auctions, 650, 651, 656

      • Establishment of in developing members, 918

      • Fund technical assistance to, 918, 919, 920, 921

      • Loans to U.K., 467, 475

      • See also EXCHANGE MARKETS: Intervention and GOLD TRANSACTIONS OF CENTRAL BANKS

    • CENTRALLY PLANNED ECONOMIES

      • Fund members with increased, 908

    • CENTRAL RATES

      • As factor in creation of snake, 280

      • Temporary regime: established, 29, 279; revised, 280-81

      • Use of, 39-40, 58, 64, 72, 280, 812; in Fund’s computations, 29; proposed in Second Amendment draft, 738, 740

      • Views on: of France, 132, 280-81; of Italy, 39, 40

      • Wider margins, 280

    • cepcies. See PERMANENT EXECUTIVE COMMITTEE OF THE INTER-AMERICAN ECONOMIC AND SOCIAL COUNCIL

    • CHAD

      • Acceptance of Second Amendment, 769

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 886*; under compensatory financing facility, 412*; under oil facility, 347*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 905*

      • Quota in Fund, 541*

      • SDR allocations, 886*

    • CHARGES ON USE OF FUND’S RESOURCES

      • As factor in establishing Subsidy Account, 351, 352, 353-54

      • Calculation of currency holdings, 563-64

      • Concessionality of, 566

      • Conditionality related to low rates of, 327

      • Developments: before 1974, 559-60; increased (1974), 560-61; (1977), 561-62

      • For: extended arrangements, 369, 562, 565, 565*; oil facilities, 295-96, 327-28, 329*, 344-45, 345*, 561, 562, 564; payments for gold, 659; reserve (gold) tranche drawings, 589; stand-by arrangements, 564-65, 565*; supplementary financing, 546, 548, 552, 553*, 553-54, 565; Trust Fund loans discussed, 669

      • Income from, 562-63, 564, 599-601, 603*

      • Linked to remuneration, 560, 561, 562-63, 564, 566, 600

      • Media of payment of: gold, 560; SDRs, 778

      • Need for uniformity of, 296, 327-28; views of developing members, 327, 560; industrial members, 327, 328, 560

      • Penalty rates, 560

      • Related to: Fund borrowing for oil facility, 317, 326-28; Fund’s budgetary position, 295, 327, 560, 561, 562-63, 564, 566, 600, 601, 602; market interest rates, 560, 561, 566

      • Schedules: changes in, 295-96, 296*, 560; new, 561, 562, 562*, 565, 565*, 566; original, 559

      • Second Amendment. See ARTICLES …SECOND AMENDMENT—DRAFT AMENDMENTS: General Account and … FINAL PROVISIONS

      • Service charges, 559, 561, 562, 562*, 565*; on reserve (gold) tranche drawings, 559, 561, 563; eliminated, 561, 600

    • CHAVAN, Y.B., 190, 228, 254

    • CHILE

      • Art. VIII, acceptance of obligations under, 912

      • Debt, external, 925, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under compensatory financing facility, 400, 411, 413*; under oil facility, 331, 347*; repurchases, 568, 572*, 612

      • Exchange arrangements, 805*, 806

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Quota in Fund, 539, 542*; views on, 525

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 426*

    • CHINA

      • Arrangements for gold restitution, 659

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; repurchases, 571*

      • Exchange arrangements, 804*

      • Executive Board representation, 767n, 999

      • Fund study on protectionism discussed with, 942

      • Membership in Fund, 905*

      • Par value change, 35, 36*

      • Quota in Fund, 513, 521, 523, 527, 534, 538n, 542*

      • Representation in Fund, 35n

      • Trust Fund, exclusion from, 675

    • CHOI SIEW HONG, 245

    • CHONG HON NY AN, 404, 418

    • CHRETIEN, JEAN, 856, 859

    • CLAPPIER, BERNARD, 654, 746, 817, 829

    • CLARK, KENNETH N., 1021

    • COLLEY, GEORGE, 859, 940

    • COLOMBIA

      • Capital inflows, 43

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 318, 437*, (net), 887*; repurchases, 318, 572*, 612

      • Exchange arrangements, 805*, 806

      • Fund study on protectionism discussed, 942

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Participant in gold auctions, 657

      • Peso: use in Fund transactions, 577, 578, 580*

      • Quota in Fund, 526, 542*; views on, 525

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 427*

    • COLOMBO, EMILIO, 335, 404, 446, 448, 449

    • comecon. See COUNCIL FOR MUTUAL ECONOMIC ASSISTANCE

    • COMMISSION ON INTERNATIONAL TRADE LAW, 957

    • COMMERCIAL BANKS. See BANKS, COMMERCIAL

    • cmea/comecon. See COUNCIL FOR MUTUAL ECONOMIC ASSISTANCE

    • COMMITTEE OF TWENTY—CREATION AND ORGANIZATION

      • Aims, disagreement about, 164-65

      • As policymaking body of Fund, 271

      • Board of Governors’ resolution on, 155

      • Bureau: composition, 160; first Outline drafted by, 239-10, 253; Fund’s relations with, 161; role as negotiators, 231, 269; views on U.S. and European positions, 231; working methods, 160-61; see also COMMITTEE OF TWENTY-DELIBERATIONS

      • Composition: agreed, 155-56; chairman, 156, 158; changed, 254-55; deputies, 157, 158; chairman of, 158-59; Executive Directors’ participation in, 153, 154, 156, 158, 196, 243; Fund staff’s role in, 154, 156-57, 158, 161, 269; Managing Director’s role in, 154, 157, 243; ministers, 157-58; modeled on Executive Board, 153, 154, 155; observers, 158, 220, 954; views on, of Fund, 151, 152; of U.S., 152

      • Debates leading to, 148-53

      • Evolution of, 141

      • Formal name, 141, 156

      • Reasons for, 142-48, 263

      • Technical Groups established. See COMMITTEE OF TWENTY—TECHNICAL GROUPS

      • Terms of reference, 156, 163-64

      • Voting in, 157

      • Working methods, 164, 211; annotated agendas, 165-66, 176

    • COMMITTEE OF TWENTY—COMMUNIQUES AND MEETINGS, 163-64, 196, 210, 242-43, 255n

      • Communiqués, 302, 314, 686-87, 890

      • Meetings: deputies, 158-60, 165, 170, 172-75, 176, 188, 190, 193, 194, 199, 206, 211-12, 216-17, 219-20, 221-22, 224, 231, 234-38, 241, 242, 253, 314; ministers, 157-58, 188, 189, 190, 191, 193, 226n, 227-30, 240-41, 242, 254, 255, 290

    • COMMITTEE OF TWENTY—DELIBERATIONS

      • Areas of: agreement, 178, 222-23; agreement suggested, 241; disagreement, 179-80, 237, 238; see also COMMITTEE OF TWENTY-OUTCOME AND RESULTS

      • Asset settlement, convertibility, and consolidation, 180-84, 216-17, 225, 226, 227-28; model of Bureau on, 232-33, 234-35, 237-38

      • Balance of payments adjustment, 165-69; model of Bureau on, 232, 234-35, 237-38, 244-245; see also Indicators and Pressures, below

      • Capital movements and controls, 165-66, 192, 214, 215

      • Compensatory financing and buffer stock financing, liberalization of, 417

      • Developing members, special interests of, 165, 199; access to capital markets, 209; Fund quotas, 209; “link,” 206-209; trade, 200, 209

      • Exchange rates: fixed versus flexible, 165, 169-73

      • Gold, 177, 218-20, 227, 229, 249-50, 607, 612, 613-14

      • Impact of: floating rates on, 78, 187-88, 214, 238-39, 240-41, 242; oil price increases on, 242

      • Indicators, 168-69, 173-74, 174-76, 211-14, 226, 227-28

      • “Link,” 179, 206-209, 227, 229-30

      • Objectives discussed, 241

      • Oil facility proposal endorsed, 317

      • Opposing views of U.S. and France in, 231

      • Par values: doubts about, 190-91; insisted on, 188-90;

      • Pressures, 168, 174, 176, 224-25, 228

      • Reserve assets, 176-80

      • Role of Fund in reformed system, 196

      • SDRs, 176-79, 217-18, 222-23, 227, 228-29, 291

      • Structure of Fund: changes in discussed, 303, 304; U.S. proposal on, 691-92

      • Substitution account. See Asset settlement, convertibility, and consolidation, above

      • Trade restrictions, 166, 220, 221-22, 226

      • World economic outlook, 790, 794

      • See also COMMITTEE OF TWENTY-TECHNICAL GROUPS

    • COMMITTEE OF TWENTY—OUTCOME AND RESULTS

      • Assessment of, 252, 270-71; success doubted, 191

      • Basis for Interim Committee, 303, 967-68

      • Compared with Bretton Woods Conference, 265-66, 270

      • Effort to reform system abandoned, 242-43, 291; “evolving” system, 243

      • Factors in failure of, 263-69, 270

      • Final report and Outline transmitted to Board of Governors, 239-40, 255-56; see also OUTLINE OF REFORM

      • First Outline of Reform: contents, 239-40; transmitted to Board of Governors, 241

      • Termination of, 303, 388

      • Transition to work of Executive Board, 262-63, 271

    • COMMITTEE OF TWENTY—TECHNICAL GROUPS

      • Agenda for desired by developing members, 250

      • Development Committee proposed by, 252

      • Established, 161, 194, 241-42

      • On adjustment, 241, 247

      • On disequilibrating capital flows, 194, 214-15

      • On global liquidity and consolidation, 242, 247-48, 249-50, 260

      • On indicators, 176, 194, 211-13, 235, 247

      • On intervention and settlement, 241-42, 244, 245-47

      • On SDR/aid link and related proposals, 209-210, 223-24

      • On transfer of real resources, 242, 250-52, 261, 972

      • Reports, 244-52

      • Results of work of, 252

    • COMMODITIES

      • Discussed by: ciec, 399, 414; Development Committee, 404, 415, 416; Group of Twenty-Four, 401, 402, 414; Unctad, 399, 402, 403, 414, 417, 957

      • Joint Fund-Bank study on, 415

      • Lomé Convention, 402-403

      • Prices: concern about, 399, 401-403, 409, 414; increased, 42, 411; upsurge in, 289, 307, 311, 400

      • Proposal for common fund on, 414, 957

      • Relation to Fund’s facilities, 401; see also BUFFER STOCK FINANCING FACILITY and COMPENSATORY FINANCING FACILITY

      • stabex scheme of ec, 403

    • COMMONWEALTH FINANCE MINISTERS’ MEETINGS, 977

    • COMOROS

      • Drawings (purchases) and repurchases from Fund, 434*, 570*

      • Exchange arrangements, 804*

      • Membership in Fund, 536*, 905*

      • Quota in Fund, 536*, 541*

    • COMPENSATORY FINANCING FACILITY

      • Access to by developing members: easing of, 209; limited, 407, 408; views on, 223

      • Calculation of export shortfalls, 406-407, 408, 409-10, 414, 415-16

      • Decision on: new, 409-10; reviewed, 411, 416

      • Established, 200

      • Extension to: export earnings in real terms, 401, 408; invisible earnings suggested, 404, 408, 414, 415, 416n

      • Floating alongside tranches, 406, 417n, 418, 419

      • Liberalization of: called for before 1975, 399-400, 414, 415-16; called for by Group of Twenty-Four, 401, 414; called for by Interim and Development Committees, 401-402; discussed in Executive Board and Board of Governors, 403-404, 407-409; proposals on, by U.S., 404-405, 407; by Unctad, 400

      • Joint ceiling with buffer stock financing facility, 406, 407, 409, 410, 420

      • Limits on purchases, 406, 407, 416; abolished, 416n; increased, 409

      • Operation of prior to 1975, 405-407; terms of, 406-407

      • Relation to concern with commodity prices, 401-402, 413

      • Relation to proposal for liberalization of with Trust Fund establishment, 405, 408, 668, 669-70

      • Use: as ratio of total Fund credit, 585*; drawings (purchases), 383, 400, 410, 411, 545, 584*; total (1972-78), 412*, 425*; reclassification of, 425*; repurchase provisions, 407, 410, 414

    • CONDITIONALLY

      • As factor in reduced use of Fund resources alleged, 382, 383, 501, 504, 507

      • Automaticity: for gold tranche drawings instituted, 483; versus conditionality, 482, 483, 485

      • Criticized, 441, 489-93; as compromising economic growth, 493; as having political effects, 491; as monetarist, 491-92; as “too strict” and “unduly severe,” 491; by developing members, 489, 490, 491, 492, 493; by World Bank, 492, 955; Fund staff’s style of operation, 493

      • Defended, 494, 495-96, 498-500; by Managing Director, 496-98

      • Incorporated into: Articles of Agreement, 482, 485; stand-by arrangements as performance criteria, 483-85, 486

      • Multiplier effects of, 493-94

      • New guidelines established for, 506-507

      • Origin and evolution, 482-85

      • Positions of: Executive Directors from developing members on, 446, 485-86, 501-503, 507; developing members on, 457, 490-91, 493; industrial and more developed primary producing members on, 482, 503-506

      • Provisions for under: compensatory financing facility, 406, 408; extended arrangements, 362-65, 369; first credit tranche, 528, 529; oil facility, 320, 322, 343-44, 349; stand-by arrangements, 446 supplementary financing facility, 546; Trust Fund discussed, 669

      • Related to adequacy of Fund quotas, 530, 531

      • Review of: called for, 490-91; (1978), 500-506

      • Uniformity of treatment questioned, 493, 501, 502; uniformity becomes “nondiscriminatory,” 506

      • See also STABILIZATION PROGRAMS and STAND-BY ARRANGEMENTS

    • CONFERENCE ON INTERNATIONAL ECONOMIC COOPERATION (ciec), 746, 954

      • Commodities, views on, 399, 414

      • Fund relations with, 1013-14; on capital markets, 935; on debt problems, 927

      • Representation at, 414n

    • CONGO, PEOPLE’S REPUBLIC OF THE

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 886*; under compensatory financing facility, 412*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 905*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 427*

    • CONNALLY, JOHN B., 24

      • Comments and views on: Group of Ten, 149; new par value for U.S. dollar, 19, 34, 35; reappointment of Mr. Schweitzer, 1003

    • CONSOLIDATION ARRANGEMENTS

      • Committee of Twenty: model of Bureau on, 234; opposing views of in, 217

      • Defined, 126, 181

      • Proposals for: by Germany, Fed. Rep., 182-83; by Italy, 183-84; by U.K., 183; by U.S., 182; in staff sketch, 126-27, 131, 132, 133

      • See also COMMITTEE OF TWENTY—DELIBERATIONS; … TECHNICAL GROUPS; and SUBSTITUTION ACCOUNT

    • CONSULTATIONS

      • Adaptation of: process, 912-13; topics covered, 914

      • Committee of Twenty discussions on, 194

      • Developing countries’ access to capital markets included in, 914, 915, 916

      • Examples of: Bangladesh, 917; Brazil, 917; Germany, Fed. Rep., 916; Japan, 915; Korea, 916; U.S., 915

      • In connection with oil facility, 322

      • Reports made available to ec and oecd, 961

      • Special: for countries with floating rates, 51, 52, 53, 276-78, 301, 302; inaugurated on external policies, 278-79 introduced for world economic outlook exercise, 278, 279, 791, 797, 848, 912-13; suggested for balance of payments adjustment, 213-14, 257; supplementary not substitute for regular, under Art. IV discussed, 857

      • Staff time involved in, 903

      • Under Art. IV, 841, 845-46, 848, 849-50; begun, 912, 913-14; changes in coverage, 914; conduct of Managing Director in intervals between, 848-49; number of, 912

      • Under Art. VIII, 13-15, 15-16, 46, 276, 841, 849-50, 912

      • Under Art. XIV: 276, 279, 841, 849-50, 912; procedures for similar to gold auction procedures, 653-54

      • Usefulness of, 913

      • With developing members, 914, 916-17; with ec as a group suggested, 80; with industrial members, 915-16; see also individual countries

    • CONVERTIBILITY

      • Committee of Twenty discussions, 226-27, 22728; views of: European countries, 180, 183-84; U.S., 180-81

      • Dealt with in Outline of Reform, 257, 259

      • Definitions: “on demand,” 128, 181; “primary asset holding limits,” 168, 259

      • Fund staff study on, 185-86

      • Mandatory or voluntary debated, 180, 181, 184, 246-47

      • Model of Bureau of Committee of Twenty, 232-34, 235-36, 237; opposing views on: of European officials, 233, 234-35, 238; of U.S. officials, 233, 234, 235, 238-39; views of: developing members, 236; Mr. Morse, 237

      • Of U.S. dollar: calls for by ec, 20, 38, 124; debated, 39-40; U.S. views, 38-39, 112; significance of, 111; suspension of, 83; suspension of related to collapse of par value system, 83-84, 111-12

      • Proposals for by: Germany, Fed. Rep., 182-83; Italy, 183-84; U.K., 183; U.S., 4, 168, 182; compared, 184-85

      • See also ASSET SETTLEMENT

    • COOPER, RICHARD N., 760

    • COORE, DAVID H., 43, 254

    • COSTA RICA

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under oil facility, 331, 347*; repurchases, 572*

      • Gold sales, profits received from, 679*

      • Par value change, 37

      • Quota in Fund, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 427*

    • COUNCIL, FUND

      • As successor to Interim Committee, 303-304

      • Considered by Committee of Twenty, 157

      • Developing members’ views on, 243

      • Establishment of proposed in connection with surveillance, 857

      • In Outline of Reform, 261

      • Modeled on Committee of Twenty, 141-42, 145

      • Opposition to, reasons for, 971-72

      • See also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS and … FINAL PROVISIONS

    • COUNCIL FOR MUTUAL ECONOMIC ASSISTANCE (cmea/comecon), 908, 999

    • CRAWFORD, MALCOLM, 470

    • CREAN, F.D., 229

    • CREDIT CONTROLS. See DOMESTIC CREDIT EXPANSION and STABILIZATION PROGRAMS

    • CREDIT TRANCHES

      • Application in connection with: oil facility, 464; supplementary financing facility, 546, 548, 551-52

      • Policy on established in 1952, 483

      • Temporary enlargement of, 527-29, 530, 795

      • See also RESOURCES OF FUND—USE and STABILIZATION PROGRAMS

    • CROMER, LORD, 470

    • CROSS, SAM Y., 910, 937

      • Comments and views on: Art. IV, 737, 738, 748, 749, 754, 755; commodities, 419; compensatory financing, 408; conditionality, 504; floating rates and surveillance, 300, 302, 703; Fund’s jurisdiction in trade matters, 705; gold auctions, 650; gold, role of, 615, 640-41; indicators, 212; membership of small states, 910; oil facility, 340-41; quotas, 518-19, 528, 530, 533, 534; repurchase provisions, 698; SDR allocations, 878; SDR reconstitution, 722; stand-by arrangements, 504; supplementary financing facility, 547; transmittal of information to commercial banks, 937; Trust Fund proposal, 66263, 669; eligibility for, 675, 677; U.S. economic measures (1978), 864-65; U.S. policy on intervention, 815, 838

      • Service, 997

    • CUBA

      • Stand-by arrangements with Fund, 427*

    • CURRENCIES. See CURRENCY HOLDINGS OF FUND; SELECTION OF CURRENCIES IN FUND TRANSACTIONS; RESOURCES OF FUND—USE; RESERVE CURRENCIES; and individual countries

    • CURRENCY BUDGET, FUND. See SELECTION OF CURRENCIES IN FUND TRANSACTIONS

    • CURRENCY CONVERTIBLE IN FACT

      • Defined, 589n, 706

      • Interconvertibility abolished, 764

      • Related to equal value principle, 281

    • CURRENCY HOLDINGS OF FUND

      • Arrangements for use in Fund transactions in sixth quota review, 527, 577

      • Magnitudes, 578, 579, 582, 584, 584*

      • Opposition to use of for oil facility, 319-20

      • Rates used in Fund computations, 37, 777-78

      • Replenishment of by sales of gold, 647, 663; see also GOLD AUCTIONS

      • Significance of in Fund’s liquidity, 582

      • U.S. dollars, 578, 580, 583, 584*

      • Value of, 69, 287, 292; maintenance of, 777-78; temporary arrangements for, 28-29

      • See also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: General Account and REMUNERATION ON NET CREDITOR POSITIONS

    • CURRENCY SWAP ARRANGEMENTS. See CENTRAL BANKS

    • CYPRUS

      • Drawings (purchases) and repurchases from Fund: purchases, 438*, (net), 888*; under compensatory financing facility, 413*; under oil facility, 347*; repurchases, 573*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Participant in gold auctions, 657

      • Pound: use in Fund transactions, 576

      • Quota in Fund, 543*

      • SDR allocations, 888*

    • CZECHOSLOVAKIA

      • Membership in Fund, withdrawal from, 93, 908n

    D

    • DAANE, J. DEWEY, 166, 168

    • DAHOMEY. See BENIN

    • DALE, WILLIAM B., 150, 221

      • Comments and views on: Canadian float, 41; consultations on floating rates, 75; convertibility of U.S. dollar, 39; features of reformed system, 133, 135, 136; Japanese surplus, 74; “link” 203, 204; new par value for U.S. dollar, 34-35, 67-68; U.K. repurchase arrangements (1972), 33; U.S. monetary policy, 15

      • Role in report on reform, 1010

      • See also DEPUTY MANAGING DIRECTOR

    • DANNEMANN, WERNER, 1025

    • DEBT, EXTERNAL, OF DEVELOPING MEMBERS

      • Debt servicing, 923

      • Fund involvement in: increased, 926-27, 929; reviewed, 924; through stabilization programs, 487-88, 924, 936; through stand-by arrangements, 926; with World Bank, 925, 926

      • Increase in: 357; considered in proposal for extended arrangements, 367

      • Meetings on, 927

      • Provisions on in stabilization programs, 487-88, 924, 936

      • Renegotiation of: Fund’s role in, 924, 925; Fund’s studies on, 925-26; Fund’s studies on made available to other agencies, 926; Paris Club procedures, 924-25

      • Size and nature: concern about, 928; expressed by Governors, 928-29

      • See also BANKS, COMMERCIAL: Lending by

    • DE CLERCQ, WILLY, 76, 79, 254

      • Comments and views on: fixed exchange rates, 189; floating rates and surveillance, 701, 736, 817; gold, 624; pressures, 228

      • Service as Interim Committee chairman, 733, 755, 758, 970-71

    • DE GAULLE, CHARLES, 109, 114, 171, 238, 618

    • DE GROOTE, JACQUES

      • Comments and views on: extended Fund facility, 368; floating rates, 300, 703; Italian stand-by arrangement, 457; oil facility, 320, 324; quotas, 522; remuneration, 595; SDR valuation and interest rate, 892; transmittal of information to commercial banks, 937; U.K. stand-by arrangements and Fund’s role in (1977), 474

      • Proposal for gold substitution account, 616, 639-40

      • Service, 997

    • DEGUEN, DANIEL, 170, 172

    • DEIF, NAZIH, 323, 419, 616, 665

      • Service, 998

    • DE LAROSIERE, JACQUES, 254, 978

      • Comments and views on: “link,” 208, 209; par values, 742

      • Role in Art. IV negotiations with U.S., 743-50

      • See also MANAGING DIRECTOR

    • DE LATTRE, ANDRE, 253

    • DELFIM NETTO, ANTONIO, 190, 228, 250, 254

    • DEMAND MANAGEMENT. See MACRO-ECONOMIC POLICIES

    • DE MARGERIE, GERARD, 320, 615, 703, 705

    • DE MEL, RONNIE, 493

    • DEMING, FREDERICK L., 147

    • DENMARK

      • Art. VIII, acceptance of obligations of, 912n

      • Classification by Fund, 42n, 789

      • Drawings (purchases) and repurchases from Fund: purchases, 423, 433*, (net), 885*; repurchases, 569*

      • Exchange arrangements, 805*, 806; views on, 816

      • Krone: central rate, 58, 812; floating jointly with ec, 79; see also Participation in snake, below; use in Fund transactions, 580*; use in SDR currency basket, 293*, 892

      • Membership: in ec, 76; in Fund, 905*

      • Participation in snake, 802-803, 811, 812, 813

      • Quota in Fund, 525, 527, 537n, 538, 540*

      • SDR allocations, 885*

      • Signatory of voluntary declaration on trade, 349

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

    • DEPUTY MANAGING DIRECTOR

      • Role of, 903, 986-87, 1009

      • Relations with Executive Board, 986

    • DEPUTY MANAGING DIRECTOR (William B. Dale), 748, 1006

      • Appointment and resumé of Fund service, 319, 997, 1009-1010

      • Comments, views, explanations: procedure on surveillance decision, 847; size of staff, 1010-11

      • Meetings, speaking engagements, and visits, 631, 635, 838, 953, 957; for oil facility borrowing, 326

    • DEPUTY MANAGING DIRECTOR (Frank A. Southard, Jr.), 32, 67, 77

      • Comments, views, explanations: convertibility of U.S. dollar, 38; international monetary system, 18; special consultation, 277; U.K. repurchase (1972), 34

      • Meetings and speaking engagements, 956

      • Resume of Fund service and retirement of, 997, 1008, 1009, 1010

    • DESHMUKH, S.D., 677

    • DE TOLEDO, EDUARDO O., 676, 677

    • DEVELOPING MEMBERS

      • Access to capital markets, 209; Development Committee work on, 933-34; Fund study on, 932, 935; papers on by Commission of European Communities, 251; subject of Fund consultations, 934

      • Balance of payments positions, 41-43, 174, 308-309

      • Capital inflows, 42, 43

      • Classification of: by Fund, 42n; for distribution of profits from gold sales, 674; for Trust Fund loans, 670

      • Council, views on, 971-72

      • Coverage of in world economic outlook exercise, 787, 788

      • Credit extended to, Fund study on, 931

      • Disappointment at lack of reform efforts, 243

      • Dissatisfaction with floating rates and international monetary system, 240

      • Effects of oil price increases on, 244, 313, 317-18

      • Exchange arrangements, choice of, 806-807

      • Exports, 42, 43

      • Groups. See GROUP OF TWENTY-FOUR; GROUP OF SEVENTY-SEVEN

      • Impact of recession on trade of, 289

      • New international economic order called for by, 201

      • Opposed to Outline of Reform, 253

      • Quotas in Fund, 525, 537, 537*, 538; views on, 512, 514, 517, 518

      • Representation: at Bretton Woods Conference, 199n in Committee of Twenty, views on, 151, 153

      • Reserves, 177; views on use of reserve currencies in, 180, 183, 184-85

      • Role in: Committee of Twenty outcome, 267; decision making vis-à-vis industrial members, 644; formation of Development Committee, 972-73; formation of Group of Seventy-Seven, 957; proposed reform group, 151

      • Shares in profits from sales of Fund’s gold discussed, 219, 667

      • Special concerns of in reformed system, 199-201; access to capital markets, 209; balance of payments adjustment and convertibility, 236; share in Fund quotas, 209; trade, 200, 209

      • Stand-by arrangements with Fund, 424, 426 Transfer of real resources to: called for, 201, 207, 210; see also LINK BETWEEN SDR ALLOCATIONS AND DEVELOPMENT FINANCE COMMITTEE OF TWENTY—DELIBERATIONS; COMMITTEE OF TWENTY—TECHNICAL GROUPS

      • Treatment of: in Outline of Reform, 258-59, 261, 262; in report on reform, 139-40; in Second Amendment, 754-55, 757, 761, 762; in sketch of reformed system, 129-30; inadequate, 136; special, in lieu of compensatory financing discussed, 404-405; under decision on extended arrangements, 368; under substitution account discussed, 249

      • Voting power in Fund, 713

      • See also DEBT, EXTERNAL, OF DEVELOPING MEMBERS; ECONOMIC DEVELOPMENT OF DEVELOPING COUNTRIES; NON-OIL DEVELOPING MEMBERS; OIL EXPORTING MEMBERS

    • DEVELOPMENT COMMITTEE

      • Commodities, discussion of, 404, 415, 416

      • Communiqués, announcements, and reports, 402, 934, 973, 974

      • Composition and attendance, 304

      • Developing countries’ access to capital markets suggested by, 914; working group on, 933-34

      • Establishment, 303, 304; reasons for, 972-73

      • Functioning of, 973-74; reorganization recommended, 975

      • Managing Director’s participation in, 304

      • Meetings, 404, 934, 935, 973

      • Performance of, 974; reviews and reports on, 974-75

      • Proposed by: Committee of Twenty Technical Group, 251, 252; Group of Twenty-Four, 255

      • Relation to Fund and World Bank, 973-74

      • Terms of reference, 973

      • Views on Trust Fund, 664, 666-67

    • DEVELOPMENT FINANCE. See LINK BETWEEN SDR ALLOCATIONS AND DEVELOPMENT FINANCE

    • DE VRIES, MARGARET GARRITSEN. See HISTORIAN

    • DE VRIES, TOM

      • Comments and views on: Bahamas subscription payment, 611, 612; coordination of industrial members’ monetary policies, 815-16; gold substitution account, 616; Jamaica agreement, 759; SDR reconstitution, 722; trade measures, 705; transmittal of information to commercial banks, 937

      • Service, 997

    • DIEDERICHS, NICOLAAS, 611

    • DINI, LAMBERTO, 452, 456, 1029

      • Comments and views on: conditionality, 505; exchange rate targets, 866; quotas, 533; surveillance, 841; Trust Fund eligibility, 675

    • DIRECTION OF TRADE, 949

    • DIZ, ADOLFO C, 207, 236

    • DJIBOUTI

      • Membership in Fund, 536*, 905*

      • Quota in Fund, 536*, 540*

    • DOMESTIC CREDIT EXPANSION (dce)

      • In stand-by arrangements: (Italy), 444, 448, 450, 454-55; (U.K.), 470, 471, 473, 477

      • Use in stabilization programs, reasons for, 486, 488; criticized, 491

    • DOMINICA

      • Membership in Fund, 536*, 905*

      • Quota in Fund, 536*, 542*

    • DOMINICAN REPUBLIC

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under compensatory financing facility, 413*; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Par value change, 35, 36*

      • Quota in Fund, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 427*

    • DRABBLE, BERNARD J., 999

      • Comments and views on: charges, 716; conditionality, 504-505; exchange rate fluctuations, 865; gold substitution account, 641; membership of small states, 911; quotas, 522, 530, 533; SDR reconstitution, 722; surveillance, 843; Trust Fund, 665, 675, 676

      • Service, 997

    • DRAFT MANUAL ON GOVERNMENT FINANCE STATISTICS, 919, 922

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

    • DUISENBERG, W.F., 228, 612, 632, 746

      • Comments and views on: compensatory and buffer stock financing, 401; Council, 721; floatting rates, legalization of, 701; floating rates, management of, 817, 818; SDR reconstitution, 721; transmittal of information to commercial banks, 938

    E

    • EAST AFRICAN COMMUNITY, 371

    • EAST CARIBBEAN CURRENCY AUTHORITY, 921 ec. See

    • EUROPEAN COMMUNITIES

    • ECHEVERRIA, LUIS, 377, 378

    • ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC (escap), 957

    • ECONOMIC COMMISSION FOR AFRICA (eca), 957

    • ECONOMIC COMMISSION FOR EUROPE (ece), 957 ECONOMIC COMMISSION FOR LATIN AMERICA (ecla), 200, 957

    • ECONOMIC COMMISSION FOR WESTERN ASIA (ecwa), 954, 957

    • ECONOMIC COUNSELLOR (J.J. Polak), 767, 976

      • Attendance at Group of Ten meetings, 78, 147, 157, 748

      • Resume of Fund service, 1019, 1020

      • Role in: creation of Committee of Twenty, 150, 153, 154, 161; report on reform, 140; see also REFORM OF INTERNATIONAL MONETARY SYSTEM: Fund staff sketch

      • Staff positions and explanations: gold, 614; SDR: allocations, 863; role of, 899-900

    • ECONOMIC DEVELOPMENT OF DEVELOPING COUNTRIES

      • Adversely affected by exchange rate fluctuations, 860-61

      • Basic needs approach of World Bank defined, 492

      • Newly industrializing countries, 807

      • Effects of “link” on discussed, 203

      • Factor in extended arrangements proposal, 364-65

      • Inclusion in Fund’s Articles proposed, 199-200

      • Increased debt preferred to reduced growth, 357

      • World Bank’ creation for, 200n

      • See also DEVELOPING MEMBERS

    • ECONOMIC GROWTH. See WORLD ECONOMY

    • ECONOMIC SUMMIT CONFERENCES. See SUMMIT MEETINGS

    • ECUADOR

      • Art. VIII, acceptance of obligations of, 912n

      • Classification by Fund, 888n

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; repurchases, 572*, 612

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in: Fund, 905*; opec, 306

      • Quota in Fund, 543*

      • Stand-by arrangements with Fund, 427*

      • SDR allocations, 887*

      • Sucre: use in Fund transactions, 577, 580*

      • Trust Fund eligibility, 674

    • eec. See EUROPEAN COMMUNITIES

    • ecwa. See ECONOMIC COMMISSION FOR WESTERN ASIA

    • EGYPT

      • Drawings (purchases) and repurchases from Fund: purchases, 438*, (net), 888*; under compensatory financing facility, 400, 411, 413*; under oil facility, 347*; repurchases, 573*

      • Capital inflows, 43

      • Consultations, special, 279

      • Debt, external, 928

      • Economic situation and policies, 381

      • Exchange arrangements, 804*

      • Extended arrangements with Fund, 380-81

      • Food subsidies cut, 491

      • Membership in Fund, 905*

      • Quota in Fund, 543*

      • SDR allocations, 888*

      • Stand-by arrangements with Fund, 424, 427*, 431

      • Subsidy Account payments received, 355*

      • Trust Fund: eligibility, 671n; loan from, 672, 673*

    • EISENHOWER, DWIGHT D., 102

    • EL KAISSOUNI, ABDEL MONEIM, 928

    • EL SALVADOR

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under oil facility, 347*; repurchases, 572*, 612

      • Colón: use in Fund transactions, 576

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Par value change, 35, 36*

      • Quota in Fund, 543*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 427*

      • Trust Fund eligibility, 671n

    • EL-SAYEH, HAMED, 416, 929

    • EL SELEHDAR, A.K., 1026-27

    • EMMINGER, OTMAR, 81, 144, 154, 978

      • Comments and views on: balance of payments adjustment, 172; capital controls, 215; consolidation, 225; fixed versus floating rates, 113, 191, 239; indicators, 175; initiative for floating, 81; U.K. economic policy, 469

    • EMPLOYMENT

      • Full: as goal of Keynesian economics, 86, 89; considered in creation of Bretton Woods system, 87, 97

      • See also UNEMPLOYMENT

    • EQUATORIAL GUINEA

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 886*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Quota in Fund, 541*

      • SDR allocations, 886*

    • escap. See ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC

    • ETHIOPIA

      • Birr: use in Fund transactions, 580*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 905*

      • New participant in Special Drawing Rights Department, 898

      • Quota in Fund, 541*

    • EUROCURRENCY MARKETS

      • As contributor to international liquidity, 637-38, 639

      • Fund’s increased interest in: 930-31; studies on, 932

      • Inflationary potential of, Mr. Witteveen’s concern with, 642, 643, 933

      • International regulation of discussed, 639, 931

      • Role in: capital movements discussed, 192, 215; flows of oil revenue, 314-15, 334, 342

    • EURODOLLAR MARKET, 930

    • EUROPE, WESTERN

      • Postwar economic unity in, 171-72

    • EUROPEAN COMMUNITIES (ec)

      • Access by developing members to capital markets, cec paper on, 251

      • Communiqués, 188, 867

      • Currencies of used in Fund transactions, 697

      • Exchange rate policies discussed, 850

      • Fund relations with, 954, 961, 981; on capital markets, 933; on trade policy, 941, 942; voting power of in Fund, 713

      • Gold, agreement on arrangements for, 625-26

      • Import restrictions in, 941; Fund study of, 942

      • Influence: on Fund’s policymaking, 978-79; within Group of Ten, 976

      • Joint float: discussed, 76-79; introduced, 79; reactions to by Fund, 79-80; reasons for, 113; see also EUROPEAN NARROW MARGINS ARRANGEMENTS (SNAKE)

      • Loan to Italy, 451, 454

      • Lomé Convention, 402-403

      • Meetings, 76, 77, 78, 79; joint with Group of Ten, 77, 78-79, 189, 978; ministers, 290, 531, 613, 625-26, 850

      • Membership, 46, 50-51, 76, 697, 976, 978

      • Monetary union, views on, 172; see also EUROPEAN MONETARY SYSTEM

      • Relations with U.S., 20

      • Resolution on European Monetary System adopted, 813n

      • Role in: Group of Ten, 148-49; Tokyo Round, 960 stabex scheme, 403; compared with compensatory financing facility and Lomé Convention, 413n

      • Views on: asset settlement and convertibility, 164-65, 185, 226-27, 716, 727; capital outflows (U.S.), 20;

      • commodities, 402; floating rates, 188-89; gold holdings of Fund, 625-26; gold transactions by central banks, 613, 625-26; gold, role of, 729; par value changes, 172; par value system, reasons for collapse, 112-13; quotas, 519, 520; SDR interest rate and valuation, 285-86, 718-19, 894; U.S. dollar movements, 854-55, 857

    • EUROPEAN CURRENCY UNIT

      • Valuation of, 867; compared with SDR, 891

    • EUROPEAN MONETARY COOPERATION FUND (emcf), 245

      • Establishment, 811

      • Role in European Monetary System, 867

    • EUROPEAN MONETARY SYSTEM

      • Establishment: accelerated by dollar crisis (1978), 857, 859, 866-67; resulting from snake arrangements, 813

      • Features of, 867-68

      • Fund relations with, 867-68

      • Origin of, 21-22

      • Participants in, 867

      • Possible implications for Fund’s role in exchange rates, 851

      • Resolution on, 867, 868

    • EUROPEAN NARROW MARGINS ARRANGEMENTS (SNAKE)

      • Central rates as factor in creation of, 280

      • Compatible with Second Amendment, 751-52

      • Developments in, 811-13

      • Exchange rate realignments in, 812-13

      • Experience in as factor in formation of European Monetary System, 813

      • Intervention arrangements, 23, 77, 79, 245, 812; see also EUROPEAN MONETARY COOPERATION FUND

      • Nature of, 22-23

      • Origin, 20-22

      • Participation in, 23, 242, 803, 811, 812, 813;

      • flexibility of, reason for, 813

      • Reasons for establishment, 22

      • Relationship of currencies to U.S. dollar, 809, 819

      • SDRs used in intra-European settlements, 275, 286-87, 889, 894, 897

      • “Worm” in snake, 23, 812

    • EUROPEAN POSTAL UNION (epu), 868

    • EUROPEAN RECOVERY PROGRAM, 482

    • EUROPEAN SPACE AGENCY, 921

    • EVANS, JAMES G., JR., 1026

    • EVENSEN, ROLF, 1025-26

    • EXCHANGE ARRANGEMENTS

      • Changeability of after 1973, 801-802, 807-809

      • Classification of by Fund: as of June 30, 1978, 802-803, 804*-805*; measurements used, 803-804

      • Factors influencing choice of, 806-809

      • Free choice of legalized under Second Amendment, 807

      • Notification to Fund of, need for, 750-51, 752, 753, 778, 802, 848, 849

      • Second Amendment. See ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS and … FINAL PROVISIONS

      • Variety of classified by Fund staff, 801-802

      • See also EXCHANGE RATES

    • EXCHANGE CONTROLS. See EXCHANGE RESTRICTIONS and CAPITAL MOVEMENTS: Measures to control

    • EXCHANGE MARGINS. See CENTRAL RATES; EUROPEAN NARROW MARGINS ARRANGEMENTS; and PAR VALUE SYSTEM

    • EXCHANGE MARKETS

      • Crisis, 50

      • Dual, as instrument to control capital movements, 64; in Belgium, 64, 192, 215; in France, 18, 64, 192, 215;

      • in Italy, 61, 63-64, 70, 192, 445; in Luxembourg, 64; views on, 192

      • Intervention in, 50, 61, 65-66, 72, 75, 76, 442, 458, 812, 816, 819, 853, 854, 856, 858, 862. See also EXCHANGE RATES, FLOATING

      • Stabilize, 23-25, 58

      • Unrest in, 17-19, 819, 858-62

    • EXCHANGE RATE MECHANISM. See EXCHANGE RATES, FLOATING and PAR VALUE SYSTEM

    • EXCHANGE RATES

      • Analyzed by Fund staff (1950s), 821-22

      • Based on par values in reformed system, 124-26

      • Changes in after 1973, effects and effectiveness of: analyzed by Fund staff, 827-31; J-curve effects, 828-29, 832; related to “fundamentals,” 854; related to interest rate policies, 839-40, 846; vicious circle hypothesis, 829-30, 830-31, 832

      • Competitive depreciation, concern about, 297

      • Competitive non-devaluation, 297

      • Denominator not gold, 729

      • Effective, defined and measured, 810-11

      • Executive Directors’ report (1970), 21, 94, 124-25, 137

      • Fixed, prospects for (1972), 58

      • Flexible advocated, 81, 101-102, 113, 964

      • Fund’s authority on under Second Amendment 837, 841; see also SURVEILLANCE BY FUND OF EXCHANGE RATE POLICIES

      • Margins, 17, 22, 23, 129

      • Movements in: explanations for, 822-27; implications for Fund policy of, 827; role of capital movements in, 823; role of expectations in, 825

      • Policies on: in stabilization programs, 487, 492; defended by Managing Director, 498; used more in 1970s, 808

      • Realignment of: at Smithsonian, 11; reactions to, 126; uncertainty about, 17

      • Representative rates, 29, 37, 281, 777

      • Repercussions of pound devaluation on, 54

      • Resistance to changes in under par value system, 96-98

      • Role in adjustment, 11-12, 16, 92-93, 96-98, 109, 214, 831-33, 834, 835, 840, 848

      • Sovereignty over surrendered at Bretton Woods, 89, 837

      • Stability of as prerequisite for world economic growth, 855

      • Surveillance. See SURVEILLANCE BY FUND OF EXCHANGE RATE POLICIES

      • Used in Fund computations, 28-29, 37, 69, 596-97, 598, 777-78

      • See also CENTRAL RATES; EUROPEAN NARROW MARGINS ARRANGEMENTS; EXCHANGE ARRANGEMENTS; EXCHANGE RATES, FLOATING; PAR VALUES; and individual countries

    • EXCHANGE RATES, FLOATING

      • Advocated, 81, 101-102, 113, 964

      • Classification of by Fund: independent, 802; joint, 802

      • “Clean” and “dirty”: defined, 813; distinguished, 75; see also Management of, below

      • Experience with, preliminary conclusions on, 833-35; disappointing, 834; relation to expansion in trade and capital movements, 835

      • Factors influencing choice of, 806

      • Flexible become fluctuating, 809-810

      • Impact on Committee of Twenty deliberations, 187-88, 194, 267

      • Implications of: for reforming system, 51, 190-91, 261, 275; for valuation of Fund’s currency holdings, 597-98

      • Instability in (1978) discussed: at Annual Meetings, 859-60; at Bonn summit, 857; by Interim Committee, 854-57, 858-59; in light of U.S. policy, 865

      • Intervention policies, 95, 23, 245, 838, 844, 845, 848, 854-55, 857, 861-62, 863; coordination of, 865; discussed in consultations, 276; in Rambouillet declaration, 747, 749; information on required, 838-39; staff proposal on, 77; use of Fund resources for suggested, 77; views on, 69, 74-75, 77, 277, 827; see also Management of, guidelines for, below

      • Introduced in: Canada, 28, 40-41; Germany, Fed. Rep., 28, 267; industrial members, 808; Italy, 69-70; Japan, 69-70, 71-72; Netherlands, 28; U.K., 50; U.S., 267; views of Fund on, 50-51, 52-53, 54-55, 70

      • Joint float of ec currencies, 76-81

      • “Legalization” of discussed, 393, 735, 739, 744; see also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: Exchange arrangements

      • Management of, contrasting views on, 813-18; of Canada, 815, 817; of Germany, Fed. Rep., 816, 817; of Japan, 816, 818; of Netherlands, 815-16, 818; of U.S., 814-15, 817, 818; of other industrial members, 815, 816, 817; relation to assessment of global reserve adequacy, 874

      • Management of, guidelines for (1974): decision, 301-302; discussed in Executive Board, 298-300; drafted by staff, 297-98; implemented, 302; in connection with surveillance discussed, 740, 844, 846; see also EXCHANGE MARKETS: Intervention in

      • Opposed by Managing Director, 76-77, 78; in Committee of Twenty, 172-73

      • “Overshooting,” 822-23, 835n

      • Procedures for adoption of in Outline of Reform, 259

      • Relation to balance of payments concepts and measurements, 952

      • Second Amendment. See ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS and …FINAL PROVISIONS: Exchange arrangements

      • Variability of: affected by intervention, 826-27; capital movements as factor in, 824-25; changes in expectations of future rates as factor in, 825-26; explanations sought for, 822-27; implications of for Fund policy, 827; inflation as factor in, 823-24, 829

      • See also EUROPEAN NARROW MARGINS ARRANGEMENTS and individual countries

    • EXCHANGE RATES, MULTIPLE, 849

      • Developing members’ use of, 92, 806-807

      • Fund’s jurisdiction over, 752-53

      • See also EXCHANGE MARKETS: Dual

    • EXCHANGE RATES, PEGGED

      • Prior consultation requirement, 839, 840, 841; Fund treatment of, proposed, 844, 849

      • To SDR, 802, 807; use by developing members, 890, 899

      • Types of, 802; to composite, 807; to dollar, 55; to sterling, 52, 55

    • EXCHANGE RESTRICTIONS

      • Annual reports on by Fund, 939n, 941, 947

      • As distinct from trade restrictions, 322, 689, 704

      • Avoidance of as condition for use of: compensatory financing facility, 408; extended arrangements, 368; oil facility, 343, 349

      • Avoidance of: escalating emphasized, 314; in Outline of Reform, 258

      • Fund’s emphasis on lifting, 92

      • Jurisdiction of Fund in, 689, 849

      • Used: by developing members, 92; by Ireland, 50; by Italy, 445, 447, 448, 449, 451; by U.K., 50

      • See also CAPITAL MOVEMENTS; PROTECTIONISM; TRADE RESTRICTIONS

    • EXECUTIVE DIRECTORS/EXECUTIVE BOARD

      • Access to confidential information by, 937-39; committee on established, 995; need for, 944; on exchange rates, 838; procedure for, 990-93; questioned, 993-94

      • Alternate Directors, Advisors, and Technical Assistants, 987, 998

      • Committees: on liaison with gatt, 958; on membership, 908; on quota reviews, 517, 518, 529, 532; on staff compensation issues, 1016-17; standing, 990

      • Composition, 997-98; change in constituencies, 998-99

      • Dean of, 767, 997

      • Decisions: subject to Interim Committee endorsement, 846-47; see also specific subjects

      • Effectiveness of, 996-97

      • Elections, 7, 534

      • Entitlement to appoint, 330, 766, 767

      • Functions governed by By-Laws, 774

      • Group of Nine (“G-9 Caucus”), 977, 986

      • Meetings: attendance at, 986-87; conduct of, 985-88; format changed for Second Amendment discussion, 691; informal sessions and seminars developed, 990; minutes of, 988; number of and time spent in, 130, 136, 685, 711, 984-85; procedures of, 995-96; restricted sessions on gold auctions, 651; summing up by Chairman, 989; use of review clause, 989

      • Name change, 774, 775

      • Participation in Group of Twenty-Four, 977

      • Powers of, 721

      • Reports. See specific subjects

      • Representation on, 520

      • Role: in Committee of Twenty, 153, 154, 156, 158, 196, 243; in Fund policymaking, 964-65, 983-84; in Interim Committee, 967-68, 1000; powerful in mid-1970s, 999-1000

      • Size and structure of: changes in, 765; changes in discussed and studied, 765; provisions in original Articles on, 764; report on (1972), 765-66; under Second Amendment, 766-67

      • Time spent on Fund’s regular activities, 903-904

      • Treatment of in History, 15n

      • Voting, 294n, 677, 692; bloc versus split, 692-93; by “sense of the meeting” defined, 988-89; formal, 988, 995; procedures for discussed, 995-96

      • See also Appendices A-1, A-2, A-3 (pp. 1045-55 of this volume) and individual members of Executive Board

    • EXPORTS

      • By developing members, 42, 43, 200, 201, 209

      • See also BUFFER STOCK FINANCING FACILITY; COMPENSATORY FINANCING FACILITY; and TRADE, INTERNATIONAL

    • EXTENDED FUND FACILITY (EXTENDED ARRANGEMENTS)

      • Arguments for, 361-65

      • Arrangements with: Egypt, 380-81; Haiti, 381-82; Jamaica, 380-81; Kenya, 370-73; Mexico, 377-80; Philippines, 373-77

      • Augmentation rights, elimination of, 780-81

      • Conceived during “link” discussions, 206, 255

      • Developing members’ concept of, 209, 223, 366-67

      • External factors decisive in success of, 376-77, 380, 383

      • Nature of discussed, 365-66; Executive Board consideration and decision, 366-68; terms of, 368-70

      • Overlap with World Bank caused by, 956

      • Relation to: stand-by arrangements, 362, 364, 365; supplementary financing, 551-52, 554

      • Revised forms for, 776-77

      • Stabilization programs for, 363, 364-65, 365-66, 369

      • Undrawn balances under (1972-78), 884*

      • Use: drawings (purchases) by: Kenya, 372; Mexico, 379; Philippines, 376; total, 425*; less than anticipated, 382-83

      • Views of: developing members, 382-83; industrial and more developed primary producing members, 383

    F

    • FAMILTON, ROBERT J., 1028

    • fao. See FOOD AND AGRICULTURE ORGANIZATION

    • FELDT, KJELL-OLOF, 191, 228, 254

    • FERNANDEZ HURTADO, ERNESTO, 180

    • FIJI

      • Art. VIII, acceptance of obligations under, 912

      • Dollar: floating, 55; use in Fund transactions, 580*

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 887*; under compensatory financing facility, 411, 412*; under oil facility, 331, 347*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Quota in Fund, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 424, 427*, 431

    • FINAISH, MOHAMED, 367, 766, 998, 999

    • FINANCIAL POSITION OF FUND. See BUDGET OF FUND

    • FINANCIAL PROGRAMS. See STABILIZATION PROGRAMS

    • FINANCE & DEVELOPMENT, 950, 1010

    • FINCH, C. DAVID, 1026

    • FINLAND

      • Classification by Fund, 42n, 789

      • Drawings (purchases) from Fund, 423, 433*, (net), 885*; under oil facility, 347*

      • Exchange arrangements, 804*, 806

      • Membership in Fund, 905*

      • Quota in Fund, 540*

      • SDR allocations, 885*

      • Stand-by arrangements with Fund, 424, 427*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

    • FISCAL POLICY

      • Cyclically neutral budget concept used in world economic outlook, 792-93

      • For combating inflation, 816

      • In stabilization programs, 363, 455, 486-87

      • See also MONETARY POLICY and individual countries

    • FLEMING, J. MARCUS, 1022

    • FOGLIZZO, JEAN, 248, 677

    • FOOD AND AGRICULTURE ORGANIZATION (fao), 87, 957

    • FORD, GERALD R., 335, 453, 470, 744, 746, 747, 818, 1007

      • Meeting in Martinique and agreement on gold, 617, 618, 619, 627

      • Proposal on Trust Fund, 405

      • Role in Mr. Witteveen’s U.K. visit, 471-72

    • FOURCADE, JEAN-PIERRE, 254

      • Comments and views on: compensatory financing, 404; Council, 720; floating rates, 701, 736; gold arrangements and quotas, 627; gold holdings of Fund, 619; gold reserves, valuation of, 617; gold subscription payments, 614-15; gold substitution account, 641; oil facility, 335; par values, 742

      • Role in Art. IV negotiations, 740-41, 746, 747, 749, 754, 755

    • FRANCE

      • Art. VIII, acceptance of obligations of, 912n

      • Asset settlement, consolidation, and convertibility: proposal on, 248, 249; views on, 216, 217, 222, 227, 235, 238

      • Balance of payments, 391; adjustment, proposal for pressures for, 224-25, 228; views on U.S. deficits, 171, 172

      • Consultations, special, 278, 279

      • Credits to U.K., 467

      • Capital movements, measures to control, 18

      • Central rates, views on, 280

      • Classification by Fund, 42n, 789

      • Drawings (purchases) and repurchases from Fund: purchases, 423, 433*, (net), 885*; repurchases, 568, 569*

      • Economic situation and policies, 440, 816

      • Exchange arrangements, 805*; policies discussed by Executive Directors, 838; views on: Art. IV, 736, 737, 738-39, 740-41, 744-45, 746, 747, 750; fixed versus flexible rates, 169, 172, 242, 701, 818; see also Participation in snake, below

      • Franc: as peg currency, 802, 806; as reserve currency, 637; convertible in fact, 764; dual markets for, 18, 64, 192, 215; floating jointly with ec, 79; freely usable currency, 776; rates for, 811, 865; use in computations for remuneration and SDR interest rate, 594, 596, 891, 892; use in Fund transactions, 32, 33-34, 576, 577, 580*, 581; use in SDR basket, 293, 293*, 893*

      • Gold: reserves, valuation of, 172, 618, 649; restitution, intermediary in, 659; restitution, proposal on, 615; views on: Group of Ten arrangements, 635; Jamaica agreement on, 760; price, 219, 223, 227, 608-609, 615; role of, 170-72, 261; transactions by central banks, 630; valuation, 613, 615

      • Gross national product, 24-25, 389

      • Interpretation of Articles, views on, 145-46

      • Membership in: Fund, 905*; in Group of Ten, 11

      • Participation in: Big Five meetings, 743, 977-78; Committee of Twenty, 156; summit meetings, 745-46, 746-47, 940, 802

      • Participation in snake, 242, 802-803, 809, 811-12

      • Par value, 58; views on: par values in Second Amendment, 742, 744; par value changes, 170, 172

      • Quota in Fund, 525, 537n, 540*; views on, 517, 520

      • SDR: allocations, 885*; holdings, 897; views on valuation and interest rate on, 229, 285

      • Stand-by arrangements with Fund, 427*; fiscal performance criteria under, 486

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

      • Views on: Fund’s role in trade matters, 221; “link,” 224; oil facility, 339; role of reserve currencies, 179-80; U.S. dollar vis-à-vis ec currencies, 394

    • FREELY USABLE CURRENCIES

      • Definition, 728, 763

      • Relation to convertible currency, 727

      • Specification of, 776, 781

      • See also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: General Account

    • FRIEDMAN, MILTON, 101, 113, 964

    • FRIMPONG-ANSAH, JONATHAN H., 160, 250, 251

    • FUENFGELT, LORE, 131, 616, 703, 998

    • FUKUDA, TAKEO, 254, 796

    • FUND

      • Activities intensified, 903-904. See also specific entries, e.g., Consultations, Technical Assistance, …

      • As part of new world order (1945), 87, 88

      • Assets. See CURRENCY HOLDINGS OF FUND; GOLD HOLDINGS OF FUND

      • Authority of increased by Jamaica agreement, 761-62

      • Borrowing. See BORROWING BY FUND and GENERAL ARRANGEMENTS TO BORROW

      • Changes in, 1005

      • Conference on new international monetary system, 643

      • European Office (Paris), 954, 960, 961, 1013-14

      • Experiences of, 1033-35; growth of economic interdependence, 1033-34

      • Functions: factor in increased informational activities, 944; impact of oil facility on, 359

      • Implications for: of formation of outside groups, 975-80; of suspension of convertibility by U.S., 27

      • Income and expenditures, 599-603*

      • Informational activities. See INFORMATION AND PUBLICATIONS, FUND

      • Investments, 681-82

      • Office in Geneva, 954-55, 960, 1010, 1014

      • Organization: new departments and bureaus, 933, 1010; staff, 1011

      • Policymaking process, 983-84; influenced by outside groups, 975-80, nature of, 1034-35, 1036-37; role of Board of Governors in, changes in, 963-75; role of Committee of Twenty in, 271

      • Purposes of in Articles, 756

      • Relations with other organizations, 953-62; see also individual organizations

      • Role of: as “lending institution” discussed, 489-90; as par value system collapsed, 116-19; changes in, 643, 1034; changes in accord with given objectives, 1037-39; characterized by change and flexibility, 1035-37; evolution of, 1039-42; in postwar economic expansion, 90-94; in reform exercise, 196-97; in reformed international monetary system, 131, 137; search for, 1037-39; vis-à-vis World Bank, 204

      • Structure. See ARTICLES OF AGREEMENT: SECOND AMENDMENT

      • Training. See STAFF

      • Transactions and operations. See RESOURCES OF FUND—USE and REPURCHASES

      • Views on: reform of monetary system, 126, 268-69; world economic problems, 388-92

    • FUNDAMENTAL DISEQUILIBRIUM

      • As precondition for exchange rate action, 170, 172

      • Basic concept of par value system, 115, 212

      • French views on, 132

      • Provisions for under Second Amendment, 737-38, 753, 756

      • Use of concept unsatisfactory, 213

    G

    • gab. See GENERAL ARRANGEMENTS TO BORROW

    • GABON

      • Debt renegotiation, 926

      • Drawings (purchases) and repurchases from Fund: purchases, 434*; under compensatory financing facility, 412*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in: Fund, 905*; opec, 306

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 424, 427*

    • GAMBIA, THE

      • Dalasi floating, 55

      • Drawings (purchases) from Fund (net), 886*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 905*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 424, 427*

    • GANDHI, INDIRA, 331

    • GARADAGHIPOUR, MEHDI, 252

    • GARDINER, R.K.A., 980

    • gatt. See GENERAL AGREEMENT ON TARIFFS AND TRADE

    • GAVALDA, ROBERTO, 419, 640, 665

    • GBOKOU, MARIE-CHRISTIANE, 415, 490

    • GEENS, GASTON, 818, 855, 858, 859, 879

    • GENERAL ACCOUNT, FUND

      • Change to General Department, 601, 723, 775

      • Fund operations in, re-establishment of normal, 37

      • Rates used in computations for transactions in, 28-29, 37, 69, 596-97, 598, 777-78

      • SDR: becomes unit of account, 29-31; holdings, 578, 889; holdings for reconstitution obligations, 895; holdings, interest on, 599, 601, 603*

      • See also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: General Account and… FINAL PROVISIONS

      • GENERAL AGREEMENT ON TARIFFS AND TRADE (gatt)

        • Consultative Group of Eighteen, 959, 960

        • Creation of, 87

        • Cooperation with Fund on trade, 220-21, 222; proposed in Outline of Reform, 258

        • Developing countries’ special trade problems, 200

        • Fund relations with, 942, 955, 958-60, 981; intermingling of trade and monetary issues, 960

        • Jurisdiction of: on trade restrictions, 689, 704, 706; vis-à-vis Fund, 222, 303, 350, 958

        • Multilateral trade negotiations: Kennedy Round, 109; Tokyo Round, 959-60

        • Participation in Committee of Twenty, 220

        • U.S. views on role of, 168

      • GENERAL ARRANGEMENTS TO BORROW (gab)

        • Activation, 590, 863

        • Amendments discussed, 588-89; by Group of Ten, 591-92; conforming to Second Amendment, 590-91

        • As origin of Group of Ten, 588

        • Association of Switzerland, 589, 590

        • Borrowing under, 457, 474, 476, 584*, 590; arrangements for, 547; compared with borrowing for oil facility, 329-30; compared with borrowing for supplementary financing facility, 547

        • Claims under, liquidity of, 592; transferability of, 592n

        • Controversy about, 587-88

        • Interest rate on related to SDR interest rate, 283

        • Japan’s commitment enlarged, 590

        • Participants, 11, 457, 587, 588, 592

        • Relation to oil facility borrowing, 588

        • Renewals, 587, 588-89, 978

        • Use of term “currency convertible in fact,” 589n

      • GENERAL COUNSEL (Joseph Gold), 948, 1026

        • Attendance at Group of Ten meetings, 157, 161, 748

        • Resumé of Fund service, 773, 1019-20

        • Role in: creation of Committee of Twenty, 148, 149, 150, 154, 161; Second Amendment preparation and negotiation, 686, 740, 748, 749, 767

        • Staff positions and explanations: capital movements under Fund law, 933; change and flexibility in Fund’s evolution, 1035-36; cooperation clause, 633; Fund’s gold sales, 633; joint meetings of Executive Directors and Group of Ten, 144; repurchase provisions, 698

      • GENERAL DEPARTMENT, FUND

        • General Resources Account, 601, 723-24; established, 775; freely usable currency, role in, 763

        • Investment Account, 699, 723-24

        • Special Disbursement Account, 723, 724

        • See also GENERAL ACCOUNT, FUND

      • GENERAL RESOURCES ACCOUNT. See GENERAL DEPARTMENT, FUND

      • GEORGE, EDWARD, 160

      • GERMANY, FEDERAL REPUBLIC OF

        • Art. VIII, acceptance of obligations of, 912n

        • Asset settlement, consolidation, and convertibility: proposal for, 182-83, 184, 185, 248: views on, 225, 227

        • Balance of payments, 15-16, 96, 308, 390, 391, 861; adjustment, see Indicators, below

        • Banking regulations, Fund study on, 932

        • Bar depot. See Capital movements and measures to control, below

        • Borrowing: by Fund, for oil facility, 345, 346*; for supplementary financing facility, 557n; under gab, 590; by Italy, 449, 614; views on, 326

        • Capital movements and measures to control, 17-18, 24, 66, 215, 440; views on, 215

        • Central rate used, 39, 58

        • Classification by Fund, 42n, 789

        • Consultations: Art. IV, 916; Art. VIII, 15-16; special, 278, 279

        • Deutsche mark: as reserve currency, 637; convertible in fact, 764; floating, 28, 79, 267; see also Participation in snake, below; freely usable currency, 776; rates for, vis-à-vis snake currencies, 812; vis-à-vis U.S. dollar, 809, 811, 862; relation to U.S. dollar, 853, 865; revaluation, 15, 16, 79; use in computations for remuneration and SDR interest rate, 293, 293*, 594, 596, 891, 892, 893*; use in Fund transactions, 28, 32, 33-34, 539, 576, 580*, 581; use in SDR currency basket, 293, 293*, 893*

        • Drawings (purchases) from Fund, 423, 433*, (net), 885*

        • Economic situation and policies, 15-16, 393, 394, 439, 796, 818, 833, 834; budget, 792; expansionary in 1978, 857, 858, 861, 863; inflation, 440, 812, 864

        • Exchange arrangements, 805*, 808; policies discussed by Executive Directors, 838; views on policy, 170, 191, 816, 817

        • Exchange market intervention, 440; policy on coordinated with U.S., 865

        • Gross national product, 24-25, 389, 391

        • Indicators, proposal on, 175, 212

        • Intermediary in gold restitution, 659

        • Membership in: Fund, 538, 905*; Group of Ten, 11

        • Participation in Big Five meetings, 743, 977-78; Committee of Twenty, 156; summit meetings, 745-46, 746-47, 940

        • Participation in snake, 802-803, 811, 812, 813

        • Quota in Fund, 513, 525, 532, 533, 537n, 538, 540*; views on, 512, 519, 520, 531, 539

        • Role in Italian and U.K. stand-by arrangements, 469, 470, 478

        • SDR: allocations, 885*; holdings, 897; views on, 880

        • Signatory of voluntary declaration on trade, 349

        • Subsidy Account contribution, 354*

        • Swap arrangements with: U.S., 853, 862

        • Trust Fund: exclusion from, 675; proposal for tying compensatory financing to, 405, 668; views on establishment of, 631

        • Views on: gold substitution account, 616; “link,” 203-204, 208, 224, 230, 255, 708; oil facility, 316; reform group, 152; SDR as primary reserve asset, 203-204; supplementary financing facility, 548

      • GHANA

        • Debt renegotiation, staff study on, 925

        • Drawings (purchases) and repurchases from Fund, 434*, (net), 886*; under oil facility, 347*; repurchases, 570*

        • Exchange arrangements, 804*

        • Gold sales, profits received from, 679*

        • Membership in Fund, 905*

        • Cedi: pegged to U.S. dollar, 55

        • Quota in Fund, 526, 541*

        • SDR allocations, 886*

        • Stand-by arrangements with Fund, 427*

      • GHISSASSI, ABDELLATIF, 860, 879

      • GIERSCH, HERBERT, 113

      • GILBERT, MILTON, 630

      • GILCHRIST, RONALD H., 130, 131

      • GISCARD D’ESTAING, VALERY, 77, 238, 240, 254, 796, 1007

        • Comments and views on: Art. IV, 745, 746; asset settlement, 165, 227; dollar inconvertibility, 18, 165; fixed versus floating rates, 189, 191; structure of Fund, 241

        • Meetings in Martinique and arrangements on gold, 617, 618

      • GLOBAL LIQUIDITY. See LIQUIDITY, INTERNATIONAL

      • GOLD ARRANGEMENTS OF GROUP OF TEN.

        • See GOLD TRANSACTIONS OF CENTRAL BANKS

      • GOLD AUCTIONS

        • Amounts offered and prices received, 654, 655, 656, 657, 658*

        • Assessment of, 657

        • Distribution of profits from. See TRUST FUND

        • Eligibility to bid in, 650-51, 652; after Second Amendment, 656

        • Lack of precedents for, 647-48

        • Procedures for: agreed, 651-52, 671, 731; changed, 655; discussed in Executive Board, 649-51; following Second Amendment, 656; internal, 652-53

        • Reasons for, 648-49

        • Simultaneity of with restitution and Trust Fund establishment emphasized, 630-31, 633

        • See also GOLD HOLDINGS OF FUND: Sales of

      • GOLD CONSOLIDATION ACCOUNT. See GOLD SUBSTITUTION ACCOUNT: Proposed by Mr. de Groote

      • GOLD-EXCHANGE STANDARD. See PAR VALUE SYSTEM

    • GOLD HOLDINGS OF FUND

      • As collateral for borrowing by Fund discussed, 620, 621, 624, 645

      • Disposition of: 647-48; see also Sales of, below; simultaneity of with central bank gold transactions discussed, 630-31, 633

      • Distribution of profits from sales of. See GOLD AUCTIONS and TRUST FUND

      • Magnitudes, 582, 584*, 614

      • Managing Director’s proposal for disposition of, 622, 623; debated, 622-24; endorsed, 625-26

      • Restitution: amounts, 884*; defined, 615; French proposal for, 615; in Managing Director’s proposal, 622, 625; procedures decided, 651, 652, 667, 731; procedures executed, 658-59, 730; views on, 615-16, 619, 620-21, 622, 623-24, 665; see also Sales of, below

      • Sales of: beneficiaries of, 667; discussed by Committee of Twenty, 218-20; proposed by Managing Director, 622, 623, 625; by staff, 614; by U.S., 621; see also Restitution, above; GOLD AUCTIONS; and TRUST FUND; under currency replenishment provisions agreed, 634-35, 730; discussed, 632, 633

      • Significance of for Fund’s liquidity, 582

      • Valuation, problems of, 28-29, 287, 582, 582n

      • See also GOLD SUBSTITUTION ACCOUNT

    • GOLD, JOSEPH. See GENERAL COUNSEL

    • GOLD MARKETS

      • Impact of Fund’s gold sales on, 654

      • Two-tier: abolition discussed, 229; established, 608; terminated, 608-609

      • Upset following announcement of Fund’s gold sales, 630

      • See also GOLD TRANSACTIONS OF CENTRAL BANKS

    • GOLD POOL, 609

    • GOLD PRICE

      • Official: 17, 218, 220, 582n; abolition of discussed, 219, 220, 229, 261, 615, 621, 624; agreed, 626, 729; increase in discussed, 219-20; proposals to raise (by France), 608-609; retention of discussed, 261

      • Private market, 17, 18, 218, 608, 609, 612, 621, 630, 682; consequences for Trust Fund of lower, 651; impact of Fund’s gold sales on, 649, 654; substantial profits to Trust Fund from high prices, 657

      • Relation to dollar devaluation, 582n

    • GOLD RESERVES

      • Central banks’ desire to add to, 650

      • Immobilized for international payments, 218, 229, 612

      • Impact of Fund’s gold sales on valuation and distribution of, 649-50

      • Magnitudes, 637; limits on discussed, 618-19

      • Reduced role in total reserves, 876, 881

      • U.S. share, 95

      • Valuation of: debated, 608-609, 610, 612-13, 615, 619; effects on world liquidity, 637, 875; French revaluation agreed, 617-18; U.S. actions regarding, 618

      • See also GOLD SUBSTITUTION ACCOUNT

    • GOLD—ROLE OF IN INTERNATIONAL MONETARY SYSTEM

      • As Fund’s unit of account suggested, 31

      • Discussed in Committee of Twenty, 218-20; report on reform, 136

      • In par value system, 607

      • In retrospect, 645-46

      • Objective of reducing, 167, 177, 178

      • Problems: three solutions considered by Committee of Twenty, 260-61

      • Reduced in Outline, 260

      • Second Amendment. See ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS and …FINAL PROVISIONS

      • Solved by international cooperation, 644-45

      • Views on of: developing members, 177; ec, 218-19

    • GOLD STANDARD, 645

    • GOLD SUBSTITUTION ACCOUNT

      • Discussed in: Executive Board, 640-41; Interim Committee, 641-42

      • Proposed by Mr. de Groote, 616, 639-40

      • Rejection, reasons for, 642-43

      • Staff draft of, 639, 641

      • Views of: developing members, 624, 640; industrial and more developed members, 616, 640-41; Interim Committee, 625, 627; Managing Director, 638-39

      • See also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS

    • GOLD TRANCHE

      • Defined, 283, 582n; super, 283, 593

      • Valuation, 582n

      • Use of, 423-24, 425*, 431, 883, 884*; elimination of service charge on, 590

      • See also RESERVE TRANCHE

    • GOLD TRANSACTIONS OF CENTRAL BANKS

      • Arrangements on: debated, 608-609, 613, 615-16, 618-20; for Group of Ten proposed by Managing Director, 621-22; discussed by ec, 625; discussed by Group of Ten, 622; endorsed, 626, 731; expired, 635-36; Group of Ten technical group on, 631; implemented, 634-35

      • Pressures on to deal at premium prices, 637

      • Provisions of Articles on, at premium prices, 609, 619-20, 630-31, 632, 633, 649

      • Simultaneity of with disposition of Fund’s gold discussed, 630-31, 633

      • See also GROUP OF TEN: Gold arrangements of

    • GOLD TRANSACTIONS AND OPERATIONS OF FUND

      • Purchases from members discussed in staff sketch, 127; from South Africa, 127n; terminated, 610-11

      • Repurchases, 581*; postponed, 611-12

      • Sales for currency replenishment, 647, 663; see also GOLD HOLDINGS OF FUND: Sales of

      • Sales in connection with gab activities, 647

      • Subscriptions, payments of, 518, 524, 614, 615-16; by new members, 611-12

      • See also ARTICLES OF AGREEMENT: SECOND AMENDMENT—FINAL PROVISIONS and GOLD HOLDINGS OF FUND

    • GOMEZ MORALES, ALFREDO, 228

    • GOODE, RICHARD, 1021

    • GOVERNMENT FINANCE STATISTICS YEARBOOK, 919, 950, 951

    • GOVERNORS OF FUND. See BOARD OF GOVERNORS

    • GONZALEZ DEL VALLE, JORGE, 245

    • GREECE

      • Classification by Fund, 42n, 789, 909

      • External debt, 928

      • Drawings (purchases) and repurchases from Fund, 433*, (net), 885*; under compensatory financing facility, 412*; under oil facility, 331, 347*; repurchases, 569*

      • Exchange arrangements, 805*, 806

      • Membership in Fund, 905*

      • Par value change, 35, 36*

      • Quota in Fund, 540*

      • SDR allocations, 885*

      • Subsidy Account contribution, 354*

      • Trust Fund: contribution, 676; proposed exclusion from, 674-75, 676, 678

    • GRENADA

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under oil facility, 347*; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 536*, 674, 905*

      • Quota in Fund, 536*, 543*

      • Stand-by arrangements with Fund, 424, 427*

      • Subsidy Account payments received, 353

      • Trust Fund: eligibility, 671n, 674; loan from, 673*

    • GROSS NATIONAL PRODUCT (gnp)

      • Declines in 1975, 387, 389; see also INDUSTRIAL MEMBERS: Output and gross national product and WORLD ECONOMY

    • GROUP OF FIVE (“BIG FIVE”)

      • Exchange arrangements and gold discussed, 743, 850

      • Informal meetings of, 977-78

      • Position in Committee of Twenty, 240

      • Views of developing members on, 68

    • GROUP OF NINE (“G-9 Caucus”), 977, 986

    • GROUP OF SEVENTY-SEVEN

      • Adoption of Algiers Charter, 325

      • Common fund on buffer stocks proposal, 414

      • Formation of, 957

      • Position on commodities, 402, 414

      • Relation: to Group of Twenty-Four, 957, 976; to un, 980

    • GROUP OF TEN

      • As factor in formation of Committee of Twenty, 143, 148-49

      • Chairmanship of deputies, 978

      • Communiqués, 188, 344n, 588n, 749

      • Composition, 11, 143

      • Criticized by U.S., 148-49

      • Fund relations with, 977-78

      • Gold arrangements of: agreed, 634-35; expired, 635-36; objections to, 635; supervisor of suggested, 619; technical group established on, 631; valuation of gold reserves used as collateral for loans, 614

      • Influence on Fund policymaking, 144, 964, 976, 977-78

      • Meetings: deputies, 154, 342-43, 548, 591-92, 622, 632, 748; joint with ec, 77, 78-79, 189, 978; joint with Executive Directors, 143-44; ministers, 11, 147, 344, 525, 589, 591, 626, 632-34, 746, 749; representation by Fund staff at, 1014

      • Model for Group of Twenty-Four, 976

      • Origin and functions, 143, 588, 978

      • Participation in Fund’s gold sales discussed, 633, 635

      • Role in: amended Art. IV negotiations, 978; reserve creation, 143

      • Views on: floating rates, 188; gold sales and restitution, 632; oil facility and oecd safety net, 344

      • Working group on proposal for financing oil deficits, 343

    • GROUP OF TWENTY. See COMMITTEE OF TWENTY—CREATION AND ORGANIZATION

    • GROUP OF TWENTY-FOUR (INTERGOVERNMENTAL GROUP OF TWENTY-FOUR ON INTERNATIONAL MONETARY AFFAIRS)

      • Communiqués, 623, 645, 739, 754-55, 859, 980

      • Formation and composition, 43, 144, 976-77

      • Influence of: increased, 979-80; in establishing Development Committee, 979; on Fund policymaking, 976; on other international organizations, 980; subsequently, 979-80

      • Meetings, 43, 243, 859

      • Relation to Group of Seventy-Seven, 957, 976

      • Views on: Committee of Twenty discussions, 255, 979; Committee of Twenty reform efforts, 243; compensatory and buffer stock financing facilities, 401, 403-404, 414; conditionality, 491; Council, 720-21; economic growth, 795; exchange rate instability, 859; gold, 623; “link,” 207; oil facility, 344; SDR allocations, 873; transfer of real resources, 250; Trust Fund, 666

    • GUARNIERI, ROBERTO, 419, 474-75, 640, 910

    • GUATEMALA

      • Art. VIII, acceptance of obligations of, 912n

      • Borrowing by Fund for supplementary financing facility, 556n, 557n

      • Drawings (purchases) from Fund (net), 887*; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Par value change, 35, 36*

      • Quetzal: use in Fund transactions, 577, 580*

      • Quota in Fund, 539, 543*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 427*, 431

      • Trust Fund eligibility, 671, 682

    • GUESSOUS, BENSALEM, 190, 254

    • GUETTA, ALDO, 1025

    • GUINEA

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 886*; under compensatory financing facility, 400, 412*; under oil facility, 347*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 905*

      • Quota in Fund, 541*

      • SDR allocations, 886*

    • GUINEA-BISSAU

      • Drawings (purchases) from Fund (net), 886*; repurchases, 570*

      • Exchange arrangements, 805*

      • Membership in Fund, 536*, 905*

      • Quota in Fund, 536*, 541*

    • GUTT, CAMILLE. See MANAGING DIRECTOR

    • GUYANA

      • Art. VIII, acceptance of obligations of, 912n

      • Dollar floating, 55

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under compensatory financing facility, 400, 413*; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Par value change, 37

      • Quota in Fund, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 426, 427*, 431

    • GYASI-TWUM, KWAKU, 980

    H

    • HABERLER, GOTTFRIED, 101-102, 113, 760, 830, 964

    • HABERMEIER, WALTER O. See TREASURER

    • HAITI

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under oil facility, 331, 348*; repurchases, 572*

      • Economic situation and policies, 381-82

      • Exchange arrangements, 804*

      • Extended arrangements with Fund, 381-82

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Par value change, 37

      • Quota in Fund, 543*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 426, 427*, 431

      • Subsidy Account payments received, 355*

      • Trust Fund: eligibility, 671n; loan from, 673*

    • HALM, GEORGE N., 760

    • HANH, NGUYEN HUU, 323, 367, 418

    • HANNA, ARTHUR D., 404

    • HARLEY, CHARLES R., 328, 612, 615, 998

    • HAYDEN, W.G., 404

    • HEALEY, DENIS W., 254, 496, 500, 882, 935, 970

      • Proposal for mechanism to finance oil deficits, 335

      • Role in 1977 U.K. stand-by arrangement, 464, 465, 466, 468, 471, 472-73

    • HEATH, EDWARD, 47, 50

    • HEINESEN, KNUD, 854

    • HENRIQUE SIMONSEN, MARIO, 254

    • HICKS, EARL, 1022

    • HISS, DIETER, 172

    • HISTORIAN (Margaret Garritsen de Vries), 948, 1030-31

    • HISTORIES OF FUND, 948; see also Index to Publications Cited (pp. 1147-48 of this volume)

    • HOLDINGS OF FUND. See CURRENCY HOLDINGS OF FUND and GOLD HOLDINGS OF FUND

    • HOLLENSEN, FRED, 533, 676

    • HONDURAS

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under oil facility, 348*; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Par value change, 35, 36*

      • Quota in Fund, 543*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 428*, 431

      • Trust Fund eligibility, 671n

    • HOOD, WILLIAM C, 208, 234

    • HOSTEN, GEORGE F., 415

    • HWAN KIM, YONG, 860

    I

    • ibrd. See WORLD BANK

    • ICELAND

      • Classification by Fund, 42n, 789

      • Drawings (purchases) and repurchases from Fund: purchases, 433*, (net), 885*; under compensatory financing facility, 410, 412*; under oil facility, 331, 347*; repurchases, 569*

      • Economic situation and policies, 57-58

      • Króna: pegged to U.S. dollar, 55

      • Membership in Fund, 905*

      • Par value change, 35, 36*, 57

      • Quota in Fund, 540*

      • SDR allocations, 885*

      • Stand-by arrangements with Fund, 428*

      • Trust Fund, exclusion from, 675

    • ida. See INTERNATIONAL DEVELOPMENT ASSOCIATION

    • idb. See INTER-AMERICAN DEVELOPMENT BANK

    • ilo. See INTERNATIONAL LABOR ORGANIZATION

    • IMF MEMORANDUM, 946

    • IMF SURVEY, 933, 950-51

    • IMPORTS

      • By developing countries, 351; concern about, 642

      • Fund study on, 942

      • Need for continuation of after oil price increases, 350

      • Oil, 356

      • Restrictions: avoidance of as condition for oil facility use, 939; avoidance of included in stabilization programs, 487; in individual countries, 939; Canada, 941; ec countries, 941; U.S., 941; selective, increased, 939-40, 941

      • Substitution, as development strategy, 92, 370, 373-74

      • See also TRADE, INTERNATIONAL

    • INAMURA, KOICHI, 173, 189, 208, 235-36

    • INCOME AND EXPENDITURE OF FUND, 599-603*

      • Developments, 295

      • Distribution of net income, 599

      • Investment income, 599

    • INCOME DISTRIBUTION

      • Related to: extended arrangements, 378, 379; stabilization programs, 492

      • Policies on: in Mexico, 378, 379; in U.K. discussed, 474

    • INCOMES POLICY

      • Significance of in stand-by arrangements, 479

      • Use: by Italy, 455, 456-57; by U.K., 462, 465, 467, 473, 787

    • INDIA

      • Consultations, special, 279

      • Debt, external, 928; renegotiation, staff study on, 925

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; under compensatory financing facility, 400, 412*; under oil facility, 331, 348*; repurchases, 568, 571*

      • Economic situation and policies, 331

      • Exchange arrangements, 804*, 807

      • Executive Board representation, 999

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Participant in gold auctions, 657

      • Quota in Fund, 526, 532, 542*, 672

      • Rupee: floating, 55; rates for, changes in, 51-52

      • SDR: allocations, 887; holdings, 897

      • Stand-by arrangements with Fund, 428*

      • Subsidy Account payments received, 355

      • Trust Fund eligibility, 670n

    • INDICATORS

      • Basic balance: defined, 174-75; discussed in Committee of Twenty Technical Group, 212; proposed by Italy, 174-75, 189

      • Composite, 212

      • For use in surveillance, 842

      • Fund staff study on, 175-76

      • Objective, 212, 213

      • Proposals for: by Germany, Fed. Rep., 175, 247; by Italy, 174-75, 189; by U.S., 168-69, 212, 247; objections to U.S. proposal, 173-74, 176

      • Reserve: discussed in Committee of Twenty, 226; discussed in guidelines for floating rates, 298, 299; German proposals for, 175, 247; U.S. proposal for, 168-69, 212, 247; used to assess global reserve needs, 874

      • Technical Group of Committee of Twenty on, 212-13, 247

      • See also BALANCE OF PAYMENTS ADJUSTMENT

    • INDONESIA

      • Acceptance of Second Amendment, 769

      • As major oil exporter, 308

      • Balance of payments, 318

      • Classification by Fund, 42n

      • Consultations, special, 279

      • Credits from banks, Fund study on, 931

      • Debt, external, 928; renegotiation, 925

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 885*; under buffer stock financing facility, 417; repurchases, 569*

      • Gold sales, profits received from, 679*

      • Membership: in Fund, 905*; in opec, 306

      • Quota in Fund, 540*, 672

      • Rupiah: use in Fund transactions, 321, 577, 578, 580*

      • SDR: allocations, 885*; holdings, 897

      • Stand-by arrangements with Fund, 362, 428*, 431

      • Trust Fund eligibility, 670n, 674

    • INDUSTRIAL MEMBERS

      • Balance of payments positions, 65, 115-16, 308, 309, 357, 390, 391, 395, 832

      • Borrowing by Fund from, 315, 326, 546

      • Capacity utilization, 387, 389, 391

      • Classification of by Fund, 42n, 789

      • Coverage in world economic outlook, 786-90, 792-94

      • Decision making by, 610, 644

      • Effect of oil price increases on, 313

      • Output and gross national product, 312, 387, 389, 390, 391, 787, 788

      • Price increases, 311

      • Quotas in Fund, 525, 526, 537, 537*, 538

      • SDR allocations, 885*

      • Use of Fund resources, 72-78, 424, 431, 432*, 433*, 569*, 885*

      • Views on: conditionality, 495, 503-506; Council, 972; exchange rate policies, 839; gold arrangements, 644-45 quotas, 511, 512, 519, 520 See also individual countries

    • INFLATION

      • As major economic problem of postwar years, 92

      • Causes of, contrasting views of, 829-30

      • Coexisting with: high growth rate, 917; unemployment, 49, 390, 823

      • Effects of SDR allocations on, 883

      • Factor in: Committee of Twenty deliberations, 270; and failure of, 264, 311; establishment of oil facility, 333; postwar use of macroeconomic policies, 97, 104

      • Policies to combat, 497, 794; included in consultations, 914, 915, 916

      • Relation to: exchange rate instability, 822, 823-24, 829-30, 832, 835; management of liquidity, 636-38, 642; oil price increases, 310-12, 313

      • Worldwide problem, 289, 387, 388-89, 395, 863-64

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

    • INFORMATION AND PUBLICATIONS, FUND

      • Confidentiality of information received, 945, 954; access to by Executive Directors, 990-95

      • Expansion of, 943-53, 1014

      • Information: internal documents, 944-45; nature and use of, 944; to be furnished to Fund, 943; to be transmitted to commercial banks, 937-39

      • Publications: complexities of publishing, 951-53; expansion of, 946; titles and contents, 946-51

    • INTER-AMERICAN COMMITTEE ON THE ALLIANCE FOR PROGRESS (ciap). See PERMANENT EXECUTIVE COMMITTEE OF THE INTER-AMERICAN ECONOMIC AND SOCIAL COUNCIL (cepcies)

    • INTER-AMERICAN DEVELOPMENT BANK (idb), 35, 962

    • INTEREST RATES

      • Factor in capital movements, 104

      • Floating instead of fixed, 928

      • Relation to: exchange rates, 815, 816, 824-25;

      • Fund’s borrowing rates, 295, 317, 325, 326-27, 344-45, 359, 561; Fund’s SDR interest and remuneration rates, 229, 284, 293-94, 562, 594, 595, 596, 889, 892-93, 894-95

      • See also MONETARY POLICY

    • INTERGOVERNMENTAL GROUP OF TWENTY-FOUR ON INTERNATIONAL MONETARY AFFAIRS. See GROUP OF TWENTY-FOUR

    • INTERIM COMMITTEE—CREATION AND ORGANIZATION (INTERIM COMMITTEE OF THE BOARD OF GOVERNORS ON THE INTERNATIONAL MONETARY SYSTEM)

      • Achievements of, 971

      • Chairmen, 970-71

      • Committee of Twenty: compared with, 967-68; modeled on, 142; successor to, 271

      • Composition, 303, 969

      • Establishment of, 303-304; reasons for, 967, 969

      • Formal name, 303-304; meaning of “Interim,” 304, 967

      • Meetings, conduct of, 970; see also INTERIM COMMITTEE—MEETINGS AND COMMUNIQUES

      • Participation and role in of: Executive Directors, 303, 967-68; Managing Director, 303, 969-70; observers, 954

      • Reports of, 971

      • Terms of reference, 968-69

    • INTERIM COMMITTEE—DELIBERATIONS AND RECOMMENDATIONS

      • Credit tranche enlargement, 528-29

      • Exchange rate instability, 854-57, 858-59

      • Gold, 618-21, 623-25, 626-27, 641-42

      • Quotas, 521-22, 524-25, 526, 531, 533, 534, 708

      • Second Amendment provisions, 707-709, 720-22, 730-31, 733, 736-37, 739-41, 757-58

      • Supplementary financing facility, 549, 556

      • Surveillance, endorsement of tentative Executive Board decision, 846-47

      • Trust Fund, 667, 669-70

      • World economic outlook, 790, 794-95

    • INTERIM COMMITTEE—MEETINGS AND COMMUNIQUES

      • First, 336

      • Second, 418-19, 621, 708-709, 736-37

      • Third, 344, 402, 420, 524-25, 625, 720-22, 739-41

      • Fourth, 404, 525, 626-27, 674, 722, 742

      • Fifth, 526, 634-35, 669-70, 731, 755

      • Sixth, 873

      • Eighth, 531, 549, 878, 940

      • Ninth, 769

      • Tenth, 533, 556, 854-57, 879-80

      • Eleventh, 858-59, 881-82, 935

      • See also individual subjects

    • INTERNATIONAL ADJUSTMENT PROCESS. See BALANCE OF PAYMENTS ADJUSTMENT

    • INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (ibrd). See World Bank

    • INTERNATIONAL COCOA COUNCIL, 417

    • INTERNATIONAL COFFEE ORGANIZATION, 962

    • INTERNATIONAL COOPERATION

      • Anticipated following Smithsonian agreement, 126

      • Concern by Fund (1974), 388

      • Role of: economic groups in, 644; Fund in, 93-94, 1040-41; Managing Director in, 1005, in solution of gold problem, 644; success of, 1041-42

      • Under par value system, 105

    • INTERNATIONAL DEVELOPMENT ASSOCIATION (ida), 674-75

    • INTERNATIONAL FINANCIAL STATISTICS (ifs), 932, 946, 949, 1022

    • INTERNATIONAL LABOR ORGANIZATION (ilo), 957

    • INTERNATIONAL MONETARY FUND. See FUND INTERNATIONAL MONETARY LAW

      • Problems of arising from breakdown of par value system, 735

    • INTERNATIONAL MONETARY SYSTEM

      • Evolving rather than reformed, 255-56, 275, 289, 290, 388

      • Implications for of oil price increases, 312-13

      • Regulation of weakened in 1970s, 267-69

      • Uneasiness about stability of (1972), 58-59

      • See also COMMITTEE OF TWENTY-DELIBERATIONS; OUTLINE OF REFORM; PAR VALUE SYSTEM; REFORM OF INTERNATIONAL MONETARY SYSTEM

    • INTERNATIONAL ORGANIZATIONS

      • Fund relations with, 953-62

      • See also individual organizations

    • INTERNATIONAL SUGAR AGREEMENT, 420-21

    • INTERNATIONAL TIN AGREEMENT, 417, 420

    • INTERNATIONAL TIN COUNCIL, 962

    • INTERNATIONAL TRADE ORGANIZATION, 87

    • INTERVENTION CURRENCY

      • Definition, 95

      • Factor in: creating snake arrangements, 280; revising decision on central rates, 280

      • U.S. dollar as, 95-96, 128, 280

    • INTERVENTION IN EXCHANGE MARKETS. See EXCHANGE MARKETS: Intervention and EXCHANGE RATES, FLOATING

    • INTERVENTION SYSTEMS

      • ec arrangements for, 245; see also EUROPEAN NARROW MARGINS ARRANGEMENTS

      • Multicurrency (mci), 128-29, 136, 139; in Committee of Twenty model on convertibility, 233, 234, 235; in Outline of Reform, 259;

      • relation to asset settlement, 185, 244, 245-46; relation to substitution account, 182; U.S. proposal for, 168-69, 182, 184

      • SDR as intervention medium, 246, 259

      • See also COMMITTEE OF TWENTY-TECHNICAL GROUPS: On intervention and settlement

    • INVESTMENT ACCOUNT, FUND, 699, 723-24

    • INVESTMENT OF FUND’S ASSETS, 599, 600

    • IOANE, AUMUA, 404

    • IRAN

      • As major oil exporter, 306, 308

      • Borrowing by Fund, 556; for oil facility, 325, 330, 345, 346*

      • Capital inflows, 43

      • Classification by Fund, 42n

      • Consultations, special, 279

      • Debt, external, 928

      • Drawings (purchases) from Fund (net), 885*; repurchases, 569*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in: Fund, 905*; opec, 306

      • Par value, change in, 56

      • Proposals for: concessionary aid, 314; voluntary contributions to Trust Fund, 665

      • Quota in Fund, 532, 534, 540*

      • Rial: use in Fund transactions, 580*; use in SDR basket, 892, 893*

      • SDR: allocations, 885*; holdings, 897

      • Stand-by arrangements with Fund, 428*

      • Subsidy Account contribution, 354*

      • Trust Fund: contribution, 678; exclusion from, 674, 675

    • IRAQ

      • As major oil exporter, 306, 308

      • Classification by Fund, 42n

      • Dinar: use in Fund transactions, 580*

      • Drawings (purchases) from Fund (net), 885*; repurchases, 569*, 612

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in: Fund, 905; opec, 306

      • Quota in Fund, 532, 534, 540*

      • SDR allocations, 885*

      • Trust Fund: contribution, 677, 678; exclusion from, 674, 675

    • IRELAND

      • Art. VIII, acceptance of obligations of, 912n

      • Classification by Fund, 42n, 789

      • Exchange arrangements, 804*

      • Exchange controls, 50

      • Membership in: ec, 76; Fund, 905*

      • Participation in snake arrangements suspended, 811

      • Pound: floating, 55, 80; use in Fund transactions, 580*

      • Quota in Fund, 540*

      • SDR allocations, 885*

      • Trust Fund, exclusion from, 675

    • ISLAMIC DEVELOPMENT BANK (isdb), 921, 954, 962

    • ISRAEL

      • Capital inflows, 43

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 438*, (net), 888*; under compensatory financing facility, 413*; under oil facility, 331, 348*; repurchases, 573*

      • Exchange arrangements, 805*, 806

      • Membership in Fund, 905*

      • Par value change, 35, 36*

      • Quota in Fund, 539, 543*

      • SDR allocations, 888*

      • Stand-by arrangements with Fund, 424, 428*, 431

      • Trust Fund, exclusion from, 675, 676

    • ITALY

      • Art. VIII, acceptance of obligations of, 912n

      • Asset settlement and convertibility, proposal for, 183-84, 185, 248

      • Balance of payments: adjustment, 449; deficits, 63, 308, 390, 442, 447, 450; surpluses, 357, 391, 448, 452, 458

      • Capital movements, 61, 63, 442, 449, 450, 451; measures to control, 61

      • Central rate used, 39, 58, 64, 280; views on, 39, 40

      • Classification by Fund, 42n, 789

      • Consultations: Art. VIII, 448, 456, 457; special, 70, 278, 279

      • Domestic credit expansion, 447, 448, 449, 450, 458

      • Economic situation and policies, 447, 448-49, 455, 458; exchange rate policy, 456, 816; expansionary after 1973, 439-40, 442-43, 451-52; impact of oil price increases, 441, 443, 446; leading to requests for Fund assistance (1976), 451-52; postwar “Italian miracle,” 61-62; recession, 62-63; recovery, 479; reflationary, 450

      • Exchange arrangements, 805*; policies discussed by Executive Directors, 838

      • Exchange market: dual, 61, 63-64, 70, 192, 445; intervention in, 61, 442, 451, 458, 816

      • Fiscal policy, 447, 455

      • Gold reserves used as collateral for borrowing, 608, 614

      • Gross national product, 24-25, 389, 444

      • Incomes policy, 62-63, 450, 451, 453, 454, 455, 456-57, 459

      • Inflation, 390, 458

      • Membership in: Fund, 441, 538, 905*; Group of Ten, 11

      • Lira: convertible in fact, 764; floating, 69-70, 80, 276, 442; rates for, 442, 449, 451, 452, 458; rates for vis-à-vis U.S. dollar, 809, 811, 865; use in Fund transactions, 32, 33-34, 576, 580*; use in SDR currency basket, 293*, 893*

      • Loan from ec, 449, 451, 454

      • Monetary policy, 61, 63, 447, 450, 455

      • Money supply, 444, 450

      • Participation in snake arrangements suspended, 811, 813

      • Participation

      • in summit meetings, 745-46, 746-47, 940, 978

      • Par value, 64

      • Proposal for: basic balance indicators, 174-75; mci system, 245

      • Quota in Fund, 441, 525, 537n, 538, 540*; views on, 517, 522

      • Reserves, 442, 449, 458

      • Restrictions on trade and payments, 445, 447-48, 449, 451, 452, 457

      • Scala mobile; see Incomes policy, above

      • SDR: allocations, 885*; holdings, 897

      • Stand-by arrangements with Fund: amounts, 424, 428*; approved, 440-41, 456-57; negotiations for, 441, 451-53; performance of, 446-49, 458-59; programs for, 443-44, 454-56, 486; proposed by officials, 452-53; purchase provisions, 456; significance of for Fund, 478-79

      • Subsidy Account contribution, 354*

      • Transactions with Fund: drawings (purchases), 423, 433*, (net), 885*; in gold tranche, 441; under oil facility, 331, 347, 347*, 349, 448-49, 450; under stand-by arrangements, 349, 431, 457, 458, 590, 592, 816; repurchases, 457, 458, 568, 569*

      • Trust Fund, exclusion from, 674

      • Unemployment and inflation, 12, 449

      • Views on: consolidation, 217; global need for reserves, 179; “link” 205, 224; oil facility, 339; par value changes, 170; valuation of gold, 608

      • Wage indexation system. See Incomes policy, above

    • IVORY COAST

      • Consultations, special, 279

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under compensatory financing facility, 410, 412*; under oil facility, 331, 348*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 905*

      • Quota in Fund, 539, 541*

      • SDR allocations, 886*

      • Subsidy Account payments received, 355*

    J

    • J-CURVE. See EXCHANGE RATES: Changes in, effects of

    • JACOBSSON, PER. See MANAGING DIRECTOR

    • JAGANNATHAN, S., 331, 640, 651, 668, 722, 754

    • JALAL, MAHSOUN B., 767, 866

    • JAMAICA

      • Art. VIII, acceptance of obligations of, 912n

      • Dollar floating, 55

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under compensatory financing facility, 400, 411, 413*; under oil facility, 348*; repurchases, 573*

      • Economic situation and policies, 381

      • Exchange arrangements, 805*

      • Extended arrangement with Fund, 380-81

      • Gold sales, profits received from, 679*

      • Membership in Fund, 905*

      • Par value change, 56

      • Quota in Fund, 539, 543*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 428*, 431

    • JAMAICA AGREEMENT

      • Assessed, 760-62; criticized, 759; hailed, 758

      • Compared with Outline of Reform, 759-60

      • Elements of, 757-58

    • JAMAL, A.H., 415

    • JANSON, GEORGES, 172, 208

    • JAPAN

      • Acceptance of Second Amendment, 769

      • Art. VIII, acceptance of obligations of, 912n

      • Balance of payments surpluses, 15, 16, 73, 308, 391, 855, 861; oil deficit, 390

      • Banking regulations, Fund study on, 932

      • Borrowing by Fund for supplementary financing facility, 557n

      • Capital markets, Funds study on, 931

      • Capital movements and measures to control, 73, 215, 854

      • Central rate used, 39, 58, 72, 280

      • Classification by Fund, 42n, 789

      • Consultations: Art. IV, 915; Art. VIII, 16; special, 75, 278, 279

      • Economic situation and policies: discount rate reduced, 854; expansionary (1978), 857, 858, 861, 863; measures needed to stabilize world economy, 393, 394, 855; reluctance to resolve by revaluation, 71, 72; views on, 73-74; restrained, 818

      • Exchange arrangements, 805*; policies discussed by Executive Directors, 838; views on floating, 73, 173, 188-89; views on intervention, 816, 818

      • Exchange market intervention, 72, 75, 818; criticism of, 74-75; policy on coordinated with U.S., 865

      • Executive Board representation, 999

      • General Arrangements to Borrow: borrowing under, 590; commitment enlarged, 590

      • Gross national product, 24-25, 389, 391

      • Import restrictions, Fund study on, 942

      • Intermediary in gold restitution, 659

      • Membership in: Fund, 71, 538, 905*; in Group of Ten, 11

      • Participation in: Big Five meetings, 743, 977-78; Committee of Twenty, 156; summit meetings, 745-46, 746-47, 940

      • Par value, 71

      • Proposal for mci system, 245

      • Quota in Fund, 513, 525, 530, 532, 533, 540*; views on quotas, 512, 519-20, 530, 532, 533, 539

      • SDR allocations, 885*

      • Stand-by arrangements with Fund, 428*

      • Subsidy Account contribution, 354*

      • Swap arrangements with U.S., 862

      • Trade: negotiations with U.S., 72, 960; restrictions on, 72-73; signatory of voluntary declaration on, 349; surpluses, 16, 71, 73;

      • U.S. views on Japan’s restrictions, 74; views on Fund’s role in, 221

      • Trust Fund, exclusion from, 675

      • Unemployment and inflation, 12, 864

      • Yen: currency convertible in fact, 589n; floating, 69-70, 71-72, 276; freely usable currency, 776; rates for, 70-71, 72, 75, 809, 811, 853, 860, 861, 862, 865; reserve currency, 637; revaluation, 15; use in computations for remuneration and SDR interest rate, 594, 596, 891, 892; use in Fund transactions, 32, 33-34, 539, 576, 577, 580*; use in SDR currency basket, 293, 293*, 893*

      • Views on: asset settlement and convertibility, 226-27, 235-36;

      • balance of payments adjustment and pressures, 188-89, 235-36; gold, 618; “link,” 224; reform group, 152; SDR valuation and interest rate, 179, 229, 285-86

    • JAYAWARDENA, LAL, 207, 980

    • JIMENEZ M., BERNAL, 415, 654

    • JOHNSON, LYNDON B., 147

    • JOINT MINISTERIAL COMMITTEE OF THE BOARDS OF GOVERNORS OF THE BANK AND THE FUND ON THE TRANSFER OF REAL RESOURCES TO DEVELOPING COUNTRIES. See DEVELOPMENT COMMITTEE

    • JORDAN

      • Dinar pegged to U.S. dollar, 55

      • Drawings (purchases) and repurchases from Fund: purchases, 438*; under compensatory financing facility, 400, 413*; repurchases, 573*, 612

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 679*

      • Membership in Fund, 906*

      • Par value change, 25, 36*

      • Quota in Fund, 543*

      • SDR allocations, 888*

      • Trust Fund eligibility, 671n

    K

    • KAFKA, ALEXANDRE, 78, 786

      • Comments and views on: Art. IV, 754; asset settlement and consolidation, 132-33; conditionality, 502, 669; credit tranche enlargement, 528; Fund’s role in trade matters, 705; gold agreement, termination of, 610; gold subscription payments, 716; gold substitution account, 640; guidelines for floating rates, 300, 302; Jamaica agreement, 759; membership of small states, 910; oil facility, 319, 323, 339-40; quotas, 518; repurchase provisions of stand-by arrangements, 698; revaluation of gold reserves, 616; surveillance, 841, 847; transmittal of information to commercial banks, 937, 938; Trust Fund, 669, 671; U.K. incomes policy, 474

      • Role in Committee of Twenty, 160, 214, 216, 239, 247

      • Role in staff compensation issues, 1017

      • Service, 997

    • KAMPUCHEA, DEMOCRATIC

      • Drawings (purchases) from Fund, 436*, (net), 887*; under compensatory financing facility, 400, 412*

      • Gold: arrangements for restitution, 659; sales, profits received from, 679*

      • Membership in Fund, 906*

      • Quota in Fund, 527, 534, 542*

      • SDR allocations, 887*

      • Trust Fund eligibility, 670n

    • KAUL, P.N., 1028

    • KAWAGUCHI, KAICHI, 518, 650, 717

      • Comments and views on: floating rates, 73, 75, 299; extended facility, 366; gold arrangements, 616; intervention, 816; oil facility, 342; quotas, 518, 520; SDR valuation, 285; stand-by arrangements, 690, 703; surveillance, 842; trade versus exchange measures, 221; Trust Fund, 165

      • Service, 998

    • KAZI, A.G.N., 980

    • KENNEDY, JOHN F., 102

    • KENNEDY ROUND. See GENERAL AGREEMENT ON TARIFFS AND TRADE: Multilateral trade negotiations

    • KENT, PENDARELL, 505, 677, 781, 910

    • KENYA

      • Balance of payments, 370, 372

      • Budget, 371

      • Consultations, special, 279

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under compensatory financing facility, 412*; under oil facility, 331, 348*; repurchases, 570*

      • Economic situation and policies, 370-71; stabilization programs with Fund, 371-72

      • Exchange arrangements, 372, 804*

      • Extended arrangement with Fund, 370-72

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Participant in gold auctions, 657

      • Quota in Fund, 539, 541*

      • SDR allocations, 886*

      • Shilling pegged to U.S. dollar, 55

      • Stand-by arrangements with Fund, 373, 424, 428*

      • Subsidy Account payments received, 355*

    • KEYNES, JOHN MAYNARD, 48, 85

      • Comments and views on: automaticity of drawings, 482; full employment, 86, 87, 89

      • Keynes Plan, 169, 266

      • Proposals for: bancor, 88, 103; Executive Board role, 967; gold deposits with Fund, 642

      • Role at Bretton Woods, 266

    • KEYNESIAN ECONOMICS, 86, 94, 311

    • KHALID, RASHEED O., 1028

    • KHARMAWAN, BYANTI, 136, 302, 377, 640, 866, 937

      • Comments and views on: Art. IV, 703; commodity prices, 409; conditionality, 502, 669; credit tranche enlargement, 528; Fund’s role in trade matters, 705; “link,” 205; membership of small states, 911; oil facility, 323, 340; quotas, 518; revaluation of gold reserves, 616; Trust Fund eligibility, 665, 675, 676, 677, 678; U.K. stand-by arrangement, 474

      • Proposal on buffer stock financing facility, 418, 419

      • Service, 997

    • KIBAKI, MWAI, 404

    • KINDLEBERGER, CHARLES P., 760

    • KISSINGER, HENRY A., 238-39, 453

      • Proposal for facility to finance oil deficits and for Trust Fund, 337, 339, 340, 405, 662

    • KJAER, JORN H., 722

    • KLEPPE, PER, 624, 654, 720

    • KOIVISTO, MAUNO, 860

    • KONAN BEDIE, HENRI, 666, 973, 974

    • KOREA

      • Capital inflows, 43

      • Consultations: Art. IV, 916; special, 279

      • Credits from banks, Fund study, 931

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund, 318, 436*, (net), 887*; under compensatory financing facility, 412*; under oil facility, 331, 348*; repurchases, 218, 571

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Participant in gold auctions, 657

      • Protectionism, Fund study on discussed, 942

      • Quota in Fund, 532, 534, 539, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 426, 428*, 431

    • KOSTIĆ, PETAR, 929

    • KUWAIT

      • Art. VIII, acceptance of obligations of, 912n

      • As major oil exporter, 306, 308

      • Borrowing by Fund: for oil facility, 326, 330, 345, 346*; for supplementary financing facility, 546-47, 557n

      • Consultations, special, 279

      • Dinar: use in Fund transactions, 321, 577, 580*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership: in Fund, 906; in opec, 306

      • Participant in Special Drawing Rights Department, 898n

      • Quota in Fund, 532, 534, 540*

      • Trust Fund: contribution to, 677, 678; eligibility, 674, 675

    L

    • LACHMAN, PHILINE R., 1031

    • LAFEE, ALFREDO, 980

    • lafta. See LATIN AMERICAN FREE TRADE ASSOCIATION

    • LA MALFA, UGO, 445-46

    • LANG, H.G., 190

    • LANG, JOSEPH W., JR., 1028

    • LAO PEOPLE’S DEMOCRATIC REPUBLIC

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; under compensatory financing facility, 412*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Quota in Fund, 542*

      • SDR allocations, 887*

      • Trust Fund: eligibility, 670n; loan from, 673*

    • LAREDO, MANUEL MOREYRA, 980

    • LARRE, RENE, 634

    • LASKE, GERHARD, 504, 533, 722, 937

    • LATIN AMERICA AND CARIBBEAN

      • Drawings (purchases) and repurchases from Fund, 937*, (net), 887*-88*; under compensatory financing facility, 413*; repurchases, 512* Executive Board representation, 764, 767, 999

      • Quotas in Fund, 542*-43*

      • SDR allocations, 887*-88*

      • Stand-by arrangements with Fund, 426

    • LATIN AMERICAN FREE TRADE ASSOCIATION (lafta), 245

    • LAWSON, R.W., 190

    • LEBANON

      • Exchange arrangements, 805*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Participant in Special Drawing Rights Department, 898

      • Quota in Fund, 532, 534, 539, 543*

      • Signatory of voluntary declaration on trade, 350

    • LEDDY, THOMAS B.C., 212, 842, 843

    • LEMMA, MENASSE, 190, 254

    • LESOTHO

      • Currency floating, 55

      • Drawings (purchases) from Fund (net), 886*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Par value change, 56

      • Quota in Fund, 535n, 541*

      • SDR allocations, 886*

      • Signatory of voluntary declaration on trade, 350

    • LEUNG, ERNEST, 377

    • LEUTWILER, FRITZ, 630

    • LIBERIA

      • Drawings (purchases) from Fund, 435*, (net), 886*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Par value change, 35, 36*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Signatory of voluntary declaration on trade, 349

      • Stand-by arrangements with Fund, 362, 426, 428*, 431

    • LIBYA

      • As major oil exporter, 308

      • Borrowing by Fund for oil facility, 326

      • Classification by Fund, 42n

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership: in Fund, 906*; in opec, 306

      • Participation in Special Drawing Rights Department, 898

      • Quota in Fund, 532, 534, 540*

      • Trust Fund: contribution to, 677; eligibility, 674, 675

    • LIEFTINCK, PIETER, 39, 408, 528, 754

      • Comments and views on: Canadian float, 41; conditional versus unconditional liquidity, 519; Council, 693, 721; compensatory financing facility, 367-68; formation of Committee of Twenty, 153; Fund’s role in trade matters, 221; Fund’s role in U.S. devaluation, 68; gold substitution account, 616, 641; Italian stand-by arrangement, 446; “link,” 204; media of payment for subscriptions, 717-18; oil facility, 319, 320, 342; quotas, 522, 523-24; reform of international monetary system, 131-32; repurchase provisions, 698; role of Group of Ten, 144; role of SDR, 131-32; surveillance, 302, 842-43

      • Dean of Executive Board, 767, 997

    • LINK BETWEEN SDR ALLOCATIONS AND DEVELOPMENT FINANCE

      • Fund staff proposals on, 201-202, 206; discussed in Committee of Twenty, 206-209; Executive Board, 203-205; opposition to, 208; views of developing members on, 179, 205, 207-208

      • In: report on reform, 140; staff sketch, 129-30

      • Rejection by Committee of Twenty, reasons for, 255

      • Views of: developing members, 179, 205, 207-208, 400; Group of Twenty-Four, 207; industrial and more developed members, 224, 229-30

      • See also COMMITTEE OF TWENTY-TECHNICAL GROUPS and SDR ALLOCATIONS

    • LIQUIDITY, FUND

      • Adequacy of, 528; problems of gauging, 581, 583; related to supplementary financing facility proposal, 545-46, 547

      • Analysis of by Fund staff, 584; factors determining, 584*; ratios, 585*

      • Components assessed, 582

      • Concept of, 582, 583

      • Considered for: compensatory financing facility liberalization, 408; extended Fund facility, 367, 368; stand-by arrangements (Italy), 446, 457; (U.K.), 474

      • Defined, 582, 599

      • Relation to: increase in gab, 591; usability of members’ currencies, 579, 583

      • Reviewed in connection with oil facility, 319-20

    • LIQUIDITY, INTERNATIONAL

      • Adequacy of: factors involved in assessing, 1034; following oil price increases, 249; related to trade, 179

      • As problem of Bretton Woods system, 102; priority given to resolving, 106-107; reasons for, 107-11

      • Change in affected by SDRs, 753

      • Conditional versus unconditional: discussed, 879; distinguished, 485, 519

      • Effects of gold arrangements on discussed, 610, 619, 620, 623, 627

      • Expansion through Fund quota increase considered, 519, 873; see also RESERVES, INTERNATIONAL: Adequacy and Global need

      • Impact of on “link” proposal, 255

      • Management of: considered at Fund conferences, 643; Fund’s role in, 633; in Committee of Twenty discussions, 194, 233, 248; in Outline of Reform, 257; Managing Director’s concern about, 636-38, 899, 1007; proposed for reformed system, 131, 132

      • Problems of Fund’s role in, 116-17

      • Related to balance of payments adjustment, 96, 107-108

      • Reduction of through consolidation, 126

      • See also ASSET SETTLEMENT; COMMITTEE OF TWENTY—TECHNICAL GROUPS; and SDR ALLOCATIONS

    • LITTLER, J.G., 208, 209

    • LOME CONVENTION, 402-403

    • LONG, OLIVIER, 958

    • LOPEZ PORTILLO, JOSE, 228, 377

    • LOSADO, BENITO RAUL, 860

    • LUXEMBOURG

      • Art. VIII, acceptance of obligations of, 912n

      • Central rate, 58

      • Classification by Fund, 42n, 789

      • Drawings (purchases) from Fund (net), 885*; repurchases, 569*

      • Exchange arrangements, 23, 805*, 806; see also Participation in snake, below

      • Franc: dual market, 64; floating jointly with ec, 79; use in Fund transactions, 577, 581*

      • Membership in Fund, 906*

      • Participation in snake, 23, 802-803, 811, 812, 813

      • Quota in Fund, 537n, 538, 540*

      • SDR allocations, 885*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

    • LYNCH, DONAL, 998

    • LYNCH, PHILLIP, 495, 937

    M

    • MACDONALD, DONALD S., 654, 817

    • MACHLUP, FRITZ, 760

    • McMAHON, CHRISTOPHER W., 178

    • McNAMARA, ROBERT S., 317, 973

    • MACROECONOMIC POLICIES

      • Covered in world economic outlook, 787

      • Fund’s authority recognized, 841

      • Fund’s emphasis on in stabilization programs, 454, 497, 499

      • Relation to exchange rate policy, 831

      • Theory of rational expectations, 825

      • Used for balance of payments adjustment, 92-93, 96, 104, 106

      • Used in controlling inflation, 312

      • See also FISCAL POLICY and MONETARY POLICY

    • MADAGASCAR

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under oil facility, 331, 348*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 424, 428*

    • MAGURN, KATHERINE F., 1031

    • MAHROUG, ISMAIL, 243, 255, 980

    • MAJOR OIL EXPORTING COUNTRIES

      • Balance of payments positions, 390, 791

      • Classification of by Fund, 42n; for Trust Fund purposes, 674

      • Coverage in world economic outlook, 791, 793

      • Drawings (purchases) from Fund, 432*, 434*; repurchases, 569*

    • MAKALOU, OUMAR BAROU, 1028

    • MALAGODI, GIOVANNI, 40, 183, 189

    • MALAWI

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under oil facility, 348*; repurchases, 570*

      • Exchange arrangements, 804*, 805*

      • Gold sales, profits received from, 680*

      • Kwacha floating, 55

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Signatory of voluntary declaration on trade, 349

      • Subsidy Account payments received, 355*

    • MALAYSIA

      • Art. VIII, acceptance of obligations of, 912n Consultations, special, 279

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; under buffer stock financing facility, 417; under compensatory financing facility, 411, 412*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Participant in gold auctions, 657

      • Quota in Fund, 539, 542*

      • Ringgit: use in Fund transactions, 577, 581*

      • SDR allocations, 887*

    • MALDIVES

      • Exchange arrangements, 804*

      • Membership in Fund, 536*, 906*

      • Quota in Fund, 536*, 542*

    • MALI

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under oil facility, 348*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 428*

      • Subsidy Account payments received, 355*

    • MALTA

      • Classification by Fund, 42n, 789

      • Economic situation and policies, 676

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Pound: floating, 55; use in Fund transactions, 578, 581*

      • Quota in Fund, 540*

      • SDR allocations, 885*

      • Trust Fund eligibility, 674-75, 675-76

    • MANAGING DIRECTOR

      • Attendance at meetings of other organizations, 954, 961

      • Functions: as Executive Board Chairman, 986-87; as head of staff, 1001-1002; as main recipient of confidential information, 990-91; initiation of special consultations on floating rates, 992; relations with members, 992-93; summing up of Board discussions, 850, 989; time spent on Fund’s regular activities, 903

      • Participation in: Interim Committee, 303, 969-70; Development Committee, 303, 304

      • Relations with Executive Directors, 983, 986, 991

      • Role of: in Committee of Twenty, 154; in policymaking, 965; in SDR allocations, 872, 873; in world economic outlook, 795

      • Speaking engagements, 956

    • MANAGING DIRECTOR (J. de Larosière), 556, 899, 1009

      • Appointment and service, 1007-1008

      • Meetings and speaking engagements, 953

      • Positions, comments, explanations: aims for Fund, 1008; balance of payments adjustment and U.S. dollar rates (1978), 861, 864; conditionality, 500; exchange rate policy, 831; exchange rate variability, 859; external debt of developing members, 929; publication of World Economic Outlook, 797; quotas, 534, 1008; world economic problems, 394-95

      • Proposal on: SDR allocation “package,” 880, 882-83, 1008; SDR interest rate and remuneration rate, 894

      • Summing-up procedure developed, 989

      • See also DE LAROSIERE, JACQUES

    • MANAGING DIRECTOR (Camille Gutt), 994, 1003

    • MANAGING DIRECTOR (Per Jacobsson), 484, 588, 1003

    • MANAGING DIRECTOR (Ivar Rooth), 483, 994, 1003

    • MANAGING DIRECTOR (Pierre-Paul Schweitzer), 35, 50, 107, 1020

      • Meetings, visits, speaking engagements, 40, 953, 957; with ec ministers, 76, 77, 78; with Group of Ten, 78, 144, 147; with U.S. officials, 76, 77, 150

      • Positions, comments, explanations: asset settlement, 118, 128, 151, 1003; Canadian float (1970), 119; committees of Governors, 142, 146, 154; consultations, 276; devaluation of U.S. dollar, 67, 68, 69, 118, 1003; Executive Directors’ role, 983-84; floating rates, 24, 76-77, 78, 79, 119; gold, official price, 118; gold subscription payments, 611-12; need for harmonization of policies, 18; par value system, 40, 76-77, 78, 118-19, 1003; report on reform, 140; role in Committee of Twenty, 154, 230; SDRs, 283, 872, 1002-1003; U.K. devaluation (1967), 118

      • Proposals for: special consultations, 276; staff reorganization, 1010; world economic outlook, 786

      • Terms of service and departure from Fund, 118, 1002-1004, 1008

    • MANAGING DIRECTOR (H. Johannes Witteveen), 275, 361, 748, 911, 974

      • Appointment and resume of service, 69, 240, 500, 533, 1004-1007

      • Meetings, visits, speaking engagements, 309-10, 312-13, 496-97, 636-37, 936, 953, 959, 1006; at bis, 475, 630, 635, 644; for oil facility, 317, 324-26, 345; for supplementary financing facility, 546-47, 549-50; to India, 331; to Middle East, 317, 324-26, 345; with French officials, 742, 746; with Italian officials, 452, 453; with U.K. officials, 466, 471-72, 476

      • Positions, comments, explanations: amending Articles, 715, 733, 739, 742, 758; avoiding recess avoiding restrictions, 313-14, 322, 940; balance of payments adjustment, 309-10, 312, 392, 394, 490, 495, 831; buffer stock and compensatory financing facilities, 401; conditionally, 496-98; confidential information, transmittal of to Executive Directors, 993, 994; Council, 720; Eurocurrency markets, 639, 642, 932, 933; floating rates, 814, 1005; Fund relations with commercial banks, 936; gold arrangements of Group of Ten, 614, 636; gold sales by Fund, 612-13, 614, 620, 624, 633;

      • gold transactions by central banks, 612, 619-20, 624, 625; inflation, causes and control, 312, 389, 497, 636-37, 638, 642, 1004-1005; oil deficits, 309-10, 314-15; oil facility, 322, 323, 358, 1005; private investment, 915, 916; quotas, 517, 521, 529, 531-32; stand-by arrangement, Italian, 446, 449, 452, 453, 454; stand-by arrangement, U.K., 463, 466, 468, 470; staff, size of, 1010-11; surveillance, 497-98, 838-39; Trust Fund, 664, 668; world economic outlook, 790-91, 797, 1005

      • Proposals for: credit tranche enlargement, 527-28, 529; GAB increase, 590; gold arrangements, 620-21, 621-22, 623, 627, 637, 730; Interim Committee, 304; oil facility, 305, 306, 312-13, 314-15, 316, 317-18, 319, 321, 327, 330, 331, 333, 334-35, 345, 348, 349, 358-59, 791, 1005; special consultations, 278, 1005; substitution account, 636-37, 638-39, 642, 890, 899; supplementary financing facility, 545-46, 549, 550-51, 552; Trust Fund financing, 675, 676; world economic growth, 394, 1005

      • Role in sterling balance agreement, 475-76, 478

      • SDRs, actions taken and views on: allocations, 873, 878, 880; rate of interest, 290; reconstitution, 721; valuation, 290

    • MANAGING DIRECTOR, DEPUTY. See DEPUTY MANAGING DIRECTOR

    • MARCOS, FERDINAND, 374

    • MARGAIN, HUGO B., 190

    • MARINHO DE BARROS, LUIZ, 248

    • MARSHALL, ALFRED, 837

    • MASSAD A., CARLOS, 78, 248

    • MATENJE, D.T., 43

    • MATSUNAGA, MASANAO, 505, 530, 532, 547, 677, 865-66

    • MATTERA, ALBERT A., 1025

    • MATTHOFER, HANS, 501, 502, 853, 855, 858, 859, 879

    • MAURITANIA

      • Drawing(purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under compensatory financing facility, 410, 412*; under oil facility, 348*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 428*

      • Subsidy Account payments received, 355*

    • MAURITIUS

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under compensatory financing facility, 411, 412*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Participant in gold auctions, 657

      • Par value change, 37

      • Quota in Fund, 541*

      • Rupee floating, 55

      • SDR allocations, 886*

      • Signatory of voluntary declaration on trade, 349

      • Stand-by arrangements with Fund, 424, 428*

      • Trust Fund eligibility, 682

    • MAYOBRE, EDWARDO, 502, 503

    • MEADE, JAMES, 101

    • MEMBERSHIP IN FUND

      • As of selected dates, 904*-907*

      • Classification of by Fund, 42n, 352

      • comecon countries, 93

      • New members: characteristics of, 908; developing countries, 908-909; impact of on Fund’s work, 907-908; (1972-78), 55n, 535, 536*, 904

      • Small states: admittance of, considered by staff, 909-910; discussed by Executive Board, 910-12; effects on voting power of, 911; new, 908

      • Technical assistance on provided, 920

      • Uniformity of treatment discussed, 911

    • merm. See MULTILATERAL EXCHANGE RATE MODEL

    • MERZEBAN, MOHAMED A., 43

    • MEXICO

      • Art. VIII, acceptance of obligations of, 912n

      • Balance of payments position, 378

      • Capital inflows, 43

      • Classification by Fund, 888n Consultations, special, 279

      • Debt, external, 379-80, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 379, 437*, (net), 887*; under compensatory financing facility, 411, 423*; repurchases, 380, 573*

      • Economic situation and policies, 377-78

      • Exchange arrangements, 805*, 806

      • Extended arrangement with Fund, 377-80; stabilization program for, 379-80

      • Gold sales, profits received from, 680*

      • Income distribution, 378, 379

      • Membership in Fund, 906*

      • Participant in gold auctions, 657

      • Par value change, 35, 36*

      • Peso: convertible in fact, 764; rates for, 377, 379; use in Fund transactions, 576, 581*

      • Protectionism, Fund study on discussed, 942

      • Quota in Fund, 539, 543*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 428*

    • MIDDLE EAST

      • Drawings (purchases)and repurchases from Fund: purchases, 438*, (net), 888*; under compensatory financing facility, 413*; repurchases, 573*

      • Quotas in Fund, 543*

      • SDR allocations, 888*

    • MIKI, TAKEO, 746

    • MILLER, G. WILLIAM, 858

    • MITCHELL, DEREK, 234, 466

      • Comments and views on: features of reformed international monetary system, 130, 131, 190; reserve creation, 178; U.K. repurchase, 32-33

    • MOGAE, FESTUS G., 503

    • MOHAMMED, AZIZALI F., 1028-29

    • MONDAY, H.R., JR., 299, 612, 705-706

      • Comments and views on: credit tranche enlargement, 528; distribution of profits from gold sales, 651; gold substitution account, 640; oil facility, 340; revaluation of gold reserves, 616; Trust Fund, 665, 669, 671

      • Service, 998

    • MONETARISM

      • Relation to Fund’s policies on conditionality, 484-85, 491-92

    • MONETARY POLICY

      • Coordination of by industrial members advocated, 17, 18, 258, 815-16, 818, 834

      • For combating inflation, 816

      • Independence of expected with floating rates, 833-34, 930

      • Relation to capital movements, 813, 816, 824-25

      • Used in stabilization programs, 455, 497

      • See also DOMESTIC CREDIT EXPANSION; FISCAL POLICY; STABILIZATION PROGRAMS; and individual countries

    • MONNET, JEAN, 171

    • MONORY, RENE, 855, 858, 859, 860, 879

    • MONREAL LUQUE, ALBERTO, 191, 196

    • MOOKERJEE, SUBIMAL, 1026

    • MORNING PRESS, 945-46

    • MORO, ALDO, 448, 746

    • MOROCCO

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under compensatory financing facility, 410, 412*; under oil facility, 348*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 672, 673*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 362, 428*

      • Subsidy Account payments received, 355*

    • MORRIS, ALAN G., 677

    • MORSE, C. JEREMY, 175, 187, 211, 758

      • Background, 164, 222

      • Comments and views on: aims for Committee of Twenty, 164, 243; characteristics of reformed system, 261-62; exchange rates, 170; failure of Committee of Twenty, 267; failure to achieve objectives, 241; models on convertibility and adjustment, 237-38; oil price increases, 313; opposing European and U.S. positions, 239; Outline of Reform, 193-94, 195, 253; role of deputies in Committee of Twenty, 196

      • Role in Committee of Twenty, 158-59, 160-61, 214, 217, 222-23, 245

    • MOST SERIOUSLY AFFECTED (msa) COUNTRIES. See SUBSIDY ACCOUNT

    • MOYNIHAN, DANIEL P., 405

    • MOZAMBIQUE, 352

    • MULDOON, R.D., 860, 879, 929

    • MULTICURRENCY INTERVENTION (mci). See INTERVENTION SYSTEMS

    • MULTILATERAL EXCHANGE RATE MODEL (merm), 125, 790, 810, 854

    • MULTILATERAL TRADE NEGOTIATIONS (mtn). See GENERAL AGREEMENT ON TARIFFS AND TRADE

    • MULTIPLE CURRENCY PRACTICES. See EXCHANGE RATES, MULTIPLE

    • MUNDELL, ROBERT A., 643, 646

    • MUNG’OMBA, WILA D., 377, 677, 937

    • MURAYAMA, TATSUO, 855, 860, 929, 935

    • MWANAKATWE, J.M., 43, 400

    N

    • NANA-SINKAM, SAMUEL, 503, 528, 677, 692, 766, 866, 998

    • NARVEKAR, P.R., 1025

    • NELISSEN, R.J., 189

    • NEPAL

      • Drawings(purchases) from Fund, 436*, (net), 887*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Participant in gold auctions, 657

      • Par value change, 35, 36*

      • Quota in Fund, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 424, 428*

      • Trust Fund: eligibility, 670n; loan from, 673*

    • NET CREDITOR POSITIONS. See REMUNERATION ON NET CREDITOR POSITIONS

    • NETHERLANDS

      • Art. VIII, acceptance of obligations of, 912n

      • Borrowing by Fund: for oil facility, 326, 330, 345, 346*; for supplementary financing facility, 557n

      • Capital controls, 215

      • Central rate, 39, 58

      • Classification by Fund, 42n, 789

      • Consultations, special, 278

      • Drawings (purchases) from Fund, 423, 433*, (net), 885*

      • Economic situation and policies, 439

      • Exchange arrangements, 23, 805*, 806; views on, 815-16, 818, 839; see also Participation in snake, below

      • Guilder: convertible in fact, 764; floating, 28, 79, 80; use in Fund transactions, 28, 33-34, 576, 581*, 581; use in SDR currency basket, 293*, 892, 893*

      • Intermediary in gold restitution, 659

      • Membership in: Fund, 906*; Group of Ten, 11

      • Oil: exporter of, 356; exports to, embargo on imposed, 306; lifted, 307, 355

      • Participation in snake, 802-803, 811, 812, 813

      • Quota in Fund, 525, 527, 532, 537n, 540*

      • SDR: allocations, 885*; holdings, 897

      • Signatory of voluntary declaration on trade, 349

      • Stand-by arrangements with Fund, 429*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

      • Views on: consolidation, 217; “link,” 224; role of reserve currencies, 179

    • NEW INTERNATIONAL ECONOMIC ORDER, 201, 325

    • NEWLY INDUSTRIALIZED COUNTRIES, 917

    • NEW ZEALAND

      • Acceptance of Second Amendment, 769

      • Classification by Fund, 42n, 789

      • Dollar pegged to U.S. dollar, 55

      • Drawings (purchases) and repurchases from Fund: purchases, 423, 433*, (net), 885*; under compensatory financing facility, 410, 411, 412*; under oil facility, 331, 347*; repurchases, 569*

      • Membership in Fund, 906*

      • Quota in Fund, 540*; views on, 525

      • SDR allocations, 885*

      • Stand-by arrangements with Fund, 429*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

    • NGUYEN HUU HANH. See HANH, NGUYEN HUU

    • NICARAGUA

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*,(net), 887*; under oil facility, 348*; repurchases, 573*

      • Córdoba: use in Fund transactions, 576

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Par value change, 35, 36*

      • Quota in Fund, 543*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 429*, 431

    • NICOL-COLE, S.B., 205, 323, 366-67

    • NICOLETOPOULOS, GEORGE, 749, 1026

    • NIGER

      • CFA franc: use in Fund transactions, 580*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • Repurchases from Fund, 570*

      • SDR allocations, 886*

    • NIGERIA

      • As major oil exporter, 308

      • Borrowing by Fund: for oil facility, 330, 345, 346*; for supplementary financing facility, 557n

      • Classification by Fund, 42n

      • Consultations, special, 279

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 434*, (net), 885*; under buffer stock financing facility, 417; repurchases, 569*

      • Exchange arrangements, 805*

      • Membership: in Fund, 906*; in opec, 306

      • Naira: pegged to U.S. dollar, 55; use in Fund transactions, 577, 578, 581*

      • Quota in Fund, 532, 540*

      • SDR allocations, 885*

      • Trust Fund eligibility, 674

    • NIXON, RICHARD M., 24, 66, 130, 238, 315, 744, 818

      • Comments and views on: international monetary system, 111, 166, 167; reappointment of Mr. Schweitzer, 1003

      • New Economic Policy, 12, 13

    • NON-OIL DEVELOPING MEMBERS

      • Balance of payments positions: affected by oil price increases, 252; developments in, 309, 357, 360, 387, 389, 390, 391, 402, 666

      • Economic situation and policies, 395

      • Fund’s concern with financing for, 389

      • Identification with oil exporting members on oil prices, 318

      • Quotas in Fund, 525, 526, 533, 541*-43*

      • SDR allocations, 886*-88*

      • Use of Fund resources, 412*, 431-32, 432*, 434*38*, 568, 570*-73*, 886*-88* See also DEVELOPING MEMBERS

    • NORDIC INVESTMENT BANK, 954

    • NORTH-SOUTH CONFERENCE. See CONFERENCE ON INTERNATIONAL ECONOMIC COOPERATION

    • NORWAY

      • Art. VIII, acceptance of obligations of, 912n

      • Borrowing by Fund for oil facility, 345, 346*

      • Central rate, 58

      • Classification by Fund, 42n, 789

      • Exchange arrangements, 805*, 806; policies, views on, 816; see also Participation in snake, below

      • Intermediary in gold restitution, 659

      • Krone: floating jointly with ec currencies, 80; rates for vis-à-vis snake currencies, 812; use in Fund transactions, 581*; use in SDR currency basket, 293*, 893*

      • Membership in Fund, 906*

      • Oil exporter, 356

      • Participation in snake, 802-803, 811, 812

      • Quota in Fund, 525, 527, 537n, 538, 540*; views on, 520

      • SDR allocations, 885*

      • Signatory of voluntary declaration on trade, 349

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

    • NUMERAIRE

      • Definition, 127

      • SDR suggested as, 127, 131, 167, 222-23, 260, 812

    O

    • oas. See ORGANIZATION OF AMERICAN STATES

    • OBERTO G., LUIS E., 980

    • oecd. See ORGANIZATION FOR ECONOMIC COOPERATION and DEVLOPMENT OHIRA, MASAYOSHI, 626

    • OIL EXPORTING MEMBERS

      • Balance of payments positions, developments in, 308, 309, 310, 357, 387, 390, 391

      • Borrowing by Fund, 315, 317, 324-26, 546-47

      • Contribution to Trust Fund, 676, 677

      • Defined, 258

      • Drawings from Fund (net), 885*; repurchases, 569*

      • Economic development efforts increased, 356-57

      • Import capacity, 309-10, 311, 356, 390

      • Membership in Fund, 908

      • Oil price increases, reasons for, 307

      • Quotas in Fund, 537, 540*; increased, 512, 517, 519, 521, 523, 526, 532, 538; views on, 533

      • Reserves, increase in, 637

      • SDR allocations, 885*

      • Terms of trade, 307

      • Treatment of in Outline of Reform, 258

      • Use of currencies by Fund, 320-21

      • Views on: exchange rate instability, 855; gold arrangements, 616-17; oil as depletable asset, 307-308; oil price increases, Fund quotas, voting power, 336

    • OIL FACILITY

      • Borrowing for: agreements on, 329-30, 344, 345; amounts of, 345; compared with gab, 329-30; discussed, 318-19; interest rates on, 295, 325, 326, 327, 330, 344-45, 346*; Managing Director’s visits in connection with, 317, 324–26, 345; reasons for, 319-20; repayments under, 330; terms of, 317; transferability of claims under, 330; use of oil exporting members’ currencies, 320-21

      • Executive Board decision (1974), 328-29; opposition to (1975), 340-41, 342; support for (1975), 339-40, 341-2

      • Features of, 318-19

      • Floating alongside reserve tranche, 776

      • Group of Ten discuss, 342-43

      • Interim Committee agreement on (1975), 343-44

      • Proposals by Managing Director for, 305, 312, 314-15, 334; objections to, 315-16, 335-36; objections to overcome, 317-18; supported, 335; terms of, 315, 334-35; views of Fund staff on, 316-17

      • Reasons for, 332, 333-34, 336-37

      • Significance of, 358-60

      • U.S. proposals for alternative arrangements, 336-39; for industrial countries, 336-37, 338; for developing countries, 337, 338

      • Use of: amounts available for, 344, 548*; by msa members (1975), 355*; by U.K., 464, 466; charges for, 295-96, 326-28, 329*, 344-45, 345*; charges for, effects of on developing members, 327-28; conditionality for, 321-22, 343, 349; conditionality for, relative lack of, 322; drawings (purchases), 331, 335, 347, 347*-48*, 353, 355*, 423, 425*, 584*, 585*; estimated (1975), 340; formula for access, 322-24, 332, 343, 346; related to gold tranche drawings, 329; repurchase provisions for, 328, 345; slow, 348; views of developing members, 323; views of industrial members, 324

      • See also SUBSIDY ACCOUNT

    • OIL PRICE

      • As factor in Committee of Twenty deliberations, 270

      • Increases, 306, 307, 356-57, 359; effects on balance of payments positions, 289, 305, 308-10, 315, 337, 387; impact of first round of,355-57; impact of second round of, 359-60; implications of for economic growth, 264, 305; implications of for inflation and recession, 289, 310-12, 313, 315, 358, 387; reasons for, 307

      • U.S. views on, 337-38

      • See also OIL FACILITY and ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES

    • OMAN

      • Art. VIII, acceptance of obligations of, 912n

      • Borrowing by Fund for oil facility, 330, 345, 346*

      • Classification by Fund, 42n

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Quota in Fund, 532, 534, 540*

      • Rial: use in Fund transactions, 321, 577, 581*

      • SDR allocations, 885*

      • Signatory of voluntary declaration on trade, 349

      • Trust Fund, exclusion from, 674

    • OMWONY, MAURICE P., 765

    • OORT, C.J., 172, 175, 179, 234-35 opec. See ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (oecd)

      • Commodities, views on, 402

      • Declaration on trade restrictions adopted, 91, 350

      • Fund relations with, 954, 960-61, 981 capital markets, 932-33; on compiling statistics, 951; on debt problems, 925, 927; on trade policy, 942

      • Membership, 344n

      • Participation in Committee of Twenty, 220

      • Role in: exchange rate realignment, 126; Fund’s world economic outlook, 785-86, 795

      • Safety net proposal, 314-15, 344, 548, 549, 664; by Secretary-General, 339, 343; by U.S., 338-39, 343; not established, 357, 549

      • Working Party 3, 110, 850

      • World economic outlook strategy, 394

    • ORGANIZATION OF AMERICAN STATES (oas), 962

    • ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (opec)

      • As source of financing balance of payments deficits, 382

      • Decision to raise oil prices, 306, 359

      • Establishment and membership in, 306

      • Fund relations with, 981

      • Meetings, 306

      • Oil embargo, 306

      • Participation in supplementary financing facility discussed, 548, 550, 555

      • Reserves, estimates of, 310

      • Special Fund, technical assistance by Fund staff, 921

      • Terms of trade, 356-57

    • OSSOLA, RINALDO, 78, 158, 188, 452, 622, 978

      • Comments and views on: indicators, 234; “link,” 208

      • Proposal on: asset settlement, 183; global liquidity related to world trade, 179; indicators, 174–75, 212; substitution, 217

      • Role in Committee of Twenty, 158-59

    • OUTLINE OF REFORM

      • Annexes, 256, 259-60, 262

      • Approved by Committee of Twenty, 255

      • As basis for draft amendments, 271, 686-87, 688, 690, 702, 736-37, 741

      • Compared with Jamaica agreement, 759-60

      • Contents, 256-61, 262-63

      • Declaration on trade and other current account measures, 349

      • Disagreement about need for, 253

      • Discontent of developing members with, 255

      • Drafting, 211, 223, 253; Committee of Twenty decision on, 193, 194; difficulties of, 194-95; Mr. Morse’s reasons for, 193-94 optimism about, 195-96

      • Fund’s role defined in, 256-57

      • Main features of, 257

      • Provisions on: adjustment, 257-59; capital controls, 257, 258-59; consultations, 257-58; convertibility, 257, 259-60; Council, 261; developing members, special position of, 258-59, 261; exchange rates, 257, 258; gold, role of, 257, 260; SDR as numeraire, 260;

      • SDR as principal reserve asset, 257, 260; SDR “link,” 261; SDR valuation and interest rate, 260, 294; substitution account, 260; trade measures, 302-303; transfer of real resources, 257, 261

      • Reformed system characterized by Mr. Morse, 261-62

    • OVERBY, ANDREW N., 88

    • OVERSEAS STERLING AREA, 50

    P

    • PADMORE, OVERAND, 938-39

    • PAKISTAN

      • Consultations, special, 279

      • Debt, external, 925, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; under compensatory financing facility, 411, 412*, 425*; under oil facility, 331, 348*; repurchases, 568, 572*

      • Exchange arrangements, 804* multiple rates eliminated, 37

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Par value change, 35, 36*, 37

      • Quota in Fund, 526, 532, 542*

      • Rupee pegged to U.S. dollar, 55

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 426, 429*, 431

      • Subsidy Account payments received, 355* Trust Fund: eligibility, 670n; loan from, 672, 673*

    • PALAMENGHI-CRISPI, FRANCESCO, 452, 913

      • Comments and views on: asset settlement, 248; central rates, 39, 40; extended Fund facility, 319, 367; guidelines for floating rates, 299, 302; “link,” 205; oil deficit financing, 252; oil facility, 319, 324, 328, 339; quotas, 522; SDR allocations, 248; SDR reconstitution, 722

      • Role in Italian stand-by arrangement, 441, 446, 447, 451

      • Service, 998

    • PALMER, DONALD K., 1029

    • PALUMBO, SILVANO, 174-75, 179, 183

    • PAMPHLET SERIES, IMF, 948

    • PANAMA

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund purchases, 437*, (net), 887*; under compensatory financing facility, 413*; under oil facility, 331, 348*; repurchases, 573*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Par value change, 37

      • Quota in Fund, 539, 543*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 426, 429*, 431

    • PANDOLFI, FILIPPO MARIA, 459, 856, 858-59

    • PAPUA NEW GUINEA

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 887*; under compensatory financing facility, 412*; under oil facility, 348*; repurchases, 572*

      • Exchange arrangements, 805*

      • Gold sales, profits received from, 680*

      • Kina: use in Fund transactions, 576

      • Membership in Fund, 536*, 658n, 671, 674, 906*

      • Quota in Fund, 536*, 542*

      • Subsidy Account payments received, 355*

      • Trust Fund: eligibility, 671, 674; loan from, 673*

    • PARAGUAY

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Guaraní: use in Fund transactions, 577, 581*

      • Membership in Fund, 906*

      • Quota in Fund, 543*

      • SDR allocations, 888*

      • Stand-by arrangements with Fund, 429*

      • Trust Fund eligibility, 671n, 682

    • PARIS CLUB. See DEBT, EXTERNAL, OF DEVELOPING MEMBERS

    • PARITY, 22n

    • PAR VALUE SYSTEM

      • Achievements in first 25years, 90-94

      • Collapse: causes of, European views on, 112-13; other views on, 114-16; U.S. views on, 111-12; events leading to, 83-84; Fund’s actions in, 116-19; role of capital movements in, 125, 192, 930

      • Crises in, 75-76

      • Defined, 83n

      • Doubt about retaining, 190-91

      • Evolution of, 94-99

      • Features of, 88-89; workability questioned, 89-90

      • Fund’s efforts to preserve, 34, 40-41, 118-19, 264

      • Gold-exchange standard: ended, 112; versus dollar standard, 165

      • Initial purposes and objectives, 84-88

      • Problems of, 103-105; lack of confidence in reserves, 105, 107; reactions to, 105-106

      • Rigidity of, 756-57

      • Second Amendment provisions for, 747, 752-54, 756; wider margins, 756-57

      • Special position of U.S. dollar in, 102, 597

      • “Stable but adjustable” as aim, 125, 137, 736-39, 741, 814

      • Suggestions for change, 101-103

      • Wider margins, 125

      • See also BRETTON WOODS SYSTEM; COMMITTEE OF TWENTY—DELIBERATIONS; REFORM OF INTERNATIONAL MONETARY SYSTEM

    • PAR VALUES

      • As incentive for balance of payments adjustment, 170, 172

      • Central rates in lieu of, 29, 279-80

      • Changes in, 34-35, 36*, 37, 56-58, 808; discussed in report on reform, 135; prompter in reformed system, 125, 170; reluctance for, 103-104, 109-10; to effect balance of payments adjustment, 109

      • Defined, 22n

      • Evolution of Fund’s policies on, 837n

      • Fund’s transactions and operations based on, 28, 34, 37, 596-97

      • Initial, 35, 37, 88

      • Margins, 58, 95, 125; views on, 132, 280

      • Resumption of use in 1972, 56-58

      • Uniform proportionate changes in, 753

      • See also PAR VALUE SYSTEM and individual countries

    • PATEL, H.M., 491, 860, 928, 929

    • PAYMENTS ARREARS

      • Fund treatment of, 923

    • PER JACOBSSON FOUNDATION, 170; see also MANAGING DIRECTOR (Per Jacobsson)

    • PEREIRA LIRA, PAULO, 180, 250

    • PERERA, N.M., 980

    • PERFORMANCE CRITERIA. See STABILIZATION PROGRAMS and STAND-BY ARRANGEMENTS

    • PERMANENT EXECUTIVE COMMITTEE OF THE INTER-AMERICAN ECONOMIC AND SOCIAL COUNCIL (cepcies), 925, 962

    • PERU

      • Art. VIII, acceptance of obligations of, 912n

      • Debt, external, 925, 926, 928

      • Drawings (purchases) and repurchases from Fund, 437*, (net), 888*; under compensatory financing facility, 400, 413*; under oil facility, 348*; repurchases, 573*

      • Exchange arrangements, 805*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Quota in Fund, 543*

      • SDR allocations, 888*

      • Stand-by arrangements with Fund, 424, 426, 429*

    • PETRODOLLARS, RECYCLING OF. See EUROCURRENCY MARKETS and BANKS, COMMERCIAL

    • PFEIFER, ALBIN, 1026

    • PHILIPPINES

      • Acceptance of Second Amendment, 769

      • Balance of payments, 374-75

      • Consultations, special, 279

      • Credits from banks, Fund study on, 931

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 318, 436*, (net), 887*; under buffer stock financing facility, 421; under compensatory financing facility, 410, 412*; under extended arrangements, 376; under oil facility, 348*; repurchases, 572*, 612

      • Economic situation and policies, 373-75; fiscal policy, 376

      • Exchange arrangements, 805*

      • Extended arrangement with Fund, 373-77; stabilization program for, 375-76

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Participant in gold auctions, 657

      • Peso: floating, 374; rates for, 374

      • Protectionism, Fund study on, 942

      • Quota in Fund, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 362, 374, 426, 429*, 431

      • Subsidy Account payments received, 355*

      • Trust Fund: eligibility, 670n; loan from, 672, 673*

    • PHILLIPS CURVE, 104

    • PHILLIPS O., ALFREDO, 248

    • PIERRE-BROSSOLETTE, CLAUDE, 231, 238, 253

      • Comments and views on: asset settlement, 216, 217; balance of payments adjustment, 172; dollar convertibility, 179, 180, 235; exchange rates and par values, 170, 188; gold, 178, 219; Outline of Reform,253

    • PIESKE, ECKARD, 248, 408, 650, 910

      • Comments and views on: buffer stock financing, 419; conditionality, 504; exchange rate policy, 816, 865; gold substitution account, 641; quotas, 528, 530, 534; SDR allocations, 878; surveillance, 841, 842; Trust Fund, 665, 668

      • Service, 997

    • PÖHL, KARL-OTTO, 191, 326, 469, 591, 978

      • Comments and views on: balance of payments adjustment model, 235; floating rates, 817; “link,” 208, 209; Trust Fund and compensatory financing, 405, 408, 668

      • Proposal on asset settlement, 182

    • POLAK, JJ. See ECONOMIC COUNSELLOR

    • POLAND

      • Membership in Fund, withdrawal from, 908n

    • POMPIDOU, GEORGES, 171, 238, 617, 618

    • POOS, JACQUES-FRANCOIS, 817, 859

    • PORRAS, ROSE S., 1031

    • PORTUGAL

      • Classification by Fund, 42n, 789, 909

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 433*,(net), 885*; under compensatory financing facility, 411, 412*; under oil facility, 347*; repurchases, 569

      • Gold: party to Group of Ten arrangements, 634, 635, 961; sales, profits received from, 680*

      • Membership in Fund, 906*

      • Quota in Fund, 540*

      • Stand-by arrangements with Fund, 429*

    • PRASAD, P.S.N., 207, 245, 299, 665

      • Comments and views on: balance of payments adjustment and convertibility, 236; Council, 693; exchange rates, 78; “link,” 205; national currencies as reserve currencies, 51-52; quotas, 518; treatment of developing members in staff sketch, 136

      • Service, 998

    • PREBISCH, RAUL, 200, 351

    • PRESSURES

      • For adjustment purposes discussed, 194, 222, 224-25, 232

      • In: French proposal, 224-25; Outline of Reform, 258, 259, 262; U.S. proposal on indicators, 168

      • Views on: developing members, 174, 228; U.S., 164, 176

      • See also INDICATORS

    • PRICES

      • Developments in, 388, 390

      • Increases in commodity, 310-11

      • See also INFLATION and WAGES

    • PRIMARY ASSET HOLDING LIMITS (pahl). See CONVERTIBILITY

    • PRIMARY PRODUCING COUNTRIES

      • Classification of by Fund, 42n

      • Balance of payments positions, 308, 357

      • Coverage in world economic outlook, 787, 789, 790, 793

    • PRIMARY PRODUCING MEMBERS, MORE DEVELOPED

      • Classification of by Fund, 42n, 424, 789, 909

      • Conditionality, views on, 495, 503-506

      • Council, views on, 972

      • Price increases, 311

      • Quotas, changes in, 537, 537*; views on, 512, 519, 520

      • SDR allocations, 885*

      • Use of Fund resources, 331, 411, 412*, 415, 423-24, 431, 432*, 433*, 569*, 885*

    • PROJECT LINK, 125

    • PROTECTIONISM

      • Fund study on, 794, 941-12

      • Increases in, 940, 941; concern about, 940

      • See also TRADE RESTRICTIONS

    • PUBLICATIONS CITED IN THIS HISTORY, INDEX TO, 1143-52

    • PUBLICATIONS OF FUND. See INFORMATION AND

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

    Q

    • QATAR

      • Art. VIII, acceptance of obligations of, 912n

      • As major oil exporter, 306

      • Classification by Fund, 42n

      • Exchange arrangements, 805*

      • Gold sales, profits received from, 680*

      • Membership: in Fund, 535, 536*, 906*, 908; in opec, 306

      • Participant in Special Drawing Rights Department, 898

      • Quota in Fund, 532, 534, 536*, 540*

      • Rival: use in Fund transactions, 321, 577, 581*

      • Trust Fund: contribution to, 677, 678; exclusion from, 674, 675

    • QUOTAS

      • Adequacy of discussed, 513-14, 529-31

      • As basis of: drawings, 511; SDR allocations, 511, 518, 520, 534; SDR valuation basket, 520; Trust Fund payments, 520, 672, 673*, 678; voting power in Fund, 511, 520, 521, 524, 539

      • As conditional liquidity, 514, 519, 879, 880

      • Developing members’ shares in, 202, 209, 210, 243; see also Relative distribution …,below

      • Eighth General Review contemplated, 530, 539

      • Formulas for: Bretton Woods, 514–15; Bretton Woods alternative, 516-17; Bretton Woods revised, 515-16; “calculated quota,” 517, 523, 532-33; for industrial members discussed, 523-24

      • General reviews of, 511; prior to sixth, 512-14

      • Implications for composition of Executive Board, 539

      • Increases, general: not taken, 520; prior to sixth, 513; proposed in sixth, 517, 518, 521; proposed in seventh, 529-30; proposed for eighth, 880; see also Selective increases, below

      • Minimum for membership considered, 910

      • Of new members, 514, 515, 521, 535, 536*

      • Relation to world liquidity, 873

      • Relative distribution among economic groups, 511-12, 517, 518, 519, 520-21, 521-22, 523, 525-26, 530-31, 536-39

      • Role of, 511; examination of called for, 520

      • Selective increases, 511, 513, 515, 523, 526, 530-31, 533, 534, 538

      • Seventh General Review, 529-33; agreed, 533-35, 881-82; debated, 529-32; delay in, 556

      • Sixth General Review, 517-26; concluded, 524-25; debated, 518-21, 522-24; delay in taking effect, 526-27, 546; problems in amending Articles, 708

      • Small quota policy, 515

      • Subscriptions, media of payment of: in currencies, 518, 522, 524, 526-27, 533, 535, 579; in gold, 512, 514, 517-18, 522, 611, 614-15, 687, 688; see also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: Gold and … FINAL PROVISIONS; in SDRs, 522, 524, 526-27, 533, 535, 579

      • Total, 512, 513, 521, 527, 530, 531, 535, 540*–13*, 584*; percentages by economic group (1945-78), 537*

      • Voting majorities for changes in, 514

    R

    • RAFAEL SILVA, CARLOS, 250

    • RAMBOUILLET MEETING. See SUMMIT MEETINGS

    • RASAPUTRAM, WARNASENA, 937

    • RAWLINSON, ANTHONY K., 75, 302, 328, 339, 419, 616, 665

    • RAY, A.S., 1026-27

    • RAZALEIGH HAMZAH, TENGKU, 416

    • REAGAN, RONALD, 646

    • RECESSION

      • Effects on nonindustrial members, 389

      • In industrial members, 12, 62-63, 389, 391

      • Of: 1969-71, 12; 1974-75, 333, 389, 395, 642, 666

      • Relation to oil price increases, 311-12, 315

      • See also UNEMPLOYMENT and individual countries

    • RECENT ECONOMIC DEVELOPMENTS (RED) REPORTS, 944, 958

      • Transmittal of to other organizations, 937, 993

      • See also CONSULTATIONS: Adaptation of

    • RECONSTITUTION. See SDR—RECONSTITUTION

    • REFORM OF INTERNATIONAL MONETARY SYSTEM

      • Based on par values, 124-26, 134, 137

      • Board of Governors’ resolution, 123

      • Concept changed after August 1971, 124

      • Considered after Smithsonian, 12, 16, 17, 264

      • Effects of floating rates on, 51

      • Executive Directors’ report on (1972), 123, 202; contents, 137-40; problems in drafting, 134-37; significance of, 140; U.S. views, 135, 136

      • Failure of, 140

      • Fund’s role in discussed, 131

      • Fund staff sketch on, 123-30; Executive Directors’ reactions to, 130-34; U.S. views, 133-34, 150

      • Need for shown by U.S. dollar devaluation, 68

      • Proposals on: by U.K., 130-31; by U.S., 24, 134, 166-69

      • See also COMMITTEE OF TWENTY and OUTLINE OF REFORM

    • REID, JAY H., 1025

    • REMUNERATION ON NET CREDITOR POSITIONS

      • Changes in, 593-96; raised in 1974, 594; reviewed, June 1974-1976, 595-96

      • Formulas for determining, 594, 595, 596, 894-95

      • Magnitudes, 600, 603*

      • Rates of (1969-78), 597*

      • Relation to: Fund’s budgetary position, 599, 600, 601, 602; Fund’s charges, 563, 564, 600; interest rates, 892-93; SDR interest rate, 294-95, 593-94, 595, 596, 893, 894-95

      • Split rate, 295, 593-95; eliminated, 595, 597*

    • REPRESENTATIVE RATE. See EXCHANGE RATES

    • REPURCHASES

      • Attribution, 567, 779, 780

      • By individual countries, 568, 569*-73*, 575

      • Currencies used in, 31, 32, 33, 34, 576, 577-78, 580*-81*, 581; rules for, 574-75, 575-76, 577

      • Definition, 566

      • Early, guidelines for, 778-79

      • Magnitudes, 567-68, 568*, 576; by economic category, 569*-73*

      • Media for effecting: gold, 566, 581*; SDRs, 566-67, 575, 581, 581*, 612, 778, 889

      • Obligations, extension of, 567

      • Of extended Fund facility and oil facility drawings, 567

      • Problems of U.S. dollar inconvertibility, 28, 31, 32, 575

      • Special arrangements: after August 1971, 31-32, 566, 575-76; for U.K., 32-34, 575-76

      • Under Second Amendment. See ARTICLES OF AGREEMENT: SECOND AMENDMENT-DRAFT AMENDMENTS: General Account and … FINAL PROVISIONS

      • Waivers, 566

      • See also individual countries

    • REQUIREMENT OF NEED

      • For use of: buffer stock financing facility, 419; compensatory financing facility, 406; oil facility, 321-22, 324, 341; SDRs, 706, 731, 889-90, 898; Trust Fund loans, 671

      • Linked to reserve position, 700, 715, 724

    • RESERVE ASSETS

      • Committee of Twenty discussions, 176-80

      • In: Outline of Reform,259-60; report on reform, 139

      • SDR as principal agreed, 178, 217-18, 260, 889

      • See also GOLD RESERVES; RESERVE CURRENCIES; SDR—ROLE IN INTERNATIONAL MONETARY SYSTEM

    • RESERVE CURRENCIES

      • Control of suggested: by Managing Director, 638-39; in staff draft of gold substitution account, 641

      • Proposals to reduce use of national currencies as, 51-52, 179; cooperation clause, 633; in report on reform, 139; in staff sketch, 126-29, 130-31; related to reduced use of gold, 249; sterling balance agreement, 475; views on proposals,

      • 216; see also CONSOLIDATION ARRANGEMENTS

      • Reduced role of: discussed by Committee of Twenty, 177-78; in Outline of Reform,260; in total reserves, 876, 877; vis-à-vis expanded international borrowing, 875

      • Uses of for developing members, 180, 248

      • See also ASSET SETTLEMENT and SUBSTITUTION ACCOUNT

    • RESERVE INDICATORS. See INDICATORS

    • RESERVE POSITIONS IN FUND

      • Role in total reserves, 877

      • Taken into account in policy on selection of currencies, 27-28, 574, 575, 576, 577-78

      • Total, 584*

      • Valued in SDRs, 875

    • RESERVE TRANCHE

      • Defined, 425n, 481, 582n

      • Policies floating alongside, 418, 420

      • Positions, 583, 584*

      • Valuation, 582n

    • RESERVES, INTERNATIONAL

      • Adequacy: as assessed by Fund staff, 873-74; factors affecting assessment after 1973, 874-76; methods used, 260, 874

      • Composition, 637, 875, 876, 881; discussed by Managing Director, 638-39; gold vis-à-vis dollar, 610; SDRs as proportion of increases discussed, 877, 879, 881; see also ASSET SETTLEMENT

      • Developments in, 872, 875, 880; decline in 1960s, 876; increase following first SDR allocation, 877; projected growth rate, 881, 882-83

      • Distribution of, 880-81

      • Fund as supplier of, 876-77

      • Functions of under par value system, 876

      • Global need: related to SDR allocations or increases in reserve currencies, 204, 878-79

      • Regulating level of, 128

      • Taken into account in policy on selection of currencies, 574, 576

      • See also INDICATORS and LIQUIDITY, INTERNATIONAL

    • RESOURCES OF FUND—NATURE AND SIZE.

      • See QUOTAS and LIQUIDITY, FUND

    • RESOURCES OF FUND—USE

      • Charges on. See CHARGES ON USE OF FUND’S RESOURCES

      • Credit tranche: drawings (purchases), total (1972-78), 425*; temporary enlargement of, 527-29

      • Currencies selected, 575, 576, 577, 580*-81*, 581; special arrangements for (1971), 566, 575; see also CONVERTIBILITY; SELECTION OF CURRENCIES IN FUND TRANSACTIONS; and Policies, below

      • Expansion of, 392, 577-78; by introduction of new facilities, 392; through oil facility, 358

      • Experience with, 1034

      • Gold (reserve) tranche drawings, 423-24, 431, 590, 600-601, 883; total (1972-78), 425*

      • Magnitudes, 317, 421, 423, 424, 568*, 584*; by economic groups, 431-32, 432*; by individual members, 433*-38*; gross drawings, 884*; net drawings, 885*-88*; total (1972-78), 423, 425*, 883; under stand-by arrangements, 424, 425*, 426*-30*

      • Policies: changed after 1973, 661; decisions on (1952), 482-83, (1972), January, 29, May, 37; liberalization for developing members discussed, 206; on credit tranche drawings, 483, 486; on gold tranche drawings, 483; on repurchases, 483; on stand-by arrangements, 483-85; reviewed in 1968, 485-86; reviewed in 1978, 500-507

      • Ratio of to quotas, 585*

      • Reserve tranche drawings. See Gold (reserve) tranche drawings, above

      • Second Amendment. See ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: General Account and … FINAL PROVISIONS

      • Special problems after August 1971, 27-29, 31-34

      • Terminology, 661; retained in Second Amendment, 695

      • Waivers, 724

      • See also BUFFER STOCK FINANCING FACILITY; COMPENSATORY FINANCING FACILITY; CONDITIONALITY; EXTENDED FUND FACILITY; OIL FACILITY; REPURCHASES; and STAND-BY ARRANGEMENTS

    • RESTITUTION. See GOLD HOLDINGS OF FUND: Restitution

    • RESTRICTIONS. See EXCHANGE RESTRICTIONS and TRADE RESTRICTIONS

    • REUSS, HENRY, 77, 134, 147

    • REYNOLDS, GEORGE, 302, 419, 998

    • RHOMBERG, RUDOLF R., 1029

    • RICHARDSON, GORDON, 466, 468, 470

    • RIEKE, WOLFGANG, 247

    • RINGADOO, Sir VEERASAMY, 415, 860

    • ROBICHEK, E. WALTER, 1024

    • RODRIGUEZ, GUMERSINDO, 404

    • ROMANIA

      • Classification by Fund, 520, 909

      • Contribution to Trust Fund, 675, 678

      • Drawings (purchases) and repurchases from Fund: purchases, 433*, (net), 885*; under compensatory financing facility, 410, 411, 412*; repurchases, 569*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 93, 535, 536*, 906*, 908

      • Quota in Fund, 535, 536*, 540*

      • Stand-by arrangements with Fund, 429*

    • ROOSA, ROBERT V., 978

    • ROOSEVELT, FRANKLIN D., 86

    • ROOTH, IVAR. See MANAGING DIRECTOR

    • ROSE, BRIAN, 1025

    • RUDING, H.O., 675, 676, 677, 865, 866, 999

    • RULES AND REGULATIONS OF FUND, 37, 948, 988, 995, 1001

      • Designation plans for SDRs, 897

      • Freely usable currency provisions, 764

      • Nature of, 774-75

      • Revisions, 775-76; need for after Second Amendment, 773

      • Remuneration, 596n

      • Rule 0-3 on SDRs, 281, 287; amended, 292

    • RUTGERS, BERNARDO T., 1024

    • RWANDA

      • Drawings (purchases) from Fund, 435*, (net), 886*; repurchases, 570*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 429*

    • RYAN, RICHIE, 624

    • RYRIE, WILLIAM S., 937

      • Comments and views on: Art. IV, 754; credit tranche enlargement, 528; quotas, 533; stand-by arrangements (Italy), 456;(United Kingdom), 465-66, 477; surveillance, 843

      • Service, 998

    S

    • SAAD, AHMED ZAKI, 325

      • Comments and views on: Fund’s authority, 143-44; reserve indicators, 173-74

    • SAID NABULSI, MOHAMMAD, 858

    • SAMBWA PIDA NBAGUI, 43, 190

    • SAMUEL-LAJEUNESSE, DENIS, 865, 866

    • SANDBURG, CARL, 4

    • SANSON, CARLOS E., 1027

    • SAO TOME AND PRINCIPE

      • Drawings (purchases) from Fund (net), 886*; repurchases, 571*

      • Exchange arrangements, 804*

      • Membership in Fund, 536*, 906*

      • Quota in Fund, 536*, 541*

    • SAUDI ARABIA

      • Acceptance of Second Amendment, 769

      • Art. VIII, acceptance of obligations of, 912n

      • As major oil exporter, 306, 308

      • Borrowing by Fund: for oil facility, 325, 326, 330, 345, 346*; for supplementary financing facility, 546-47, 556, 557n

      • Classification by Fund:42n

      • Consultations, special, 279

      • Exchange arrangements, 805*

      • Executive Director appointed, 766, 767, 977

      • Gold sales, profits received from, 680*

      • Imports, 356

      • Membership: in Fund, 906*; in opec, 306

      • Participant in Special Drawing Rights Department, 898

      • Proposal for concessionary aid, 314

      • Quota in Fund, 527, 532, 534, 540*

      • Riyal: use in Fund transactions, 577, 581*; use in SDR basket, 892, 893* Subsidy Account contribution, 354*

      • Trust Fund: contribution to, 677, 678; exclusion from, 675, 764

    • SCHILLER, KARL, 24, 113, 813

    • SCHLEIMINGER, GUNTHER, 212, 299, 612, 698, 705

      • Comments and views on: asset settlement, 131; dollar inconvertibility, 39; extended arrangements, 365, 366; gold substitution account, 616; “link,” 203-204; oil facility, 316; quotas, 518-19, 520; SDR as Fund’s unit of account, 31; SDR as primary reserve asset, 204; transfer of official resources, 250-51; world economic outlook, 786

    • SCHMIDT, HELMUT, 24, 240, 254, 469, 746, 796

      • Comments and views on: convertibility and asset settlement, 227; floating rates, 191; “link,” 230; oil facility, 316; reformed international monetary system, 164, 326

    • SCHNEIDER, HEINRICH G., 248, 698

      • Comments and views on: buffer stock financing, 419; conditionality, 505; dollar inconvertibility, 39; gold substitution account, 616; guidelines for floating rates, 299; SDR reconstitution, 722

      • Service, 997

    • SCHUMAN, ROBERT, 171

    • SCHWARTZ, CHARLES F., 1029

    • SCHWEITZER, PIERRE-PAUL. See MANAGING DIRECTOR

    • SDR—ALLOCATIONS

      • First basic period, 671-72; amounts, 872, 884*, 885*-88*

      • Importance of for developing members, 248

      • Managing Director’s “package” proposal, 880, 882-83; Executive Directors’ report on, 880-81

      • Procedures for, 872, 882

      • Related to global need for reserves, 178, 204, 248, 753-54, 873-76, 877, 878-80

      • Relation to proposal for substitution account, 899

      • Second basic period, report on, 872-73

      • Third basic period: agreement for explored, 873; agreement reached, 881-82; rationale for discussed, 877-78, 878-80; report on, 878

      • Tie-in to improvements in characteristics and uses suggested, 878, 879; Managing Director’s proposal for, 880

      • Views of: developing members, 873, 877, 878, 879, 880;

      • Group of Twenty-Four, 873; industrial members, 872, 879, 880

      • See also LINK … DEVELOPMENT FINANCE

    • SDR—CHARACTERISTICS AND USES

      • As unit of account for international organizations, treaties, and contracts, 890-91, 899

      • Improvements in: before Second Amendment, 889-90; Committee of Twenty discussions on, 176-78; necessary after Second Amendment, 890; proposal by Managing Director as part of SDR “package,” 880; see also SDR—INTEREST RATE; SDR—RECONSTITUTION; SDR—ROLE IN INTERNATIONAL MONETARY SYSTEM; and SDR—VALUATION

      • Increased use to: pay charges, 895, 896; repurchase, 895

      • Other holders prescribed, 898-99

      • Tie-in to allocations suggested, 877-78

      • Transactions by agreement: under First Amendment, 897-98; under Second Amendment, 898; use as security for loans, in donations, swaps, 898

      • Use in intra-European settlements, 275, 286-87, 889, 894, 897

      • See also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: SDRs and … FINAL PROVISIONS; and COMMITTEE OF TWENTY—DELIBERATIONS

    • SDR—INTEREST RATE

      • Committee of Twenty discussions, 227, 229

      • Formulas for, 293-94, 594, 595, 892n, 894-95

      • Increased (1974), 293-94, 593-94, 889, 892; (1976), 596, 892-93; proposed as part of SDR allocation package, 880

      • Low rate, reasons for, 282-83, 285, 893

      • Relation to Fund’s charges, 283

      • Significance of after August 1971, 284

      • Tied to: remuneration rate, 283, 294-95, 593-94, 595, 596, 893; SDR valuation, 284-85

      • Views on of: developing members, 286, 894; ec, 286, 894; U.S., 283, 286, 894

    • SDR—RECONSTITUTION

      • Obligations defined, 895; reviewed, 895-96; reduced, 896; eliminated, 896n

      • Second Amendment. See ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: SDRs and … FINAL PROVISIONS

    • SDR—ROLE IN INTERNATIONAL MONETARY SYSTEM

      • As: common denominator, 218, 753; exchange rate peg, 802, 807; intervention medium, 246; numeraire, 127, 131, 167, 218, 222-23, 260, 812; principal reserve asset, 127, 131, 139, 178, 203-204, 217-18, 260, 262, 889

      • Creation of as factor in liquidity and adjustment, 116-17

      • Impact on of gold substitution account discussed, 638-39

      • In: asset settlement schemes, 248; Outline of Reform, 257, 260; report on reform, 139; staff sketch, 126, 127

      • Procedures for creating, 193; as basis for Outline of Reform, 195

      • Relation to role of gold and reserve currencies, 186

      • vis-à-vis link proposals, 208

    • SDR—TRANSACTIONS AND OPERATIONS, FUND

      • As Fund’s unit of account, 29-31, 127, 598, 775, 889

      • Designation plans, 727, 781-82; procedure for reviewed, 897

      • “Equal value” principle, 281; implemented under Second Amendment, 777; temporary suspension, 287

      • Holdings in General Account, 578, 582, 584*; as element in Fund’s liquidity, 582

      • Included in currency budgets, 575, 578-79

      • Representative rates for, 281, 292, 777

      • Used: in charges, 896; in drawings and repurchases, 578, 889; total (1972-78), 581, 581*, 896; in transactions by agreement, 578, 889

    • SDR—VALUATION

      • Committee of Twenty discussions, 227, 228-29, 275

      • Comparison with ecu, 891

      • Currency baskets: asymmetrical, 290-91; rejected (1973), 284-85; standard agreed (1974), 290, 291-92, 293*, 598, 890; standard changed (1978), 294, 891-92; standard, composition of, 893*; standard reviewed (1976), 890-91; symmetry with interest rate basket discussed and adopted, 891, 892n

      • In terms of: currencies (transactions price), 281; gold and U.S. dollar, 80, 281-82, 582n

      • Methodology of, special majorities for changes in, 718, 832

      • Problems after August 1971, 283-84

      • Second Amendment. See ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: SDRs and … FINAL PROVISIONS

    • seacen. See SOUTH-EAST ASIAN CENTRAL BANKS

    • SECRETARY, FUND: functions of, 158, 987

    • SELECTED DECISIONS OF THE INTERNATIONAL MONETARY FUND AND SELECTED DOCUMENTS, 948

    • SELECTION OF CURRENCIES IN FUND TRANSACTIONS

      • Arrangements to use currencies of oil exporting members, 320-21

      • Basic policy of 1962, 695, 696

      • Currencies used, 576, 577, 578, 580*-81*, 581; increase in, 575, 577-78, 579

      • Currency budget, 574-75, 575-77; becomes operational budget, 579, 727, 781-82; SDRs included in, 575, 578-79

      • Fund decision (1962), 27-28, 568, 574

      • SDRs used, 581*, 727

      • Second Amendment. See ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: General Account and …FINAL PROVISIONS

      • See also FREELY USABLE CURRENCY

    • SENEGAL

      • Acceptance of Second Amendment, 769

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under oil facility, 348*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Subsidy Account payments received, 355*

    • SEYCHELLES

      • Art. VIII, acceptance of obligations of, 912n

      • Drawings (purchases) from Fund (net), 886*; repurchases, 571*

      • Exchange arrangements, 804*

      • Membership in Fund, 526*, 906*

      • Quota in Fund, 536*, 541*

    • SHAALAN, A. SHAKOUR, 1024

    • SHAGARI, SHEKU, 228, 254, 417, 624

    • SHARMA, KUL SEKHAR, 401

    • SHEIN, MAUNG, 716

    • SHULTZ, GEORGE P., 24, 240, 241, 254, 1003

      • Comments and views on: balance of payments adjustment, 227-28, 315-16capital movements, controls on, 167; Committee of Twenty composition, 155; dollar devaluation (1971), 13; (1973), 66, 67, 68, 69; European Communities joint float, 79; floating rates, 81, 134, 238-39; Fund’s role in reform, 196-97; gold, role of, 167; Group of Ten, 148-49; “link,” 230; oil facility, U.S. use of, 32; oil price increases, 315-16; par values, 167, 814; SDR valuation, 285

      • Proposal on reform of international monetary system, 24, 135, 164, 166-68, 195, 263, 964

    • SIERRA LEONE

      • Debt renegotiation, 926

      • Drawings (purchases) and repurchases from Fund: purchases, 318, 435*, (net), 886*; under compensatory financing facility, 410, 412*; repurchases, 318, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Leone floating, 55

      • Loan from Trust Fund, 673*

      • Membership in Fund, 906*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 429*

      • Subsidy Account payments received, 355*

    • SILVA, CARLOS RAFAEL, 980

    • SIMON, WILLIAM E., 254, 612

      • Comments and views on: Art. IV, 736, 741, 747, 749, 754; balance of payments adjustment, 315-16; Council, 720; exchange rates, 619, 747; floating, 701, 736, 741, 742-43; Fund staff compensation, 1016; gold, 614, 617, 627, 759; gold substitution account, 641; gold transactions by central banks, 618-19; intervention, 814-15, 817, 818; “link,” 708; oil facility, 335-36; oil price increases, 315-16; par values under Second Amendment, 736, 741, 742; SDR reconstitution, 721; Second Amendment, 744; U.K. stand-by arrangement, 469, 470

      • Proposals for: oecd safety net, 337-39, 340; Trust Fund, 405, 615, 619, 662, 667

    • SIMONSEN, MARIO HENRIQUE, 254, 490, 624, 938

    • SINGAPORE

      • Art. VIII, acceptance of obligations of, 912n

      • Classification by Fund. See Trust Fund eligibility, below

      • Consultations, special, 279

      • Credits from banks, Fund study on, 931

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 907*

      • Participant in Special Drawing Rights Department, 898

      • Quota in Fund, 532, 534, 539, 542*

      • Trust Fund eligibility, 675, 676, 677, 678

    • SINGH, MANMOHAN, 174

    • SKANLAND, HERMOD, 208

    • SMALL STATES. See MEMBERSHIP IN FUND SMITHSONIAN AGREEMENT

      • Collapse of, 83-34, 187

      • Fund staff reactions to, 126

      • Holding new rates agreed 11-12, 24, 58

    • SMOLE, JANKO, 228

    • SNAKE. See EUROPEAN NARROW MARGINS ARRANGEMENTS

    • SOLOMON, ANTHONY M., 635

    • SOLOMON ISLANDS

      • Membership in Fund, 536*, 907*

      • Quota in Fund, 536*, 542*

    • SOLOMON, ROBERT, 160, 169, 195, 212, 216, 247

    • SOMALIA

      • Drawings (purchases) from Fund, 435, (net), 886*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 907*

      • Par value change, 35, 36*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 362, 429*

    • SOUTH AFRICA

      • Art. VIII, acceptance of obligations of, 912n Classification by Fund, 42rc, 780

      • Drawings (purchases) and repurchases from Fund: purchases, 423, 433*,(net), 885*; under compensatory financing facility, 411, 412*; repurchases, 569*

      • Exchange arrangements, 804*

      • Gold: producer, 649; sales to Fund, 127n; sales to Fund discontinued, 610-11; views on, 177, 219, 223, 227, 261, 646

      • Membership in Fund, 907*

      • Par value change, 56

      • Quota in Fund, 540*

      • Rand: floating, 55; use in Fund transactions, 581*; use in SDR currency basket, 293*, 892

      • SDR: allocations, 885*; holdings, 897

      • Stand-by arrangements with Fund, 424, 429*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

      • Views on SDR valuation and interest rate, 229

    • SOUTH-EAST ASIAN CENTRAL BANKS (seacen) RESEARCH AND TRAINING CENTER, 954

    • SOUTHARD, FRANK A., JR., 88, 102, 997; see also DEPUTY MANAGING DIRECTOR

    • SOUTH PACIFIC BUREAU FOR ECONOMIC COOPERATION (spec), 954

    • SPAAK, PAUL-HENRI, 171

    • SPAIN

      • Classification by Fund, 42n, 789, 909

      • Drawings (purchases) from Fund, 424, 433*,(net), 885*; under compensatory financing facility, 411, 412*; under oil facility, 331, 347*

      • Exchange arrangements, 805*, 806

      • Membership in Fund, 907*

      • Peseta: use in Fund transactions, 577, 578, 581*; use in SDR currency basket, 293*, 893*

      • Quota in Fund, 540*

      • SDR allocations, 885*

      • Stand-by arrangements with Fund, 424, 430*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 674-75, 676

    • spec. See SOUTH PACIFIC BUREAU FOR ECONOMIC COOPERATION

    • SPECIAL DISBURSEMENT ACCOUNT, FUND, 723, 724

    • SPECIAL DRAWING ACCOUNT, FUND

      • Change to Special Drawing Rights Department, 511n, 723

    • SPECIAL DRAWING RIGHTS. See various entries under SDR

    • SPECIAL DRAWING RIGHTS DEPARTMENT

      • Freely usable currency, role in, 764

      • Name change, 51 In, 723, 775

      • Participants, 898, 899

    • SRI LANKA

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 837*; under compensatory financing facility, 412*; under oil facility, 331, 348*; repurchases, 572*

      • Exchange arrangements, 805*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 907*

      • Quota in Fund, 526, 532, 542*

      • Rupee floating, 55

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 426, 430*, 431

      • Subsidy Account payments received, 355*

      • Trust Fund: eligibility, 670n; loan from, 672, 673*

    • STABILIZATION PROGRAMS

      • Assessment of by staff, 499-500

      • Credit ceilings used in, 486, 488; criticized, 491

      • Criticized, 491, 493, 502, 505, 507

      • Defended by Managing Director, 497

      • Evolution of, 478, 479, 484-85, 486

      • Food subsidy elimination in, 488, 491; defended by Managing Director, 498

      • Performance clauses in, 484-85, 504, 506-507; exchange rate, 487, 492; external debt management, 487-88, 924; fiscal, 486-87

      • Role of Executive Board in discussed, 502, 503, 506

      • Under: extended Fund facility, 363, 364-65, 365-66, 369; oil facility, 349; stand-by arrangements, 363, 364

      • With: Italy, 443-44, 454-56; Kenya, 371-72; Mexico, 379-80; Philippines, 375-76; U.K., 473, 486; U.K. and Italy, significance of, 479

      • See also CONDITIONALITY and STAND-BY ARRANGEMENTS

    • STAFF

      • Anonymity of, 1017-18; declines, 1018

      • Attendance at Executive Board meetings, 987

      • Collaboration, 1017

      • Compensation issues, 1015, 1016-17

      • Geographic distribution, 1030

      • Identification, 1018-30

      • Organization, 1010, 1011

      • Participation in world economic outlook project, 789, 790, 792, 793, 794, 796-97

      • Position of women in, 1030-31

      • Representation of Fund by, 945, 953

      • Resident representives, 918, 919, 920-21, 956

      • Role in policymaking, 1001-1002, 1018

      • Seminars, 951

      • Size of, 1010-11, 1015

      • “Sketch” on reformed monetary system. See REFORM OF INTERNATIONAL MONETARY SYSTEM

      • Time devoted to Fund’s regular activities, 903

      • Training, 922, 951

      • Work load increased, 1011-16

      • See also INFORMATION AND PUBLICATIONS, FUND and TECHNICAL ASSISTANCE

    • STAFF PAPERS, 821, 945, 949-50

    • STAMMATI, GAETANO, 452, 454

    • STAND-BY ARRANGEMENTS

      • Approved, 423, 424, 426; (1966-74), 362; total (1952-72), 426*-30*; for developing members, 424, 426; for Italy, 424, 440-46, 451, 545, 550; for Kenya, 373; for Philippines, 374; for U.K., 45, 424, 464-66, 468-75

      • Augmentation rights, elimination of, 779-81

      • Defined in Second Amendment, 699

      • Drawings under, 431; first credit tranche, 486; total (1972-78), 424, 425*-30*, 431-32

      • Inadequacy of as factor for extended facility, 362-63

      • Performance criteria, 506; budget, 502; exchange rate, 487, 492, 503; external debt, 487-88; fiscal, 486-87; first credit tranche drawings, 486, 506

      • Period of, 362, 501, 504, 505, 506

      • Policies: new guidelines for (1979), 506-507; on first credit tranche liberalized, 502

      • Relation to supplementary financing facility, 551-52, 554

      • Review clauses in, 501, 505-506

      • Revised forms for, 776-77

      • Significance of Italian and U.K., 441, 478-79

      • Undrawn balances under, 431; (1972-78), 884*

      • See also STABILIZATION PROGRAMS and individual countries

    • STARK, MARIE C, 1031

    • STERLING AGREEMENT. See UNITED KINGDOM

    • STERLING AREA

      • Impact on of pound devaluation, 54-55

    • STURC, ERNEST, 1021

    • SUAREZ, FRANCISCO, 248, 528

      • Comments and views on: Art. IV, 754; gold auctions, 651; Trust Fund, eligibility for, 671

    • SUBRAMANIAM, C, 331, 619, 623-24

    • SUBSCRIPTIONS. See GOLD TRANSACTIONS AND OPERATIONS OF FUND and QUOTAS: Subscriptions

    • SUBSIDY ACCOUNT, FUND

      • Contributions, 353, 354*

      • Eligible for, list of members, 352

      • Establishment, reasons for, 351

      • Operation of, 352-53

      • Payments made, 353, 355*

      • Proposed, 320, 328

      • Significance of as forerunner of Trust Fund, 354-55

      • Under Second Amendment, 776

    • SUBSTITUTION ACCOUNT

      • Defined, 181

      • Discussed in: Committee of Twenty, 178, 217, 226, 234, 248-49; Executive Board, 284; Outline of Reform, 259-60; report on reform, 138, 139; staff sketch, 127

      • Proposed by: Fund, 185-86, 202-203; Germany, Fed. Rep., 183; Italy, 183; Managing Director (1978), 899; U.K., 183; U.S., 181, 182

      • See also GOLD SUBSTITUTION ACCOUNT

    • SUDAN

      • Debt, external, 928

      • Drawings (purchases)and repurchases from Fund: purchases, 435*, (net), 886*; under compensatory financing facility, 413*; under oil facility, 331, 348*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 907*

      • Quota in Fund, 532, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 430*, 431

      • Subsidy Account payments received, 355*

    • SUMMARY PROCEEDINGS, 947-48

    • SUMMIT MEETINGS, 1034

      • Bonn, 394, 796, 857; London, 940; Martinique, as start of, 618; Rambouillet, 745-46, 746-47, 977-78

      • Coordinated growth strategy endorsed, 795-96

    • SUPER GOLD TRANCHE. See GOLD TRANCHE

    • SUPPLEMENTARY FINANCING FACILITY

      • Augmentation rights eliminated, 781

      • Borrowing for, 546-47, 552, 556, 557n, 593; amounts committed, 550, 556n; finance ministers’ meeting on, 549-51; interest on, 546, 550, 553; liquidity of claims under versus gab, 592

      • Charges on, 546, 548, 552, 553*, 555-54

      • Conditionality under, 496, 546, 548

      • Considered in U.S. Congress, 554–55

      • Decision, terms of, 551-54

      • Eligibility for discussed, 548, 550

      • Established, 565

      • Mr. Witteveen’s proposal for, 545, 546; discussed in Executive Board, 546-48; in Group of Ten, 548-49

      • Operation of delayed, 554–56

      • Repurchase provisions, 546, 552

      • Revised forms for, 777

    • SURINAME

      • Exchange arrangements, 804*

      • Membership in Fund, 536*, 907*

      • Quota in Fund, 536*, 542*

    • SURVEILLANCE BY FUND OF EXCHANGE RATE POLICIES

      • Art. IV: consultations, 849-50; provisions, 701, 751-52, 756, 837, 847-48; U.S. views on, 842

      • Discussed: in Committee of Twenty, 194; in guidelines on floating, 302; in Outline of Reform, 257; in connection with convertibility, 228

      • Executive Board decision: implementation of, 849-51 principles of, 847-48; procedures in, 848-49

      • Exploring techniques for, 837-40

      • Principles involving intervention, 859

      • Staff papers on, 839-40, 843-46; discussed by Executive Directors, 840-43, 846

      • Support for expressed, 856, 857

      • See also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS:

      • Exchange arrangements

    • SUZUKI, HIDEO, 16, 41, 135, 160, 210, 221

    • SWAP ARRANGEMENTS. See CENTRAL BANKS

    • SWAZILAND

      • Drawings (purchases) from Fund, 435*, (net), 886*; repurchases, 571*

      • Exchange arrangements, 55, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 907*

      • Par value change, 56

      • Quota in Fund, 541*

      • SDR allocations, 886*

    • SWEDEN

      • Art. VIII, acceptance of obligations of, 912n

      • Borrowing by Fund for oil facility, 345, 346*

      • Central rate, 39, 58

      • Classification by Fund, 42m, 789

      • Exchange arrangements, 804*, 806; views on, 816; see also Participation in snake, below

      • Intermediary in gold restitution, 659

      • Krona: devaluation, 812; floating jointly with ec currencies, 80; rates for vis-à-vis U.S. dollar, 812, 865; use in Fund transactions, 581*; use in SDR currency basket, 293*, 892, 893*

      • Membership: in Fund, 538, 907*; in Group of Ten, 11

      • Participation in snake, 802-803, 811, 812

      • Quota in Fund, 525, 527, 532, 537n, 538, 540*; views on, 520

      • SDR allocations, 885*

      • Subsidy Account contribution, 354*

      • Trust Fund, exclusion from, 675

    • SWITZERLAND

      • Association with gab, 589, 590

      • Borrowing by Fund, 457, 592-93, 476; for oil facility, 345, 346*; for supplementary financing facility, 557n Capital inflows, 64

      • Classification by Fund, 42n, 789

      • Economic situation and policies, 439, 833, 834

      • Exchange arrangements, 806*

      • Exchange markets: intervention in suspended, 64; intervention policy coordinated with U.S., 865

      • Franc: as reserve currency, 637; rates for, 811, 862, 865

      • Gold arrangements, 634, 635

      • Participation in Group of Ten gold arrangements, 961

      • Subsidy Account contribution, 353, 354*

      • Swap arrangements with: U.K., 467; U.S., 862

    • SYRIAN ARAB REPUBLIC

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 438*, (net), 888*; under compensatory financing facility, 413*; repurchases, 573*

      • Exchange arrangements, 804* Gold sales, profits received from, 680*

      • Membership in Fund, 907*

      • Quota in Fund, 543*

      • SDR allocations, 888*

      • Stand-by arrangements with Fund, 430*

    • SZASZ, A., 631

    T

    • TANZANIA

      • Drawings (purchases) and repurchases from Fund: purchases, 435*,(net), 886*; under compensatory financing facility, 410, 412*; under oil facility, 331, 348*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 907*

      • Participant in gold auctions, 657

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Shilling pegged to U.S. dollar, 55

      • Stand-by arrangements with Fund, 424, 430*, 431

      • Subsidy Account payments received, 355*

    • TAN SIEW SIN, 228

    • TECHNICAL ASSISTANCE

      • Carried out through: outside experts, 918, 919; resident representatives, 918, 919, 920-21; staff, 918, 919, 920

      • Fields of assistance: central banking, 918, 1013; fiscal affairs, 919, legal affairs, 919-20; other, 920, 921, 925, 927; statistics, 919

      • New small members’ need for, 908

      • Recipients: members, 918, 919, 920; regional and international organizations, 921

      • Transmittal of information on, procedure for, 993-94

    • TEJERA, EDUARDO J., 253

    • TEMPLE-SEMINARIO, WINSTON, 676, 980

    • TENCONI, ROLAND, 1023-24

    • TENNEKOON, H.E., 980

    • TERMS OF TRADE. See TRADE, INTERNATIONAL

    • TEYSSIER, GERARD M., 1024

    • THAILAND

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; under supplementary financing facility, 417; under compensatory financing facility, 421*; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 907*

      • Par value change, 35, 36*

      • Quota in Fund, 542*

      • SDR allocations, 887*

      • Stand-by arrangements with Fund, 424, 430*

      • Trust Fund: eligibility, 670n; loan from, 672, 673*

    • THIRD WINDOW. See WORLD BANK

    • TILAKARATNA, W.M., 528, 998

    • TINOCO, PEDRO, 980

    • TOGNETTI, CIRO, 1026

    • TOGO

      • Drawings (purchases) from Fund, 435*, (net), 886*; under compensatory financing facility, 412*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 907*

      • Quota in Fund, 541*

      • SDR allocations, 886*

    • TRADE, INTERNATIONAL

      • Developing members’ problems, 209

      • Expansion: in 1960s, 91; related to floating rates, 835

      • Fund’s increased responsibility for policy on, 939, 941, 942

      • Terms of trade, 307

      • Volume, 389, 390

      • See also EXPORTS; IMPORTS; and TRADE RESTRICTIONS

    • TRADE NEGOTIATIONS. See GENERAL AGREEMENT ON TARIFFS AND TRADE

    • TRADE RESTRICTIONS

      • As pressure for adjustment discussed, 226

      • Avoidance of (1974-75), 350-51; as condition for use of: compensatory financing facility, 408; extended Fund facility, 368; oil facility, 322, 343, 349; escalating emphasized, 313-14

      • Concern about by Managing Director, 313-14, 358

      • Distinguished from exchange restrictions, 322, 689, 704

      • Fear of as result of oil price increases, 313-14, 445

      • Fund’s jurisdiction over discussed,

      • 220-22, 689, 703-706, 711, 770

      • Fund’s relations with gatt on, 704; see also Fund’s jurisdiction …, above

      • Included in Committee of Twenty discussions, 220, 221-22

      • Intensified after 1975, 939-40, 941; see also PROTECTIONISM

      • Lifting of by European members, 91

      • Pledge against adopted by oecd members, 350

      • Voluntary declaration on, 302-303, 704, 705, 939, 960; signatories of, 349-50

    • TRANSFER OF REAL RESOURCES

      • Committee of Twenty Technical Group on, 242, 250-52, 261, 972

      • Concern of developing members with, 165, 201, 207, 210, 243

      • In Outline of Reform, 257, 261

      • See also DEVELOPMENT COMMITTEE

    • TREASURER (Walter O. Habermeier), 630, 631, 648, 900, 1022-23

    • TRIFFIN, ROBERT, 102, 139, 642, 646, 760

    • TRINIDAD AND TOBAGO

      • Borrowing by Fund for oil facility, 345, 346*

      • Dollar: floating, 55; use in Fund transactions, 578, 581*

      • Drawings (purchases) and repurchases from Fund, 437*, (net), 888*; repurchases, 573*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 680*

      • Membership in Fund, 907*

      • Quota in Fund, 543*

      • SDR allocations, 888*

    • TRUDEAU, PIERRE, 796

    • TRUST FUND

      • Amounts (profits from gold auctions): direct distribution, 678, 679*-81*, 834*; disbursed as loans, 672, 673*, 674, 884*; received, 658*

      • Contributions to discussed, 665-66, 667, 669, 675, 677-78

      • Eligibility for: direct distribution of profits, 670, 674-78; loans, 670-71, 682

      • Establishment of, 648; views on urgency of considered, 631

      • Executive Board decision, 671-72

      • Features of debated, 667-71; conditionality, 669; eligibility of members for, 670-71; financing of, 669; interest rates, 669; option to receive gold instead of currency, 652, 656; size, 668-69

      • Investments, diversification of, 681-82

      • Loans under: conditionality for, 671-72; disbursed, 672, 673*; interest rates on, 672

      • Procedures for, 648-49

      • Proposal: by United States, 337, 338-39, 662-63; discussed in Executive Board, 665-66; reactions to, by developing members, 664; by staff, 663-64; reasons for, 662-63; report on to Development Committee, 666

      • Tie-in with compensatory financing discussed, 405, 408

      • Uniqueness of, 661

      • Use of Special Disbursement Account for, 724

      • Views: of Development Committee, 664, 666-67; of Group of Twenty-Four, 666

    • TUNISIA

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 318, 435*,(net), 886*; under compensatory financing facility, 411, 412*; repurchases, 318, 571*

      • Exchange arrangements, 804*

      • Fund study on protectionism, 942

      • Gold sales, profits received from, 681*

      • Membership in Fund, 907*

      • Quota in Fund, 541*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 362, 430*

    • TUN THIN, 1023

    • TURKEY

      • Classification by Fund, 42n, 789, 909

      • Debt, external, 925, 926, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 318, 433*, (net), 885*; under compensatory financing facility, 410, 411, 412*; under oil facility, 331, 347*; repurchases, 318, 569*, 611

      • Exchange arrangements, 805*, 806

      • Gold sales, profits received from, 681*

      • Membership in Fund, 907*

      • Quota in Fund, 540*

      • SDR allocations, 885*

      • Stand-by arrangements with Fund, 362, 430*

      • Trust Fund eligibility, 674-75

    • TURNER, JOHN N., 254, 336, 625, 627, 743, 755, 970

      • Comments and views on: balance of payments adjustment and indicators, 228; floating rates, 191, 736; gold transactions of central banks, 609; role of Committee of Twenty, 196, 241; SDR reconstitution, 722

    U

    • UGANDA

      • Drawings (purchases) and repurchases from Fund: purchases, 435*,(net), 886*; under compensatory financing facility, 410, 412*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 681*

      • Membership in Fund, 907*

      • Quota in Fund, 532, 541*

      • SDR allocations, 886*

      • Shilling pegged to U.S. dollar, 55

      • Stand-by arrangements with Fund, 430*

    • UGUETO, LUIS, 180

    • Unctad. See UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT

    • undp. See UNITED NATIONS DEVELOPMENT PROGRAM

    • UNEMPLOYMENT

      • Coexisting with inflation, 49, 389, 390, 391, 823

      • Considered problem at Bretton Woods, 86, 87

      • Factor in use of macroeconomic policies, 104

      • See also individual countries

    • uneo. See UNITED NATIONS EMERGENCY OPERATION

    • UNIFORMITY, PRINCIPLE OF: implications for of Outline of Reform, 262

    • UNION D’ASSUREURS DES CREDITS INTER- NATIONAUX (BERNE UNION), 927

    • UNITED ARAB EMIRATES

      • Art. VIII, acceptance of obligations of, 912n As major oil exporter, 306

      • Borrowing by Fund for oil facility, 326, 330

      • Classification by Fund, 42w

      • Consultations, special, 279

      • Dirham: use in Fund transactions, 321, 577, 581*

      • Exchange arrangements, 804* Gold sales, profits received from, 681*

      • Membership: in Fund, 535, 536*, 907*, 908; in opec, 306

      • Participant in Special Drawing Rights Department, 898

      • Quota in Fund, 532, 534, 536*, 540*

      • Trust Fund: contribution to, 677, 678; exclusion from, 674, 675

    • UNITED KINGDOM

      • Art. VIII, acceptance of obligations of, 912n

      • Asset settlement and convertibility, proposal for, 183, 184, 185

      • Balance of payments, 308, 357, 463, 464-65; deficits, 390, 391, 816; improvement in, 476; surpluses, 45-46; views on adjustment at Bretton Woods, 169

      • Banking regulations, Fund study, 932

      • Bretton Woods Conference, objectives at, 86; role in, 266; see also KEYNES, JOHN MAYNARD

      • Budget, 47-48;see also Public sector borrowing requirement, below

      • Capital movements: inflows, 467, 476; measures to control, 50, 215; short-term outflows (1972), 48, 49-50; speculative outflows, 18-19

      • Classification by Fund, 42n, 789

      • Conditionality versus automaticity, views on, 86, 482

      • Consultations: Art. IV, 477, Art. VIII, 46, 463, 476; special, 51, 52, 53, 278, 279

      • Credit from central banks, 467

      • Domestic credit expansion, 470, 471, 473, 477

      • Economic situation and policies: (1967-72), 45-47; anti-inflationary, 465; expansionary after 1973, 439-40; impact of oil price increases, 463; improved outlook (1976), 467-68; monetary policy, 462-63; recovery (1977), 476-78, 479; slow growth rate, 461-62; stimulative policies (1972), 47-48

      • Exchange arrangements, 805*; policies discussed by Executive Directors, 838; views on floating rates, 190, 701; see also Participation in snake, below

      • Exchange controls introduced, 50

      • Exchange markets, intervention in, 466, 816

      • External debt repayments, 45, 46

      • Gold price, views on, 219

      • Gross national product, 24-25, 47, 389

      • Incomes policy, 462, 465, 467, 473, 477, 787

      • Inflation. See Unemployment and Wages and prices, below

      • “Link,” views on, 224

      • Membership in: ec, 46, 50-51, 76, 149; Fund, 907*; Group of Ten, 11

      • Nonmetropolitan territories, 55

      • Oil exporter, 356

      • Oil facility, views on, 335, 339

      • Participation in: Big Five meetings, 743, 977-78; snake, suspended, 811, 813; summit meetings, 745-46, 746-47, 940

      • Par value, 46

      • Pound: as peg currency, 802, 806, 807; as reserve currency, 51-52, 55, 875; as vehicle currency, 55; convertible in fact, 764; devaluations, effects of, 83, 828; devaluations, repercussions of on sterling area, 54-55; floating, 19, 50, 80, 276; floating, Fund reactions to, 50-51, 52-53; freely usable currency, 776; rates for, 46, 49, 52, 53, 464, 465, 466-67, 468, 470, 809, 811, 865; under pressure, 465, 466, 468; use in computations for remuneration and SDR interest rate, 594, 596, 891, 892; use in Fund transactions, 32, 576, 581*; use in SDR basket, 293, 293*, 892, 893*

      • Proposal for mci system, 245, 246

      • Public sector borrowing requirement, 462, 465, 471, 472, 473, 476-77

      • Quota in Fund, 513, 525, 527, 537, 537*, 540*; views on, 512-13, 517, 519

      • Reserve creation, views on, 178

      • Reserve currencies, views on, 179

      • Reserves, 46, 465, 477

      • SDR allocations, 885*; views on, 877;

      • SDR holdings, 897

      • Social welfare programs, views on, 469

      • Stand-by arrangements with Fund, 45, 349, 424, 430*, 431, 545; approved (1975), 466; (1977), 473-75; Fund’s special role in, 470-71, 474; Managing Director’s visit to U.K., 471-72; negotiations (1975), 464-66; (1977), 467, 468-72; performance criteria under, 477; programs for, 473, 486; programs for, views on, 469, 470; significance of for Fund, 478-79

      • Sterling area gold reserves, 610

      • Sterling balances: agreement on and Managing Director’s special role in, 475-76, 478

      • Subsidy Account contribution, 354*

      • Trade, 47, 472

      • Transactions with Fund: drawings (purchases), in gold tranche, 423, 466; under oil facility, 347, 347*, 464, 466; under stand-by arrangements, 431, 466, 476, 590, 592, 816;(net), 885*; total, 433*; repurchases, 46, 477, 568, 569*, 575; special arrangements for in 1972, 32-34; views on repurchase provisions, 781

      • Trust Fund, exclusion from, 675

      • Unemployment, 12, 46-47, 49, 464

      • Wages and prices, 49, 53, 464

    • UNITED NATIONS

      • Concern about commodities, 402, 403

      • Emergency operation (uneo):established, 351; list of msa countries, 352, 353

      • Fund relations with, 951, 956-57; Special Representative to, 954

      • General Assembly: resolution on new international economic order, 325

      • Membership of ministates, 909

      • Role in Fund policymaking, 964

      • Voting procedure compared with Fund’s, 957-58

      • See also respective ECONOMIC COMMISSIONS and various subagencies and committees

    • UNITED NATIONS ADMINISTRATIVE COMMITTEE ON COORDINATION (acc), 956

    • UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (Unctad)

      • Common Fund, 957

      • Commodities, position on, 399, 402, 403, 414, 417

      • Expert groups of, 957

      • Fund relations with, 955, 957, 981; on debt problems, 925-26, 927

      • Resolution on Fund’s compensatory financing and buffer stock facilities, 400-401

      • Special trade problems of developing countries, 200

      • Role in Fund policymaking, 964

    • UNITED NATIONS DEVELOPMENT PROGRAM (undp), 957

    • UNITED NATIONS ECONOMIC AND SOCIAL COUNCIL (ecosoc), 956

    • UNITED STATES

      • Acceptance of Second Amendment, 769

      • Art. VIII, acceptance of obligations of, 912n

      • Asset settlement, convertibility, and consolidation: proposal on, 182, 184, 185; views on, 166, 168, 180-81, 183, 216-17, 222, 227, 716

      • Balance of payments: adjustment in 1950s, 96-97; adjustment, views on, 164, 167, 169, 342; adjustment and convertibility, views on, 238-39; concepts used, 952; deficits, 13, 14, 15, 16, 25, 59, 65, 109, 133, 787, 861; deficits, concern about, 102-103, 124; deficits, measures to reduce, 109-10 position, 308, 309, 390, 391, 864; problems as factor in failure of Committee of Twenty, 267

      • Banking regulations, Fund study, 932

      • Borrowing by Fund: for supplementary financing facility, 553, 554, 556, 557n; under gab, 590

      • Bretton Woods Agreement Act, 555

      • Bretton Woods Conference, objectives at, 86-88; views of at, 88

      • Canadian float, views on, 41

      • Capital movements, 14, 17; lack of inflows, 17; reasons for lack, 19-20; measures to control, 24, 66-67, 109, 215; views on, 18, 167, 215

      • Classification by Fund, 42n, 789

      • Compensatory financing, proposals on, 404-405, 407

      • Conditionality versus automaticity, views on, 482

      • Congress, 17, 19, 34r-35, 68, 69, 147; role in supplementary financing, 553, 554-56; views on Fund, 554-56; views on opec, 555

      • Consultations: Art. IV, 863-66, 915; Art. VIII, 13-15, 39; special, 278, 279

      • Discount rate increased, 858, 863

      • Dollar: arrangements to reduce use in reserves, 126-28; as Fund’s dual unit of account considered, 30; as intervention currency, 95, 96, 128, 280; as reserve currency, 96, 875; as reserve currency, views on, 113-14; as vehicle currency, 95; convertible in fact, 764; convertibility explained, 95; convertibility suspended, 11, 12, 83, 770; convertibility suspended, reasons for, 111; convertibility, views of ec, 20, 124; convertibility, views of U.S., 20, 167, 195, 727; floating, in violation of Articles, 613, 735, 739; freely usable currency, 776; Fund holdings, 578, 580, 583, 584*, 778; “glut,” 90, 109; inconvertibility of, debates about, 38-40; inconvertibility, implications for Fund operations, 27-28, 31-32, 598; lack of confidence in as problem of par value system, 105; “overhang,” 178, 180, 181, 216, 743; rates for, 23-24; rates for under pressure (1977-78), 819-20, 853-54, 858, 862, 865; rates for vis-à-vis European currencies, 65, 809, 811, 862; rates for, ec views on, 854r-55; rates for, U.S. views on, 856, 857, 858-59; “shortage,” 90, 109, 111; special role, 95-96, 102, 128, 179-80, 597, 607; special role eliminated, 129, 185; symmetrical treatment of in staff sketch, 128; use in computations for remuneration and SDR interest rate, 594, 596, 891, 892; use in Fund transactions, 33-34, 576, 577, 581, 581*; use in SDR basket, 292, 293, 293*, 893*; valuation of in gold, 281; see also Exchange rate devaluation and Par value, below

      • Drawings (purchases) and repurchases from Fund: purchases, 423, 435*, 583, (net), 885*; in reserve tranche, 590, 862, 863; repurchases, 569*

      • Economic situation and policies: anti-inflationary (1977-78), 855-56, 861, 862, 863; views on, 864-65; budget, 792; energy program, 337, 819, 856; expansionary, 818, 834; improvements in (1972), 25; international coordination of policies, 393-94, 819; New Economic Policy (1971), 12-14, 65

      • Exchange arrangements, 805*; Art. IV: bilateral negotiations with France on, 743-46; dissension with France on, 739-43; views on, 736, 750, 842; fixed versus floating rates, views on, 77, 133, 134, 164, 167, 170, 190-91, 300, 691-92, 701, 814, 815, 817, 818, 819; Jamaica agreement, U.S. objectives, 761; Rambouillet agreement, 746-47

      • Exchange markets: intervention, 853, 854, 856, 858, 862; views on, 69, 95, 168-69, 819-20, 863, 864-65; passive role in, 94-96; see also Exchange arrangements, above

      • Exchange rate devaluation, 13, 17, 282; proposed at Smithsonian, 19; reactions to, 68-69; reasons for, 65-66; relation of to oil price increases, 307; role of Fund in, 67-68; size of, 66-67; see also Dollar above Exchange rate policy: confidentiality of information, 838; views on, 865-66

      • Executive Board representation, 764, 997

      • Fund: Executive Directors, views on role of, 967; Fund’s role in reform efforts, views on, 150-51, 152, 153-54, 196-97; Fund’s role in reformed system, views on, 138; relations with, 1004; structure of, views on, 691-92; views on Mr. Schweitzer, 118, 154, 1003; views on stabilization programs, 504; views on staff compensation, 1016, 1017

      • Gold: auctions, domestic actions by U.S., 618, 650, 858, 863; Commission, 646; price, views on, 219, 220; reserves, 19, 95, 614; reserves reduced, 618; role of, views on, 167, 177, 229, 249, 260-61, 613, 615-16, 645-46, 729, 730; substitution account, views on, 640-41; transactions by central banks, views on, 220, 618-19, 622, 635-36

      • Gross national product, 24-25, 389, 391

      • Group of Ten: membership in, 11; views on role of, 148, 976; in reserve creation, 143

      • Indicators: proposal on, 168, 173-74, 176, 212, 224, 226, 964; views on, 216-17, 222, 227-28

      • Inflation, 864

      • Interest equalization tax, 109

      • Interest rates, 20, 25

      • Intermediary in gold restitution, 659

      • Intervention, views on: see Exchange markets, above

      • Investment and disinvestment by Fund in U.S. securities, 599, 600

      • Link, views on, 203, 208, 224, 229-30, 255, 708

      • Membership in Fund, 907*

      • Oil deficits, proposals for financing, 336-39; see also Oil facility, below Oil embargo on imposed, 306; lifted, 307, 355

      • Oil facility in Fund, views on, 315-16, 317-18, 321, 335-36, 340-41

      • Oil price increases, views on, 337-38

      • Participation in: Big Five meetings, 743, 977-78; Committee of Twenty, 156; summit meetings, 745-46, 746-47, 940

      • Par value: as basis of SDR valuation, 282, 287; changes in, 19, 135-36, 137; changes proposed, 66, 69; new, 34-35, 58, 282; new expected, 11; under Second Amendment, 742, 761; views on, 104, 170

      • Par Value Modification Act, 34-35

      • Par value system, views on, 114-15; Fund’s role in, 117-18

      • Pressures, views on. See Balance of payments adjustment, above

      • Price: controls, 12, 13, 14, 25; increases, 310-11

      • Proposals for mci system, 245

      • Reform of international monetary system, proposals for, 166-69, 266, 964; views on reform, 133-34, 135-36

      • Quota in Fund, 516, 524, 525, 527, 529, 535n, 537*, 540*; significance of, 516, 521; views on, 512-13, 519, 521, 523, 530-31, 532

      • Relations with ec, 20

      • Reserve currencies, role of, 178; views on, 179, 633

      • Reserve requirement eliminated, 858, 863

      • Reserves, 108; gold, 95; reserve position in Fund, 854

      • Role: at Bretton Woods Conference, 266; in Committee of Twenty, 266; in Italian and U.K. stand-by arrangements, 469, 470, 471, 478; of U.S. dollar in par value system, 94–96

      • SDR: allocations, 885*; holdings, 897; holdings, sale of, 853, 862; views on allocations, 879-80; views on role of, 167; views on valuation and interest rate, 179, 229, 283, 285-86, 718-19, 891, 892

      • Signatory of voluntary declaration on trade, 349

      • Stand-by arrangements with Fund, 430*

      • Supplementary financing facility versus safety net, 548-49; opec lending for proposed, 548

      • Swap arrangements, 819-20; with Germany, Fed. Rep., 853, 862

      • Trade, 65, 71, 864; import restrictions, 941; study by Fund, 942; views of Fund’s jurisdiction in trade matters, 221; views on trade restrictions, 226, 228, 705

      • Treasury Department responsible for Fund, 155

      • Trust Fund: exclusion from, 675; proposal for, 615, 662-63, 675; views on, 631

      • Unemployment and inflation, 12, 13, 14

      • Volcker Plan, 166-69

      • Voting power in Fund, 147, 713

      • Wage and price controls, 12-, 13, 14

    • UPPER VOLTA

      • CFA franc: use in Fund transactions, 576, 580*

      • Drawings (purchases) from Fund (net), 886*; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 681*

      • Loan from Trust Fund, 673*

      • Membership in Fund, 907*

      • Quota in Fund, 542*

      • SDR allocations, 886*

    • URUGUAY

      • Consultations, special, 279

      • Drawings (purchases) and repurchases from Fund: purchases, 437*, (net), 888*; under compensatory financing facility, 400, 410, 413*; under oil facility, 331, 348*; repurchases, 573*

      • Exchange arrangements, 805*

      • Fund study on protectionism discussed, 942

      • Gold sales, profits received from, 681*

      • Membership in Fund, 907*

      • New peso: use in Fund transactions, 576, 581*

      • Quota in Fund, 543*

      • SDR allocations, 888*

      • Stand-by arrangements with Fund, 430*, 431

    • U.S.S.R., 512n

    V

    • VALUE DATE. See EXCHANGE RATES: Used in Fund computations

    • VAN CAMPENHOUT, ANDRE

      • Comments and views’ on: Canadian float, 41; “link,” 205

      • Service, 997

    • VANHALA, MATTI, 866

    • VAN HOUTVEN, LEO, 631, 1024

    • VAN LENNEP, EMILE, 313, 339, 343, 549

    • VAN S. SMIT, ROBERT, 75

    • VAN YPERSELE, JACQUES, 343

    • VENEZUELA

      • Art. VIII, acceptance of obligations of, 577n, 912n

      • As major oil exporter, 308

      • Bolivar: use in Fund transactions, 321, 577, 578, 581*

      • Borrowing by Fund: for oil facility, 330, 345, 346*; for supplementary financing facility, 557n Capital inflows, 43

      • Classification by Fund, 42n

      • Consultations, special, 269

      • Debt, external, 928

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 681*

      • Intermediary in gold restitution, 659

      • Membership: in Fund, 907*; in opec, 306

      • Quota in Fund, 540*

      • SDR: allocations, 885* holdings, 897

      • Stand-by arrangements with Fund, 430*

      • Subsidy Account contribution, 354*

      • Trust Fund: contribution to, 678; exclusion from, 674, 675

    • VERA, FERNANDO, 1025

    • VICIOUS CIRCLE HYPOTHESIS. See EXCHANGE RATES: Changes in…

    • VIENOT, MARC, 39, 41, 75, 136, 221, 611, 612

    • VIET NAM

      • Drawings (purchases) from Fund, 436*; (net), 887*, under compensatory financing facility, 412*

      • Exchange arrangements, 804*, 805*

      • Gold sales, profits received from, 681*

      • Membership in Fund, 907*, 908

      • Quota in Fund, 539, 542*

      • SDR allocations, 887*

      • Trust Fund: eligibility, 670n; loan from, 673*

    • VINICCHAYAKUL, SERM, 417

    • VIRATA, CESAR E.A., 416, 973, 974

    • VLERICK, ANDRE, 205

    • VOLCKER, PAUL A., 38,

    • 76, 130, 230, 231, 238, 814

      • Comments and views on: asset settlement and consolidation, 216-17; balance of payments adjustment, convertibility, and pressures, 234; capital movements, 192-93; composition and voting of reform group, 152, 154, 155; floating rates, 77, 190, 239; Fund’s role in reform discussions, 150, 151, 152; international monetary system, 167; intervention, 69, 77; “link,” 208; Outline of Reform, 253; reserve indicators, 173; staff sketch, 150; SDR valuation, 285; Smithsonian exchange rates, 18

      • Proposal on reform of international monetary system (Volcker Plan), 166, 168, 169, 195

      • Role in dollar devaluation (1973), 66, 67, 68

    • VOTING AND VOTING POWER

      • Definitions: total voting power, 294n; weighted voting, 958

      • In committees: on Interpretation, 146, 147; U.S. views on, 147; on reform discussed, 154-55

      • Membership of small states, effects on discussed, 911

      • Special majorities, 146; for quota increases, 514; relation to U.S. quota discussed, 521, 524;see also ARTICLES OF AGREEMENT: SECOND AMENDMENT—DRAFT AMENDMENTS: Special voting majorities

    W

    • waec. See WEST AFRICAN ECONOMIC COMMUNITY

    • WAGES

      • Wage and price controls introduced: in U.K., 462, 465, 473; in U.S., 12-13, 14

      • Wage indexation, 830; in Italy, 450, 451, 453, 454, 455, 459

    • WAHL, JACQUES, 937

      • Comments and views on: Art. IV draft, 737, 738-39, 748, 749, 754, 755; central rates, 280; compensatory financing facility, 409; conditionality, 505; gold auctions, 650, 651; gold, role of, 615, 716; gold substitution account, 641; oil facility, 324, 339, 342; quotas, 519, 522, 532, 716; SDR valuation, 285; surveillance, 842; Trust Fund, 665, 668, 671; waivers in repurchase provisions, 566

      • Proposal for mandatory asset settlement, 248

      • Service, 998

    • WAI, U TUN, 1026

    • WAKATSUKI, MIKIO, 616, 716, 998

    • WALDHEIM, KURT, 351

    • WARDHANA, ALI

      • Comments and views on: exchange rates, 43, 860; floating rates, 701; gold restitution, 623-24; primary product prices, 404; reform of international monetary system, 190

      • Proposal on buffer stock and compensatory financing, 400, 418, 419

      • Role in Committee of Twenty, 78, 158, 187, 189, 230, 239, 255, 312

    • WASS, Sir DOUGLAS, 466

    • WEHBE, JORGE, 190

    • WERNER PLAN, 21, 866

    • WEST AFRICAN ECONOMIC COMMUNITY (waec), 921, 954

    • WEST AFRICAN MONETARY UNION, 921

    • WESTERN SAMOA

      • Drawings (purchases) and repurchases from Fund: purchases, 436*, (net), 887*; under compensatory financing facility, 412*; under oil facility, 348; repurchases, 572*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 681*

      • Membership in Fund, 907*

      • Quota in Fund, 542*

      • Stand-by arrangements with Fund, 424, 430*

      • Subsidy Account payments received, 355*

      • Tala pegged to U.S. dollar, 55

      • Trust Fund: eligibility, 670n; loan from, 673*

    • WHITE, HARRY DEXTER, 85, 88

      • Views on use of Fund resources, 482

      • White Plan, 265-66

    • WHITE, WILLIAM H., 1029-30

    • WHITELAW, R.J., 677

      • Comments and views on: Art. IV draft, 755; balance of payments adjustment, 238; conditionality, 505; credit tranche enlargement, 528; Executive Board composition, 766; gold substitution account, 641; “link,” 208, 209; membership of small states, 911; “norm” for currency holdings, 717; remuneration, 595; SDR reconstitution, 722; supplementary financing facility, 548; surveillance, 842; transmittal of information, 937; U.K. stand-by arrangement, 474

      • Service, 998, 999

    • WHITTOME, L. ALAN, 441, 451, 452, 468, 471, 472, 1023

    • WILLIAMS, DAVID, 1029

    • WILSON, HAROLD, 746

    • WITTEVEEN FACILITY. See SUPPLEMENTARY FINANCING FACILITY

    • WITTEVEEN, H. JOHANNES. See MANAGING DIRECTOR WOODLEY,

    • W. JOHN R., 1025

    • WORLD BANK

      • As compiler of per capita income data, 670

      • Basic needs strategy of, 492

      • Borrowing for, 317

      • Consortia and meetings, Fund participation in, 956

      • Critical of Fund conditionality, 492, 955

      • Development strategy in Philippines reviewed, 375

      • Effects of oil price increases on work of, 360

      • Fund membership prerequisite for joining, 910, 911

      • Fund relations with, 366, 955-56, 925; on capital markets, 932-33; on debt problems, 925; on extended arrangements, 365-66, 382, 383

      • Purposes of, 87, 200n

      • Relation to: Committee of Twenty, 223;

      • Development Committee, 304, 973-74

      • Role: in external debt problems, 956; in “link” arrangements proposed, 202; vis-à-vis Fund, 204, 367-68, 504

      • Third window, 664

      • Trust Fund proposal discussions, 664

    • WORLD ECONOMIC ORDER. See BRETTON WOODS CONFERENCE: Objectives of and NEW INTERNATIONAL ECONOMIC ORDER

    • WORLD ECONOMIC OUTLOOK

      • Cyclically neutral budget concept introduced, 792-93

      • Emphasis on balance of payments adjustment, 788, 794

      • Evolution of, 785-94

      • Format of developed, 789-90

      • Fund’s coordinated growth strategy (1978), 393-94

      • Impact of on Fund’s work, 789, 790, 793, 796-97

      • Interim Committee involvement in, 758

      • Publication, 797

      • Relation to Fund policy, 785, 792, 795

      • Role in of Mr. Witteveen, 790-91

      • Significance of for Executive Directors’ work, 792

      • Special consultations for introduced, 278, 279, 791, 797, 848, 912-13

      • Timing of, 981

      • Developments: (1972), 24-25;(1973), 388; (1974-75), 333-34; (1976), 390-91; (1978), 394-95; related to collapse of par value system, 115-16; related to exchange rate variability, 823

    • WORLD ECONOMY

      • Developments, 115-16

      • End of postwar economic order, 264r-65

      • Fund’s coordinated growth strategy, 795

      • Problems of: Fund’s views on, 388-92;

      • Fund’s responses to, 392-95

      • Strategy for growth targets, 856, 860 See also WORLD ECONOMIC OUTLOOK

    Y

    • YAMEOGO, ANTOINE W.

      • Comments and views on: buffer stock financing facility, 419; Executive Board composition, 765, 766; extended Fund facility, 367, 383; gold, 616; “link,” 205; oil facility, 323; SDR reconstitution, 722; trade restrictions, 705-706; Trust Fund, 665, 669

      • Role in extended Fund facility, 361-62

      • Service, 998

    • YEGANEH, MOHAMMED, 78

    • YEMEN ARABREPUBLIC

      • Drawings (purchases) from Fund (net), 888*; repurchases, 573*

      • Exchange arrangements, 804*

      • Gold sales, profits received, 681*

      • Membership in Fund, 907*

      • Quota in Fund, 543*

      • Rial: use in Fund transactions, 577, 581*

      • SDR allocations, 888*

      • Trust Fund eligibility, 671n

    • YEMEN, PEOPLE’S DEMOCRATIC REPUBLIC OF

      • Drawings (purchases) and repurchases from Fund: purchases, 438*; under compensatory financing facility, 413*, 425*; under oil facility, 348*; repurchases, 573*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 681*

      • Membership in Fund, 907*

      • Quota in Fund, 543*

      • SDR allocations, 888*

      • Subsidy Account payments received, 355*

      • Trust Fund: eligibility, 671n; loan from, 673*

    • YEO, EDWIN H. III, 470

      • Role in Art. IV negotiations, 743-49, 1008

    • YONDO, MARCEL, 860, 928

    • YOUNG, RALPH A., 948

    • YUGOSLAVIA

      • Classification by Fund, 42n, 520, 789, 909

      • Consultations, special, 279

      • Debt, external, 928

      • Drawings (purchases) and repurchases from Fund, 318, 424, 433*, (net), 885*; under oil facility, 331, 347*; repurchases, 318, 569*

      • Exchange arrangements, 805*, 806

      • Gold sales, profits received from, 681*

      • Membership in Fund, 93, 907*

      • Quota in Fund, 540*; views on, 525

      • SDR allocations, 885*; holdings, 897

      • Stand-by arrangements with Fund, 430*

      • Subsidy Account contribution, 354*

      • Trust Fund: contribution to, 675, 678; exclusion from, 674-75

    • YUKAWA, HITOSHI, 173, 192

    Z

    • ZABALA, JOSE LUIS, 722

    • ZAÏRE

      • Debt, external, 493-94, 926, 927, 928

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under compensatory financing facility, 400, 410, 411, 412*; under oil facility, 348; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 681*

      • Loan from Trust Fund, 672, 673*

      • Membership in Fund, 907*

      • Quota in Fund, 542*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 430*

      • Subsidy Account payments received, 355*

    • ZALZALAH, ABDUL HASSAN, 190

    • ZAMBIA

      • Consultations, special, 279

      • Drawings (purchases) and repurchases from Fund: purchases, 435*, (net), 886*; under compensatory financing facility, 400, 411, 412*; under oil facility, 348; repurchases, 571*

      • Exchange arrangements, 804*

      • Gold sales, profits received from, 681*

      • Kwacha pegged to U.S. dollar, 55

      • Membership in Fund, 907*

      • Quota in Fund, 539, 542*

      • SDR allocations, 886*

      • Stand-by arrangements with Fund, 424, 430*

      • Subsidy Account payments received, 355*

      • Trust Fund eligibility, 682

    • ZAYAS, EDISON V., 1027

    • ZHANG ZICUN (TSE CHUN CHANG), 767n

    • ZIJLSTRA, JELLE, 475, 609, 630, 631, 913

    • ZOLOTAS, XENOPHON, 817, 860, 929

    • ZULU, J.B., 669, 722, 1023

    Index to 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 description of the publications issued by the Fund in the years 1972-78, see Chapter 49, pages 946-53, of this History.

    A

      Alexander, Sidney S.Effects of a Devaluation on a Trade Balance/’Staff Papers, Vol. 2 (April1952), pp. 26378: 93

      Allen, Mark.The Multilateral Trade Negotiations—A Background Note,Finance & Development (Washington), Vol. 16 (September1979), pp. 2123: 960

      Amuzegar, Jahangir.The North-South Dialogue: From Conflict to Compromise,Foreign Affairs (New York), Vol. 54 (April1976), pp. 54762: 760

      Andreotti, Giulio.Diari, 1976-1979: gli anni della solidarieta (Milan: Rizzoli, 1981): 453, 454, 456

      Annual Report, 19—: see International Monetary Fund, Annual Report of the Executive Directors...

      Argy, Victor, and ZoranHodjera.Financial Integration and Interest Rate Linkages in the Industrial Countries,Staff Papers, Vol. 20 (March1973), pp. 177: 824

      Artus, Jacques R.Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany,Staff Papers, Vol. 23 (July1976), pp. 31233: 825

      Artus, Jacques R., and Andrew D.Crockett.Floating Exchange Rates and the Need for Surveillance, Essays in International Finance, No. 127, Princeton University (Princeton, New Jersey: Princeton University Press, 1978): 845

      Artus, Jacques R., and Anne KennyMcGuirk.A Revised Version of the Multilateral Exchange Rate Model,Staff Papers, Vol. 28 (June1981), pp. 275309: 810

      Artus, Jacques R., and Rudolf R.Rhomberg.A Multilateral Exchange Rate Model,Staff Papers, Vol. 20 (November1973), pp. 591611: 810

      Artus, Jacques R., and John H.Young.Fixed and Flexible Exchange Rates: A Renewal of the Debate,Staff Papers, Vol. 26 (December1979), pp. 65498: 835

    B

      The Balance of Payments Adjustment Process in Developing Countries: Report to the Group of Twenty-Four, undp/Unctad Project INT/75/015 (New York, January1979): 491

      Balogh, Thomas.The International Aspects of Full Employment,in his The Economics of Full Employment (Oxford: Basil Blackwell, 1946): 90

      Balogh, Thomas.”The United States and International Economic Equilibrium,” in Seymour E.Harris, (ed)ed., Foreign Economic Policy for the United States (Cambridge, Mass.: Harvard University Press, 1948), pp. 44680: 90

      Bank for International Settlements. Forty-Second Annual Report, April 1, 1971-March 31, 1972 (Basle, 1972): 108

      Behrens, William W. III.SeeMeadows, Donella, Dennis L.Meadows, JørgenRanders, and William W.Behrens III

      Bell, Philip W.The Sterling Area in the Postwar World: Internal Mechanism and Cohesian, 19461952 (Oxford: Clarendon Press, 1956): 54

      Bennett, Jack F.Remarks before National Economists Club, Washington, D.C., December17, 1974, in U.S. Treasury Department, News (WS-185), December17, 1974, p. 8: 663

      Bergsten, C. Fred.The Dilemmas of the Dollar: The Economics and Politics of United States International Monetary Policy (New York: New York University Press, 1975): 111

      Bergsten, C. Fred.”The New Economics and U.S. Foreign Policy,Foreign Affairs (New York), Vol. 50 (January1972), pp. 199222: 111

      Bernstein, Edward M.The History of the International Monetary Fund, 1966-71,Finance & Development (Washington), Vol. 14 (December1977), p. 17: 87

      Bernstein, Edward M.”The New International Monetary System,inEdward M.Bernstein (ed)et al., Reflections on Jamaica, Essays in International Finance, No. 115, Princeton University (Princeton, New Jersey: Princeton University Press, 1976), pp. 18: 760

      Bernstein, Edward M.”Strategic Factors in Balance of Payments Adjustment,Staff Papers, Vol. 5 (August1956), pp. 15169: 93

      Beveridge, W.A., and Margaret R.Kelly.Fiscal Content of Financial Programs Supported by Stand-By Arrangements in the Upper Credit Tranches, 1969-78,Staff Papers, Vol. 27 (June1980), pp. 20549: 486

      Bhagwati, Jagdish N., (ed)ed. The New International Economic Order: The North-South Debate (Cambridge, Mass.: MIT Press, 1977): 201

      Bilson, John F.O.The Monetary Approach to the Exchange Rate: Some Empirical Evidence,Staff Papers, Vol. 25 (March1978), pp. 4875: 825

      Bilson, John F.O.”Rational Expectations and the Exchange Rate,” in Jacob A.Frenkel and Harry G.Johnson, (ed)eds., The Economics of Exchange Rates: Selected Studies (Reading, Mass.: Addison-Wesley Pub. Co., 1978), pp. 7596: 826

      Bilson, John F.O.”Recent Developments in Monetary Models of Exchange Rate Determination,Staff Papers, Vol. 26 (June1979), pp. 20123: 835

      Bilson, John F.O.”The ‘Vicious Circle’ Hypothesis,Staff Papers, Vol. 26 (March1979), pp. 137: 830

      Bond, Marian E.Exchange Rates, Inflation, and Vicious Circles,Finance & Development (Washington), Vol. 17 (March1980), pp. 2731: 830

      Bilson, John F.O.”Exchange Rates, Inflation, and Vicious Circles,Staff Papers, Vol. 27 (December1980), pp. 679711: 830

      Bradford, Maxwell R.SeeBrehmer, Ekhard, and Maxwell R.Bradford

      Braun, Anne Romanis.Indexation of Wages and Salaries in Developed Economies,Staff Papers, Vol. 23 (March1976), pp. 22671: 393

      Braun, Anne Romanis.”The Role of Incomes Policy in Industrial Countries Since World War II,Staff Papers, Vol. 22 (March1975), pp. 136: 393

      Brehmer, Ekhard, and Maxwell R.Bradford.Incomes and Labor Market Policies in Sweden, 1945-70,Staff Papers, Vol. 21 (March1974), pp. 10126: 393

      Burns, Arthur F.Some Essentials of International Monetary Reform,in Monthly Review, Federal Reserve Bank of New York, Vol. 54 (June1972), pp. 13134 and in Federal Reserve Bulletin (Washington), Vol. 58 (June1972), pp. 54549: 134

    c

      Cairncross, Alec, and BarryEichengreen.Sterling in Decline (Oxford: Basil Black well, 1983): 55

      Chand, Sheetal K.Summary Measures of Fiscal Influence,Staff Papers, Vol. 24 (July1977), pp. 40549: 793

      Chenery, Hollis B.Restructuring the World Economy,Foreign Affairs (New York), Vol. 53 (January1975), pp. 24263: 310

      Clarke, Stephen V.O.Exchange Rate Stabilization in the Mid-1950s: Negotiating the Tripartite Agreement, Studies in International Finance, No. 71, Princeton University (Princeton, New Jersey: Princeton University Press, 1977): 85

      Coombs, Charles A.The Arena of International Finance (New York: John Wiley and Sons, 1976): 93, 111

      Cooper, Richard N.The Gold Standard: Historical Facts and Future Prospects,” in William C.Brainardand George L.Perry, (ed)eds., Brookings Papers on Economic Activity: 1 (1982), The Brookings Institution (Washington), pp. 145: 646

      Cooper, Richard N.”Monetary Reform at Jamaica,” in Edward M.Bernstein (ed)et al., Reflections on Jamaica, Studies in International Finance, No. 115, Princeton University (Princeton, New Jersey: Princeton Univer-sity Press, 1976), pp. 914: 760

      Crockett, Andrew.Determinants of Exchange Rate Movements: A Review,Finance & Development (Washington), Vol. 18 (March1981), pp. 3337: 827

      Crockett, Andrew.”The Euro-Currency Market: An Attempt to Clarify Some Basic Issues,Staff Papers, Vol. 23 (July1976), pp. 37586: 933

      Crockett, Andrew., and Saleh M.Nsouli.Exchange Rate Policies for Developing Countries,Journal of Development Studies (London), Vol. 13 (January1977), pp. 12543, reprinted in Finance in Developing Countries,P.C.I.Ayre,ed. (London: Frank Cass, 1977), pp. 12543: 807

      Crockett, Andrew., and William H.White.The Lessons of the Early-1800s: Controversy Between the British Banking and Currency Schools for Judging the Adequacy of the World’s Foreign-Exchange Re-serves,Revue Internationale d’Historie de la Ban-que (Geneva), Vol. 16 (1978), pp. 20817: 876See alsoArtus, Jacques R., and Andrew D.Crockett

      Cutler, David S., and DhrubaGupta.SDRs: Valuation and Interest Rate,Finance & Development (Washington), Vol. 11 (December1974), pp. 1821: 292

    D

      Dam, Kenneth W.The Rules of the Game: Reform and Evolution in the International Monetary System (Chicago and London: University of Chicago Press, 1982): 964See alsoShultz and Dam

      “Debt Rescheduling: What Does It Mean?”Finance & Development, Vol. 20 (September1983), pp. 2630: 925

      Dell, Sidney.On Being Grandmotherly: The Evolution of IMF Conditionality, Studies in International Finance, No. 144, Princeton University (Princeton, New Jersey: Princeton University Press, 1981): 507

      Dernberg, Thomas F.Fiscal Analysis in the Federal Republic of Germany: The Cyclically Neutral Budget,Staff Papers, Vol. 22 (November1975), pp. 82557: 793

      Despres, Emile, Charles P.Kindleberger, and Walter S.Salant.The Dollar and World Liquidity—A Minority View,The Economist (London, February5, 1966), pp. 52629: 110

      de Vries, Margaret G.Exchange Depreciation in Developing Countries,Staff Papers, Vol. 15 (November1968), pp. 56076: 99

      de Vries, Margaret G.”40th Anniversary of Historic Conference Commemorates Birth of the Fund and Bank,IMF Survey (Washington), Vol. 13 (July2, 1984), pp. 19397: 270

      de Vries, Margaret G.”The Fund under Pierre-Paul Schweitzer,IMF Survey, Vol. 2 (June11, 1973), pp. 161 and 16871: 1003

      de Vries, Margaret G.”Steadily Evolving Fund Lays Foundation Stones of the Emerging System,IMF Survey (Washington), Vol. 3 (September1974), pp. 305 and 307309: 269

      de Vries, Margaret G.”Trade and Exchange Policy and Economic Development: Two Decades of Evolving Views,Oxford Economic Papers (Oxford) Vol. 18 (March1966), pp. 1944: 200See alsoGarritsen, Margaret M.

      de Vries, Rimmer.The Build-Up of opec Funds,World Financial Markets (New York), Morgan Guaranty Trust Company (September23, 1974), pp. 110: 310

      de Vries, Margaret G.”Oil: Looking Back and Looking Ahead,World Financial Markets (New York), Morgan Guaranty Trust Company (January21, 1975), pp. 18: 310

      de Vries, Tom.Amending the Fund’s Charter: Reform or Patchwork?Quarterly Review, Banca Nazionale del Lavoro (Rome), Vol. 29 (September1976), pp. 27283: 759

      de Vries, Tom.”Jamaica, or the Non-Reform of the International Monetary System,Foreign Affairs (New York), Vol. 54 (April1976), pp. 577605: 759

      de Vries, Tom.On the Meaning and Future of the European Monetary System, Essays in International Finance, No. 138, Princeton University (Princeton, New Jersey: Princeton University Press, 1980): 868

      Di Calogero, Robert G.Techniques of Fiscal Analysis in Sweden,Staff Papers, Vol. 21 (July1974), pp. 46383: 793

      Dixon, Daryl A.The Full Employment Budget Surplus Concept as a Tool of Fiscal Analysis in the United States,Staff Papers, Vol. 20 (March1973), pp. 20326: 793

      Donovan, Donal J.Macroeconomic Performance and Adjustment Under Fund-Supported Programs: The Experience of the Seventies,Staff Papers, Vol. 29 (June1982), pp. 171203: 500

      Donovan, Donal J.”Real Responses Associated with Exchange Rate Action in Selected Upper Credit Tranche Stand-By Stabilization Programs,Staff Papers, Vol. 28 (December1981), pp. 698727: 500

      Dooley, Michael.An Analysis of Exchange Market Intervention of Industrial and Developing Countries,Staff Papers, Vol. 29 (June1982), pp. 23369: 835

      Dreyer, Jacob S., GottfriedHaberler, and Thomas D.Willett,eds. The International Monetary System: A Time of Turbulence (Washington: American Enterprise Institute for Public Policy Research, 1982): 833

    E

      Eckes, Alfred E., Jr.A Search for Solvency: Bretton Woods and the International Monetary System, 1941—1971 (Austin: University of Texas Press, 1975): 86

      Economic Report of the President Transmitted to the Congress, January 1973 (Washington: Government Printing Office, 1973): 111, 166

      Eichengreen, Barry.SeeCairncross, Alec, and BarryEichengreen

      Einzig, Paul.Leads and Lags: The Main Cause of Devaluation (London: Macmillan; New York: St. Martin’s Press, 1968): 61

      Einzig, Paul.”What are Leads and Lags?Quarterly Review, Banca Nazionale del Lavoro (Rome), Vol. 20 (December1967), pp. 37689: 61

      Emminger, Otmar.The D-Mark in the Conflict Between International and External Equilibrium, 1948-1975, Essays in International Finance, No. 122, Princeton University (Princeton, New Jersey: Princeton University Press, 1977): 113

      Emminger, Otmar.Inflation and the International Monetary System, the 1973 Per Jacobsson Lecture (Basle, June16, 1973): 113

      Emminger, Otmar.”The International Monetary Area Seen from Two Different Angles,Journal of Monetary Economics (Amsterdam), Vol. 4 (April1978): 192

      Emminger, Otmar.On the Way to a New International Monetary Order (Washington: American Enterprise Institute for Public Policy Research, 1976): 81, 113

      European Community. Background Information (Washington, March29, 1972), International Financial News Survey (Washington: International Monetary Fund), Vol. 24 (April5, 1972), pp. 9899: 23

      Evans, Owen.SeeUngerer, Horst, with OwenEvans and PeterNyberg

    F

      Fay, Stephen, and HugoYoung.The Day the Pound Nearly Died,Sunday Times (London), May14, 21, and 28, 1978: 469

      Finance & Development (Washington), Vol. 17 (June1980), pp. 4043: 827See also references listed by author

      Fleming, J. Marcus.Developments in the International Payments System,Staff Papers, Vol. 10 (November1963), pp. 46184: 97

      Fleming, J. Marcus.”Domestic Financial Policies Under Fixed and Under Floating Exchange Rates,Staff Papers, Vol. 9 (November1962), pp. 36980: 824

      Fleming, J. Marcus.”Dual Exchange Rates for Current and Capital Transactions: A Theoretical Examination,” in his Essays in International Economics (Cambridge, Mass.: Harvard University Press, 1971): 192

      Fleming, J. Marcus.”The SDR: Some Problems and Possibilities,Staff Papers, Vol. 18 (March1971), pp. 2547: 117

      Fleming, J. Marcus.”Towards a New Regime for International Payments,Journal of International Economics (Amsterdam), Vol. 2 (September1972), pp. 34573: 192

      Frenkel, Jacob A., and Carlos A.Rodriguez.Exchange Rate Dynamics and the Overshooting Hypothesis,Staff Papers, Vol. 29 (March1982), pp. 130: 835

      Friedman, Irving S., and Margaret M.Garritsen.Foreign Economic Problems of Postwar United States (New York: American Institute of Pacific Relations, 1947): 88

      Friedman, Milton.The Case for Flexible Exchange Rates,in Essays in Positive Economics (Chicago: University of Chicago Press, 1953), pp. 157203: 101

    G

      Gardner, Richard N.Sterling-Dollar Diplomacy: The Origins and the Prospects of Our International Economic Order (New York: McGraw-Hill, rev.ed., 1969): 86

      Garritsen, Margaret M.SeeFriedman, Irving S., and Margaret M.GarritsenanddeVries, MargaretGarritsen

      Gilbert, Milton.The International Monetary System: Status and Prospects.Speech to the Swiss Institute of International Studies, Zurich, December6, 1971 (Bank for International Settlements, Basle): 108

      Global Consensus and Economic Development,Department of State Bulletin (Washington), Vol. 73 (September22, 1975), pp. 42930: 405

      Gold, Joseph.Conditionality, IMF Pamphlet Series, No. 31 (Washington: International Monetary Fund, 1979): 485

      Gold, Joseph.”Developments in the International Monetary System, the International Monetary Fund, and International Monetary Law Since 1971,” in Hague Academy of International Law, Recueil des Cours (The Hague), Vol. 174 (1982), pp. 107366: 868

      Gold, Joseph.”Exchange Arrangements and International Law in an Age of Floating Currencies,Proceedings of the Seventy-Third Annual Meeting of the American Society of International Law (Washington, April26–28, 1979), pp. 18 and 1012: 686

      Gold, Joseph.Floating Currencies, Gold, and SDRs: Some Recent Legal Developments, IMF Pamphlet Series, No. 19 (Washington: International Monetary Fund, 1976): 735, 891

      Gold, Joseph.Floating Currencies, SDRs, and Gold: Further Legal Developments, IMF Pamphlet Series, No. 22 (Washington: International Monetary Fund, 1977): 735, 891

      Gold, Joseph.The Fund Agreement in the Courts, Vol. II (Washington: International Monetary Fund, 1982): 735, 769

      Gold, Joseph.The Fund’s Concept of Convertibility, IMF Pamphlet Series, No. 14 (Washington: International Monetary Fund, 1971): 589

      Gold, Joseph.”The Fund’s Interim Committee—an Assessment,Finance & Development (Washington), Vol. 16 (September1979), pp. 3235: 972

      Gold, Joseph.”Gold in International Monetary Law: Change, Uncertainty, and Ambiguity,Journal of International Law and Economics (Washington), Vol. 15, No. 2 (1981), pp. 32336: 607

      Gold, Joseph.International Capital Movements Under the Law of the International Monetary Fund, IMF Pamphlet Series, No. 21 (Washington: International Monetary Fund, 1977): 933

      Gold, Joseph.”International Monetary System and Change: Relations Between Mode of Negotiation and Legal Technique,” in his Legal and Institutional Aspects, pp. 21737: 1035

      Gold, Joseph.”Law and Change in International Monetary Relations,The Record, Association of the Bar of the City of New York, Vol. 31 (April1976), pp. 23138: 686

      Gold, Joseph.”Law, Change, and Adaptation in the International Monetary System,” in his Legal and Institutional Aspects, pp. 2573: 1036

      Gold, Joseph.Legal and Institutional Aspects Legal and Institutional Aspects of the International Monetary System: Selected Essays (Washington: International Monetary Fund, 1979): 142,155, 228, 686, 689, 972

      Gold, Joseph.The Legal Character of the Fund’s Stand-By Arrangements and Why It Matters, IMF Pamphlet Series, No. 35 (Washington: International Monetary Fund, 1980): 507

      Gold, Joseph.Maintenance of the Gold Value of the Fund’s Assets, IMF Pamphlet Series, No. 6 (Washington: International Monetary Fund, 2nd ed.,1971): 598

      Gold, Joseph.”Recent International Decisions to Prevent Restrictions on Trade and Payments,Journal of World Trade Law (London), Vol. 9 (January/February1975), pp. 6378: 350

      Gold, Joseph.The Reform of the Fund, IMF Pamphlet Series, No. 12 (Washington: International Monetary Fund, 1969): 697

      Gold, Joseph.”The Relationship Between the International Monetary Fund and the World Bank,Creighton Law Review, Vol. 15 (Omaha, Nebraska, 1981-82), pp. 499521: 955

      Gold, Joseph.A Report on Certain Legal Developments in the International Monetary Fund (Washington: World Association of Lawyers, 1976), pp. 140: 686

      Gold, Joseph.SDRs, Currencies, and Gold: Fifth Survey of New Legal Developments, IMF Pamphlet Series, No. 36 (Washington: International Monetary Fund, 1981): 686

      Gold, Joseph.SDRs, Currencies, and Gold: Fourth Survey of New Legal Developments, IMF Pamphlet Series, No. 33 (Washington: International Monetary Fund, 1980): 686, 868

      Gold, Joseph.SDRs, Currencies, and Gold: Sixth Survey of New Legal Developments, IMF Pamphlet Series, No. 40 (Washington: International Monetary Fund, 1983): 646

      Gold, Joseph.SDRs, Currencies, and Gold: Third Survey of New Legal Developments, IMF Pamphlet Series, No. 26 (Washington: International Monetary Fund, 1979): 686

      Gold, Joseph.The Second Amendment of the Fund’s Articles of Agreement, IMF Pamphlet Series, No. 25 (Washington: International Monetary Fund, 1978): 686

      Gold, Joseph.The Stand-By Arrangements of the International Monetary Fund: A Commentary on Their Formal, Legal, and Financial Aspects (Washington: International Monetary Fund, 1970): 780

      Gold, Joseph.”Substitution in the International Monetary System,Case Western Reserve Journal of International Law (Cleveland), Vol. 12 (Spring1980), pp. 265326: 642, 770

      Gold, Joseph.”Trust Funds in International Law: The Contribution of the International Monetary Fund to a Code of Principles,American Journal of International Law (Washington), Vol. 72 (October1978), pp. 85666: 662

      Gold, Joseph.”Uniformity as a Legal Principle of the International Monetary Fund,Law and Policy in International Business (Washington), Vol. 7 (1975), pp. 765811: 262

      Gold, Joseph.Use, Conversion, and Exchange of Currency Under the Second Amendment of the Fund’s Articles, IMF Pamphlet Series, No. 23 (Washington: International Monetary Fund, 1978): 686, 764, 770

      Gold, Joseph.Voting and Decisions in the International Monetary Fund (Washington: International Monetary Fund, 1972): 966

      Gold, Joseph.Voting Majorities in the Fund: Effects of Second Amendment of the Articles, IMF Pamphlet Series, No. 20 (Washington: International Monetary Fund, 1977): 686

      Goldstein, Morris.Have Flexible Exchange Rates Handicapped Macroeconomic Policy?Special Papers in International Economics, No. 14 (Princeton, New Jersey: Princeton University Press, 1980): 835

      Goldstein, Morris.”Whither the Exchange Rate System?Finance & Development (Washington), Vol. 21 (June1984), pp. 26: 835

      Goldstein, Morris., and John H.Young.Exchange Rate Policy: Some Current Issues,Finance & Development (Washington), Vol. 16 (March1979), pp. 710: 828

      Goreaux, Louis M.Compensatory Financing Facility, IMF Pamphlet Series, No. 34 (Washington: International Monetary Fund, 1980): 414

      Goreaux, Louis M.”Compensatory Financing: The Cyclical Pattern of Export Shortfalls,Staff Papers, Vol. 24 (November1977), pp. 61341: 413

      Goreaux, Louis M.”Recovery of Commodity Prices Is Expected to Slow Compensatory Drawings This Year,IMF Survey (Washington), Vol. 6 (March7, 1977), pp. 6669: 41314

      Goreaux, Louis M.”The Use of Compensatory Financing,Finance & Development (Washington), Vol. 14 (September1977), pp. 2024: 413

      Group of Ten. Communiqué of the Ministers and Governors, December 18, 1971, International Financial News Survey (Washington: International Monetary Fund), Vol. 23 (December22–30, 1971), p. 418: 19.

      Group of Ten. Communiqué of the Ministers and Central Bank Governors, IMF Survey (Washington), Vol. 4 (January20, 1975), p. 19: 344

      Group of Ten, and European Economic Community. Joint communiqués, March9 and 16, 1973: 188

      Guindey, Guillaume.The International Monetary Tangle: Myths and Realities, trans, byMichael L.Hoffman (White Plains, New York: M.E. Sharpe, Inc.,1977): 171

      Guitian, Manuel.Fund Conditionality: Evolution of Principles and Practices, IMF Pamphlet Series, No. 38 (Washington: International Monetary Fund, 1981): 485

      Guitian, Manuel., and Carl-JohanLindgren.Mexico’s Adjustment Program Shows Success in Reducing Inflation Rate, Payments’ Deficit,IMF Survey (Washington), Vol. 7 (April17, 1978), pp. 11921: 380

      Gupta, Dhruba.SeeCutler, David S., and DhrubaGupta

    H

      Haberler, Gottfried.Currency Convertibility (Washington: American Enterprise Association, Inc.,1954): 101

      Haberler, Gottfried.”The International Monetary System after Jamaica and Manila,Weltwirtschaftliches Archiv: Review of World Economics (Kiel), Vol. 113 (No. 1, 1977), pp. 130: 760

      Haberler, Gottfried.Money in the International Economy (London: Institute of Economic Affairs, 2nd ed., 1969): 115

      Haberler, Gottfried.The Theory of International Trade with Its Applications to Commercial Policy (New York: Macmillan, 1937): 830

      Haberler, Gottfried.The World Economy, Money, and the Great Depression, 1919-1939, Foreign Affairs Study, 30 (Washington: American Enterprise Institute for Public Policy Research, 1976): 102

      Haberler, Gottfried.See alsoDreyer, Jacob S., GottfriedHaberler, and Thomas D.Willett, (ed)eds.

      Habermeier, Walter O.Operations and Transactions in SDRs: The First Basic Period, IMF Pamphlet Series, No. 17 (Washington: International Monetary Fund, 1973): 896

      Habermeier, Walter O.”The SDR as an International Unit of Account, Finance & Development (Washington), Vol. 16 (March1979), pp. 1113: 900

      Halm, George N., (ed)ed.Approaches to Greater Flexibility of Exchange Rates: The Bürgenstock Papers (Princeton, New Jersey: Princeton University Press, 1970): 102

      Halm, George N.,Jamaica and the Par-Value System, Essays in International Finance, No. 120, Princeton University (Princeton, New Jersey: Princeton University Press, 1977): 760

      Hansard.House of Lords (London), 5th Series, Vol. 131, Cols. 83849: 86

      Heller, H. Robert.International Reserves and World-Wide Inflation,Staff Papers, Vol. 23 (March1976), pp. 6187: 393

      Hewson, John, and EisukeSakakibara.The Euro-Dollar Deposit Multiplier: A Portfolio Approach,Staff Papers, Vol. 21 (July1974), pp. 30728: 933

      Hewson, John, and EisukeSakakibara.”The Impact of U.S. Controls on Capital Outflows on the U.S. Balance of Payments: An Exploratory Study,Staff Papers, Vol. 22 (March1975), pp. 3760: 215

      Higgins, Ilse.SeeHirsch, Fred, and IlseHiggins

      Hillman, John R.The Mutual Influence of Italian Domestic Politics and the International Monetary Fund,Fletcher Forum (Medford, Mass.,Winter1980), pp. 122: 459

      Hirsch, Fred.The Exchange Rate Regime: An Analysis and a Possible Scheme,Staff Papers, Vol. 19 (July1972), pp. 25985: 125

      Hirsch, Fred.”SDRs and the Working of the Gold Exchange Standard,Staff Papers, Vol. 18 (July1971), pp. 22153: 117

      Hirsch, Fred., and IlseHiggins.An Indicator of Effective Exchange Rates,Staff Papers, Vol. 17 (November1970), pp. 45384: 810

      History, 1945-65 The International Monetary Fund, 1945-1965: Twenty Years of International Monetary Cooperation (Washington: International Monetary Fund, 1969). Vol. I, Chronicle, byJ. KeithHorsefield:3, 15, 27, 37, 52, 54, 85, 86, 88, 92, 358, 482, 483, 513, 514, 515, 526, 560, 587, 607, 647, 724, 765, 873, 939, 950, 967, 994, 1042; Vol. II, Analysis, byMargaret G.de Vries and J. KeithHorsefieldwith the collaboration ofJosephGold, Mary H.Gumbert, GertrudLovasy, and Emil G.Spitzer andedited byJ. KeithHorsefield:3, 27, 52, 54, 57, 88, 92,146, 200, 327, 358, 399, 406, 482, 483, 484, 485, 513, 514, 560, 575, 587, 598, 599, 607, 647, 654, 697, 704, 762, 835, 837, 841, 868, 958, 963, 1035; Vol. III, Documents,edited byJ. KeithHorsefield:3, 89, 145, 200, 292, 482, 483, 568

      History, 1966-71 The International Monetary Fund, 1966-1971: The System Under Stress (Washington: International Monetary Fund, 1976). Vol. I, Narrative, byMargaret Garritsende Vries:3, 15, 21, 32, 45, 55, 57, 83, 84, 102, 103, 107, 110, 119, 124, 125, 126, 127,128, 130,139,143,145,146,147,148,151, 158, 170, 200, 279, 281, 327, 335, 341, 383, 399, 400, 407, 417, 431, 484, 485, 486, 501, 513, 514, 518, 519, 526, 534, 560, 575, 587, 589, 592, 599, 600, 608, 611, 647, 662, 685, 693, 697, 707, 724, 764, 820, 828, 872, 873, 896, 918, 922, 923, 925, 939, 952, 955, 958, 976, 992, 1003, 1008, 1020; Vol. II, Documents,edited byMargaret Garritsende Vries: (ed): 3, 37, 125, 281, 295, 774, 775

      Hodjera, Zoran.Alternative Approaches in the Analysis of International Capital Movements: A Case Study of Austria and France,Staff Papers, Vol. 23 (November1976), pp. 598623: 825

      Hodjera, Zoran.”International Short-Term Capital Movements: A Survey of Theory and Empirical Analysis,Staff Papers, Vol. 20 (November1973), pp. 683740: 824See alsoArgy, Victor, and ZoranHodjera

      Horsefield, J. Keith.Proposals for Using Objective Indicators as a Guide to Exchange Rate Changes: A Historical Comment,Staff Papers, Vol. 20 (November1973), pp. 83237: 212

    I

      International Economic Report of the President Transmitted to the Congress, March 1973 (Washington, Government Printing Office, 1973): 111

      International Monetary Fund. Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1948-1980 (Washington, 1948-1980): 602; 1948, 92; 1950, 93; 1974, 388, 389; 1975, 810; 1976, 810; 1977, 390, 810, 811, 831; 940; 1978, 393, 811, 827, 947; 1980, 657

      International Monetary Fund. Annual Report on Exchange Restrictions, 1978 (Washington, 1978): 941

      International Monetary Fund. Balance of Payments Manual, 4th ed. (Washington, 1977): 953

      International Monetary Fund. The Exchange Rate System—Lessons of the Past and Options for the Future: A Study by the Research Department of the International Monetary Fund, IMF Occasional Paper No. 30 (1984): 835

      International Monetary Fund. External Indebtedness of Developing Countries, IMF Occasional Paper No. 3 (Washington, 1981): 927

      International Monetary Fund. Financial Policy Workshops: The Case of Kenya (Washington, 1981): 922

      International Monetary Fund. IMF Survey (Washington): 292, 313, 414, 417, 733, 796, 819, 854, 857, 867, 933, 934, 940, 959 See also references listed by author

      International Monetary Fund. International Capital Markets: Recent Developments and Short-Term Prospects, IMF Occasional Paper No. 1 (Washington, 1980): 933

      International Monetary Fund. International Capital Markets: Recent Developments and Short-Term Prospects, IMF Occasional Paper No. 7 (Washington, 1981): 933

      International Monetary Fund. International Financial News Survey (Washington), Vol. 24 (June7, 1972), p. 170: 400 See also references listed by author

      International Monetary Fund. Reform of the International Monetary System: A Report by the Executive Directors to the Board of Governors (Washington, 1972): 137

      International Monetary Fund. Report of the Executive Directors to the Board of Governors on the Size and Structure of the Executive Board, in Annual Report, 1973, pp. 9495: 766

      International Monetary Fund. The Rise in Protectionism, IMF Pamphlet Series, No. 24 (Washington: International Monetary Fund, 1978): 794

      International Monetary Fund. Selected Decisions of the International Monetary Fund and Selected Documents (Washington): 8th (1976), 589; 10th (1983), 506, 561

      International Monetary Fund. Staff Papers; see various articles listed by author

      International Monetary Fund. Summary Proceedings of the . . . Annual Meeting of the Board of Governors, 19—(Washington, 19—): 971; 1971, 131, 813; 1972, 40, 43, 140, 164, 165, 166, 205, 400, 417; 1973, 250, 401, 608, 609, 814, 959; 1974, 334, 335, 336, 389, 614, 615, 701; 1975, 404, 405, 627, 667, 742, 743, 913; 1976, 392, 415, 490, 495, 529, 654, 817, 830; 1977, 490, 495, 496, 531, 552, 554, 818, 878, 928, 929, 938, 939, 940, 941; 1978, 395, 416, 459, 491, 493, 500, 501, 502, 831, 859, 909, 929, 935, 936

      International Monetary Fund. Technical Assistance and Training Services of the International Monetary Fund, IMF Pamphlet Series, No. 43 (Washington: International Monetary Fund, 1985): 921

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      Rhomberg, Rudolf R.Indices of Effective Exchange Rates,Staff Papers, Vol. 23 (March1976), pp. 88112: 810See alsoArtus, Jacques R., and Rudolf R.Rhomberg

      Rodriguez, Carlos A.SeeFrenkel, Jacob A., and Carlos A.Rodriguez

      Roll, Sir Eric.International Capital Movements: Past, Present, Future, the 1971 Per Jacobsson Lecture (Washington, September26, 1971): 105

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      Selected Decisions: seeInternational Monetary Fund

      Shultz and Dam. Economic Policy Beyond the HeadlinesGeorge P.Shultz and Kenneth W.Dam.Economic Policy Beyond the Headlines (New York: W.W. Norton and Company, Inc., 1978): 13, 134, 148, 149, 155

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      Staff Papers, International Monetary Fund (Washington), Vol. 30 (March1983), pp. 1222: 835; see also various articles listed by author

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      Summary Proceedings: seeInternational Monetary Fund

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      Ungerer, Horst, with OwenEvans and PeterNyberg.The European Monetary System: The Experience, 1979–82, IMF Occasional Paper No. 19 (Washington, 1983): 868

      United Nations, General Assembly Document A/9541, February5, 1974: 325

      United Nations. General Assembly Resolutions Nos. 3201 (S-VI) and 3202 (S-VI), May1, 1974: 325

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      U.S. Congress, House, Committee on Banking and Currency. International Monetary Reform, 92nd Cong., 2nd Sess., June22, 1972 (Washington: Government Printing Office, 1972): 134

      U.S. Congress, House, Committee on Banking and CurrencyTo Establish a Facility Based on Special Drawing Rights in the International Monetary Fund, 90th Cong., 2nd Sess., May1 and 2, 1968 (Washington: Government Printing Office, 1968): 147

      U.S. Congress, Senate, Committee on Foreign Relations. The Witteveen Facility and the opec Financial Surpluses: Hearings, 95th Cong., 1st Sess. (Washington: Government Printing Office, 1978): 556

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