A

Abdelai, Rawi, 134n, 541n

Abrams, Richard K., 361n

Access limits

• definition, xxi

• evolution of IMF policies, 748–52

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

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

• tranches of, xxi–xxii

Accountability

• within IMF, xxv–xxvi, 81

• of international organizations, 81–82

Acting Chairman, xxv

Acting Managing Director, 883

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

Adeli, S.M.H., 787

Administration Department, 44, 861, 890

Administrative Tribunal, 893

Advanced economies, 540n

Afghanistan

• IMF membership, 877

• payment arrears, 850–51

• security of IMF personnel in, 893

• Soviet occupation, 10, 60

African countries. See also Sub-Saharan Africa;

• specific country

• changes in lending to, 678–81

• challenges for IMF in, 684–85

• coordination of international assistance to, 684

• criticism of IMF policies in, 734

• debt sustainability, 685

• economic challenges for, 1

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

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

• facilities designed for, 678–79

• IMF commitment to, 683–84, 734–35

• IMF emergency response to 1992 drought, 230

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

• IMF membership, 677–78

• IMF relationships with, 681

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

• linguistic orientation of IMF engagement in, 683n

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

African Department, 677n, 890

African Development Bank, 89

African National Congress, 691, 692, 696

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

Ahmad Mohd Don, 583

Ahmed, Masood, 86

Aizenman, Joshua, 94–95

Akayev, Askar, 399, 400

Akerloff, George, lxii

Alarcón, Fabián, 611

Albania

• after dissolution of Soviet Union, 277–80

• Article IV consultations, 277–78

• corruption investigation in, 894

• emergency postconflict assistance to, 237

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

• IMF membership, 50–51, 277

• pyramid schemes, 278–79

• technical assistance to, 259

Al-Bashir, Umar, 836

Albright, Madeleine, 537

Alesina, Alberto, 520n

Alexander, Sidney, lv

Alexander, William E., 146n, 165n

Algeria

• cereals window borrowing, 223

• economic challenges, 688–89

• economic performance in 1990s, 682

• exchange rate, 689

• governance, 682–83, 689

• IMF lending to, 220–21, 688, 689–90

Al-Jasser, Muhammad, 219, 750, 752

All African Council of Churches, 94

Allen, Mark, 439, 488n

Allison, Graham, 62n

Al-Tuwaijri, Abdulrahman, 235n

Amendments to Articles of Agreement

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

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

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

• Fourth Amendment, 42, 771–73, 867

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

• process for enacting, 807, 867

Amin, Idi, 717

Amnuay Viravan, 501, 502, 503, 505

Andean Pact, 6

Andorra, 50

Andrews, David, 29n

Angola

• economic reforms of 1990s, 12

• IMF engagement with, 687

• technical assistance to, 241

Aninat, Eduardo, 887–88

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

Annan, Kofi, 893

Annual Meetings, IMF/World Bank

• 1985 (Seoul), 539

• 1991 (Bangkok), 148, 150, 352, 498

• 1994 (Madrid), 461, 768, 868

• 1995 (Washington), 654

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

• 1998 (Washington), 86, 599, 610–11

• 2000 (Prague), 868

• 2002 (Washington), 868–69

• chairmanship, 868t

• consideration of Year 2000 issues, 215

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

• meeting schedule, 867

• official record, 867n

• security concerns, 868

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

Antilles, 119

Anwar Ibrahim, 580–81, 584, 585

APEC. See Asia-Pacific Economic Cooperation

Aquino, Corazon C., 428–29

Arab Monetary Fund, 244

Archer, David, 29n

Argentina

• Brady Plan implementation, 419–20

• convertibility scheme, 418–19

• debt crisis (1980s), liii, 31

• dollarization of economy, 608–9

• effects of Asian financial crisis, 609–10

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

• extended arrangement, 229n

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

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

• Mexican peso crisis and, 488, 489–91

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

• Plan Bonex, 417

• privatizations, 417

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

• regional trade agreements, 6, 35

• Reports on Observance of Standards and Codes, 128

• tax policy, 417, 489–90, 606

Argy, Victor, lvii

Arias Sanchez, Oscar, 442

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

Ariyoshi, Akira, 139n

Armenia

• after dissolution of Soviet Union, 393–96

• Azerbaijan conflict, 232

• in CIS, 351n

• IMF lending to, 394f, 395–96

• monetary policy, 393–95

• regional conflicts, 393, 396

• repayment of IMF loans, 396n

Armijos, Ana Lucia, 614

Arrangements terminology, 639n

Arriazu, Ricardo, 182

Article IV consultations. See also Surveillance

• Albania, 277–78

• Belgium, 165–66

• bicyclic procedure, 117–18, 143

• Brazil, 423, 426, 596–97

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

• consideration of environmental issues in, 157–60

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

• coverage, 118, 118f

• Czechoslovakia, 266

• Czech Republic, 266–68

• European Union, 173–74

• financial sector surveillance, 146

• first, 35

• France, 178–80

• frequency, 116–18

• Germany, 174–76

• Indonesia, 517–18

• introduction of, 109

• Japan, 170–73

• Korea, 540

• with major economies, 165, 166

• Malaysia, 580, 582

• Mauritius, 688

• Mexico, 116–17, 458, 461–62,

• military spending surveillance in, 148, 149

• Namibia, 688

• Nigeria, 686–87

• with nonmember territories, 119–20

• operational guidance for staff, 114–15

• press information notices, 41, 161–62

• procedures, 114–15

• publication of reports, 104, 160–62

• regional considerations, 16

• Senegal, 700

• Seychelles, 688

• South Africa, 691

• Summings Up after, 161

• surveillance under, 109, 110

• Swaziland, 688

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

• Tajikistan, 402

• Thailand, 498, 499–500, 505

• types of, 15–16

• United Kingdom, 177, 178

• United States, 166–69

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

• on access limits, 748

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

• Article III, 109n, 442

• Article IV, xxi, xlvi, 15, 109, 152

• Article V, 813n

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

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

• Article IX, 105

• Article XIV, 109, 109n, 128

• Article XIX, 765n

• Article XXII, 759

• Article XXX, 201n

• on capital controls, 131, 134–35

• establishment of, xlvi

• ratification, 51

Artus, Jacques, 175, 176, 179

ASEAN. See Association of South-East Asian Nations

ASEAN Free Trade Area, 6, 37

Asia and Pacific Department, 41, 859

Asian Department, 36, 858–59, 889

Asian Development Bank

• assistance to Republic of Korea, 553, 556

• IMF collaboration with, 89

• in Manila Framework Group, 624

• North Korea’s application to, 74

• response to Indonesia’s 1997 crisis, 524

• support for Pacific Financial

  • Technical Assistance Centre, 243

Asian financial crisis (1997). See also

•  

  • East Asian crises (1997);

  • Indonesia’s financial crisis (1997);

  • Korea’s financial crisis (1997);

  • Thailand’s financial crisis (1997)

• APEC response, 101

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

• causes, 136–37, 141

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

• effects in Argentina, 606, 609–11

• effects in Brazil, 596–97

• effects in Ecuador, 611

• effects in Europe, 588–92

• effects in Russia, 323–24, 327

• G22 response, 101–2

• IMF Executive Board meeting minutes on, xxiv

• IMF lending associated with, 189

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

• international financial regulation as lesson from, 621

• lessons for IMF in, 616–21

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

• political factors in management of, 620

• postcrisis assessment by Asian policymakers, 621

• recognition of beginning of, 497

• regional policy issues, 120

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

• spread of, 513

• start of, 506

Asian Monetary Fund, 207, 621–23, 624

Asia-Pacific Economic Cooperation (APEC)

• G20 and, 102

• IMF study of capital flows, 100–101

• lessons of 1997 Asian financial crisis, 620

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

• meeting in Honolulu (1994), 38, 100

• meeting in Vancouver (1997), 101, 527

• membership, 36, 98t, 100

• origins, 100

• purpose, 100

Åslund, A., 359n, 360n, 374n

Aspe, Pedro, 455, 457, 458, 461

Asser, Tobias, 289n

Association of South-East Asian Nations (ASEAN)

• ASEAN Free Trade Area, 6, 37

• ASEAN Plus, 624–25

• IMF and, 87

• membership, 40, 42, 43

• proposal for regional funding mechanism, 622

Attali, Jacques, 783

Austin, Paul, 165n

Australia

• on environmental concerns of IMF, 156

• Indonesian crisis and, 535

• inflation-control policies, 29

• Reports on Observance of Standards and Codes, 128

• support for Pacific Financial Technical Assistance Centre, 243

Australia, Reserve Bank of, 506, 509

Austria

• European Union membership, 40

• governance issues in Article IV consultation, 154

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

Authorities, monetary, xx

Aylward, Lynn, 896n

Azcona, José, 817

Azerbaijan

• after dissolution of Soviet Union, 396–97

• in CIS, 351n

• economic status at independence, 396

• IMF lending to, 201, 394f, 397

• IMF membership, 68

• monetary and exchange rate policies, 396–97

• per capita output, 396

• regional conflicts, 232, 393, 396

B

Bahrain

• currency in IMF operational budget, 742n

• Executive Board representation, 877

Baker, James, 64

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

Baker-Miyazawa agreement, 170

Balance of payments

• data quality, 162–63

• and surveillance, 114, 115

• monetary approach to imbalances, lvi

• sources of difficulties in financing, 187

Balance of Payments Manual, 163

Balcerowicz, Leszek, 438

Baliño, Tomas, 27, 530n, 549–50

Balladur, Édouard, 702

Baltic countries. See also Estonia;

• Latvia;

• Lithuania

• anti-Soviet sentiment in, 361

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

• effects of Asian crisis, 589

• establishment of new currencies, 356–57

• IMF lending to, 366f

• IMF membership, 66, 349, 361

• per capita output change in transition, 350t

• successful economic recoveries, 361–62

• tradition of democracy and market economics in, 361

Banda, Hastings Kamuzu, 727

Banerjee, Biswajut, 12n

Bangkok Bank of Commerce, 500

Bangkok International Banking

• Facilities, 502

Bangladesh, 230–31

Bank for International Settlements (BIS)

• assistance to Brazil, 601

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

• assistance to Guyana, 817

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

• founding of Joint Vienna Institute, 90

• IMF and, 87

• Korea’s membership, 540

• Soviet Union and, 65

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

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

Barkbu, Bergljot B., 662n

Barro, Robert J., lx, 690

Basel Committee

• core principles, 146

• responsibilities, 127n

Basu, Anupam, 723

Batista, Fulgencio, 76

Beddies, Christian, 662n

Bédié, Henri Konan, 708

Behavioral economics, lxii

Beith, Andrew J., 243

Bélanger, Gérard, 329n, 340n

Belarus

• after dissolution of Soviet Union, 379–83

• in CIS, 36, 65, 350

• IMF lending to, 202, 380–83

• monetary policy, 379–80

• political environment, 381, 382

Belgium

• Article IV consultations, 165–66

• Executive Board representation, 877

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

Benchmarks

• in stand-by arrangements, 194–95

• performance criteria versus, 450n

Benin

• governance, 682

• IMF lending to, 705–7

Bennett, Robert, 474

Bentsen, Lloyd, 304, 459n, 769–70

Bérégovey, Pierre, 701, 782

Berezovsky, Boris, 325

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

Berisha, Sali, 278

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

Bernanke, Ben S., 29

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

Bernstein, Boris, 633n

Berra, Yogi, 180

Berrizbeitia, Luis E., 141n

Beveridge, William A., 862

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

Bhagwati, Jagdish, 6

Bhatia, Rattan, 700

Bicalho, Maurício Chagas, 879

Bicyclic surveillance procedure, 117–18, 143

Biersteker, Thomas J., 686n

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

BIS. See Bank for International Settlements

Blair, Tony, 178

Blanchard, Olivier, 475

Bléjer, Mario I., lviii, 29, 695n

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

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

• chairmanship, 867

• composition, 857

• IMF accountability structure, 81

• Interim Committee and, 870

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

Bohlen, Celestine, 335,339n

Bolivia

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

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

• regional trade agreements, 6, 41

• Resident Representative, 244

Bongo, Omar, 735

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

Bordo, Michael, xlvi, 474n

Bosnia and Herzegovina

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

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

• Herzegovina conflict, 40, 72, 73, 130

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

• IMF membership, 73–74

• IMF payment arrears, 275–76

• IMF quota, 72–73

• inherited arrears, 846–47

• postconflict emergency assistance, 235

Botchwey, Kwesi, 106, 643n, 863

Botswana, 9, 682, 688

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

Brachet, Christian, 319n

Brady, Nicholas, 64, 411

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

Brady Plan

• Argentina’s implementation, 419–20

• authors, 411

• Brazil’s implementation, 422, 425

• Bulgaria’s implementation, 436–37

• Costa Rica’s implementation, 442

• Dominican Republic’s implementation, 434–35

• Ecuador’s debt deferment, 614–15

• Ecuador’s implementation, 431

• IMF role, 226–27, 412

• key elements, 411–12

• Mexico’s implementation, 427–28

• Morocco’s implementation, 433

• Nigeria’s implementation, 433

• Philippines’ implementation, 428–29

• Poland’s implementation, 441–42

• in resolution of 1980s debt crisis, 411

• success of, 412

• Uruguay’s implementation, 433

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

Brau, Eduard, 862

Brazil

• anti-inflation strategy, 425–26

• Article IV consultations, 596–97

• banking sector reforms, 595

• Brady Plan implementation, 422, 425

• Collor II plan, 423

• currency board proposal, 603–4

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

• domestic opposition to 1998

• stand-by arrangement, 602

• effects of Russia’s default crisis, 597

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

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

• fiscal policies, 595–96, 597

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

• inflation-control policies, 29

• loan negotiations with IMF, 599–601

• macroeconomic reforms, 423

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

• New Brazil (Collor) Plan, 421–22

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

• Plano Real, 426–27, 491, 595

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

• regional trade agreements, 6, 35

• removal of exchange rate restrictions, 129

• use of Compensatory Financing Facility, 216

• valuation of debts, 422

Bread for the World, 94

Bredenkamp, Hugh, 361n

Bretton Woods conference (1944)

• exchange rate policies, 22

• fiftieth anniversary, 455, 868

• goals, xliv

• historical milieu, xlv, xlvii

• participants, xlvii, 51, 76, 446

• quota distribution formula, 780

• Soviet Union’s participation, 57–58

Bretton Woods exchange rate system

• breakdown of, 202, 870

• evolution of, 21

• theoretical challenges to, lix

BRIC countries, 129. See also specific country

Brooke, Martin A., 154

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

Brown, Scott B., 235

Brunei Darussalam, 50, 746

Brunner, Edouard, 786

Brunner, Karl, lvii

Bruno, Michael, lix

Brzezinski, Zbigniew, 351n

Bubble economies, 8

Bucaram, Abdalá, 611

Buffer Stock Financing Facility, 225–26

• access limits, 749

• establishment of, 632

• use by Côte d’Ivoire, 433n

• use by Indonesia, 516

• use by Thailand, 498n

Buiter, Willem, 23n, 95, 173n

Bulgaria

• administrative capacity, 436

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

• banking reforms, 281

• Brady Plan implementation, 436–37

• cereals window borrowing, 223

• exchange rate policies, 26, 27

• External Contingency Mechanism, 224–25

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

• IMF membership, 50–51, 280, 435–36

• political environment, 435, 437–38

• prolonged borrowing, 191–92, 280

• recovery from 1980s debt crisis, 435–38

• technical assistance to, 259

Bulman, Robin, 557

Bundesbank. See Deutsche Bundesbank

Bureau of Computing Services, 215, 861–62

Bureau of Statistics. See also Statistics Department

• creation of, 860

• technical assistance activities, 239

Burgess, W. Randolph, 881n

Burkina Faso

• eligibility for debt relief, 659

• IMF lending to, 707

Burton, David, 154, 363n, 566n

Burundi, 682

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

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

Byelorussia. See Belarus

Byeon, Yangho, 498n

C

Cady, John, 165n

Calamitis, Evangelos, 683n, 890

Caldera, Rafael, 430

Callaghan, James, 679 Callen, Tim, 170n

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

Cambodia

• ASEAN membership, 43

• environmental policies, 158–59, 586–88

• financial crisis (1997), 586, 588

• IMF gold transaction, 747

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

• IMF membership, 877

• Paris peace agreement, 36

• payment arrears, 234, 806, 823–25

• quota, 784

Cambridge, University of, 497

Camdessus, Brigitte, 683, 882

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

• advocacy for currency boards, 27

• APEC meetings, 100–101

• in Argentina, 609

• on Asian financial crisis, 616

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

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

• briefings to U.S. Congress, 106

• career, 882

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

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

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

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

• concept of high-quality growth, 14

• confidence in Malaysia, 580–81

• consideration of Year 2000 issues, 215

• creation of permanent ESAF, 641–42, 643

• creation of PRGF, 646

• criticisms of, 897–98

• in Czechoslovakia’s application for membership, 54

• in debate on access limits, 750

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

• deputies, 882–86

• development of Brady Plan, 411

• development of Contingent Credit Lines, 209–10

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

• in Ecuador’s recovery program, 614, 615

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

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

• efforts to improve data quality, 163

• efforts to increase Article VIII acceptance, 128–29

• elections, 36, 41, 882

• eleven commandments, 17, 124–26

• Eleventh Review of quotas, 777–78, 779

• on environmental concerns of IMF, 155–56

• evolution of conditional lending policies, 18–19

• extension of Systemic Transformation Facility, 200

• external review of surveillance procedures, 112–13

• in Financial Stability Forum, 92

• funding for concessional lending, 666, 667–68

• at G7 meetings, 97

• IMF organizational restructuring, 859, 862

• in India’s debt restructuring, 448–49

• Mandela and, 693, 694, 697

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

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

• Moi and, 714

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

• in Mozambique, 731

• opening of IMF archives, 105

• on promoting good governance, 151, 153

• on proposal for Asian Monetary Fund, 622–23

• on publication of consultation findings, 162

• on quota redistribution, 788

• recommendations to Thailand preceding 1997 crisis, 500, 501

• relationship with African leaders, 735

• resignation, 44, 885

• on resignation of Suharto, 538

• response to 1991 oil price spike, 221

• response to antiglobalization protests, 90–91

• response to East Asian financial crisis, 574, 578

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

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

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

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

• on role of Interim Committee, 870

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

• significant features of directorship, 734, 896–99

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

• SDR allocation controversy, 765–73

• support for Algeria, 689

• support for concessional lending, 635

• support for Nigeria’s recovery, 686–87

• support for South Africa, 691

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

• on transparency, 160

• in United Nations conferences, 88–89

• in U.S. Article IV consultations, 167

• World Bank–IMF relationship, 86–87

• World Trade Organization–IMF

• relationship, 90

Cameroon, 635

Canada. See also North American Free Trade Agreement

• adoption of floating exchange rate, lix

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

• financial sector assessment, 146

• inflation-control policies, 29

• regional free trade agreement, 6, 38

Canada, Bank of, 473, 479–80

Canto, Victor A., lix

Capacity building

• institutional development for transition economies, 261–62

• technical assistance for, 20–21, 240

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

Caparello, Michele, 855

Cape Verde

• economic performance in 1990s, 687

• IMF lending to, 687

Capital flows

• after debt crisis (1980s), 412

• capital market reports, 139–41

• challenges for newly formed Czech Republic, 266–68

• Chile’s controls, 432

• to developing countries in 1990s, 7, 132

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

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

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

• Fleming-Mundell model, lvii

• growth of global significance, 131–32

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

• IMF mandate for liberalization, 131, 181

• IMF studies, 100–101, 132

• IMF surveillance, 131, 132, 133

• international regulation to prevent Asia-type crises, 621

• Korean controls before 1997 crisis, 541

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

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

• Malaysia’s 1994 control regime, 580

• Malaysia’s 1998 control regime, 583–86

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

• role of Supplemental Reserve Facility in emergency response, 207

• study of APEC region, 132–33

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

• Washington Consensus on, lxi-lxii, 131

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

Caribbean Development Bank, 817n

Carry trade, 7, 136–37, 323

Carson, Carol S., 165n, 892

Carstens, Augustin, 460n

Carter, Jimmy, 679

Cashin, Paul, 226

Cassell, Frank, 782

Castenfelt, Peter, 304

Castro, Fidel, xlix, 76, 77

Catholic Fund for Overseas

• Development, 660

Catholic Relief Services, 94

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

CCFF. See Compensatory and

• Contingency Financing Facility

Ceauescu, Nicolae, 11, 255, 264–65

Central African Economic and Monetary

• Community, 44, 120

Central African Republic, 847, 848f

Central Asia Department, 36, 41, 859

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

Central Banking Service, 239

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

Centrally planned economies. See

• Dissolution of Soviet Union;

• Transition from centrally planned to market economy

Centre d’Etudes Prospectives et

• d’Information Internationales, 882

Cereals import window, 223

Cerra, Valerie, 448n

Cesarano, Filippo, 22n

CFA franc zone. See also specific country

• benefits, 698, 699

• devaluation (1994), 28, 38, 682

• exchange rate, 28, 698–704

• IMF lending to countries of, 704–7

• IMF policies, 28, 699–704

• origins, 28, 698

• participating countries, 28, 699n

• policymaking in, 701n

• regional surveillance, 116, 120

CFF. See Compensatory Financing Facility

Chabrier, Paul, 838

Chaiyawat Wibulswasdi, 505

Chang-Yuel Lim, 548, 549

Chari, V.V., 28n

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

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

Cherokee language, xix

Chiang Mai Initiative, 625

Chile

• capital controls, 35, 432

• debt crisis (1980s), liii, 411, 432

• exchange rate policies, 24

• inflation-control policies, 29

• Mexican peso crisis and, 488

• regional free trade agreements, 41

Chiluba, Frederick, 831

China, People’s Republic of

• arrest of IMF official in, 894

• assistance to Thailand in 1997 crisis, 509

• demographic profile, 9

• economic performance in 1990s, 3, 9

• on environmental concerns of IMF, 156

• Executive Board representation, 290n, 874

• IMF membership, xlix, 255

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

• poverty rate, 9

• regional economic associations, 36

• removal of exchange rate restrictions, 129

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

Chissano, Joaquim, 731

Chopra, Ajai, 539n

Chow, Peter C.Y., 619n

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

Christian Aid, 94, 651, 660

Chuan Leekpai, 513, 514

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

Chu Ke-Young, 149n

Chung Duck-Koo, 539n

Chunnananda, Bodi, 500

Churchill, Winston, 10

Chwieroth, Jeffrey M., 134n

Ciampi, Carlo, 869

Cippà, Robert F., 378, 724

CIS. See Commonwealth of Independent States

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

Cisternas, Carlos, 614

Citrin, Daniel A., 334n

Civil war, 232–33

Clark, C. Scott, 785

Clark, Ian D., 204, 238, 863

Clark, Peter B., 765n

Clarke, Kenneth, 769, 770

Clément, Jean A.P., 709n, 734n

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

• advice to China, 574

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

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

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

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

• support for Thailand, 509

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

• in Korea’s 1997 crisis, 552

• Mexican peso crisis and, 474–77

• response to East Asian financial crisis, 574

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

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

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

Cochran, H. Merle, 882n

Codes of good practices, 126–28

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

Collins, Stephen, 839

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

Cologne terms, 44, 661

Colombia

• financial sector assessment, 146

• IMF lending to, 229n, 413

• recovery from 1980s debt crisis, 413, 433

• regional trade agreements, 6

Colosio, Luis Donaldo, 458

COMECOM. See Council on Mutual Economic Assistance

Commission of the European Communities, 258, 890

Committee of Twenty, lix, 870

Common Market, European, xlviii

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

• financial crisis (1998), 589

• founding of, 36, 65, 350

• IMF lending to, 589

• membership, 65, 350, 351n, 402

• monetary policies, 354–55

• purpose, 350–51

Comoros, 704

Compensatory and Contingency Financing Facility (CCFF)

• access limits, 748–49

• Algeria, 220–21, 689–90

• Bulgaria, 191, 224, 436

• Costa Rica, 442n

• Côte d’Ivoire, 433n

• Dominican Republic, 434

• establishment of, 216, 218, 224, 632

• Ghana, 219–20

• India, 447, 448

• Indonesia, 516

• Israel, 219

• Macedonia, FYR, 220n

• Moldova, 219, 391

• Philippines, 429

• response to 1991 oil price spike, 221–22

• Romania, 265

• Russia, 209, 331

• Rwanda, 220, 236, 726

• South Africa, 220, 692, 693–94

• termination, 225

• Thailand, 498n

• use of, 217–18t, 218–25

• volume of IMF lending under, 189

Compensatory Financing Facility (CFF)

• Brazil, 216, 678

• calculation of indebtedness under, xxii

• cereals window (1981), 223

• design, 216–18

• Egypt, 678

• Honduras, 818

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

• Jamaica, 444

• Kenya, 712

• purpose, 193, 216, 225, 678

• South Africa, 691

• Sudan, 678

• termination, 225

Comprehensive Development Framework, 644

Conable, Barber, 147, 150n

Concerted lending, liii, 31

Concessional lending. See also Enhanced

• Structural Adjustment Facility

• (ESAF);

• Heavily Indebted Poor Countries (HIPC) Initiative;

• Poverty Reduction and Growth Facility (PRGF);

• Structural Adjustment Facility (SAF)

• to African countries, 681–82

• in Armenia’s transition, 395

• collaboration with borrowers in program design, 644–45

• cooperation among multilateral agencies in, 87

• definition, 634n

• eligibility, 37, 38, 635

• facilities for, 635

• funding for, 635, 663

• growth of, 10, 17–18, 646–47

• to low-income countries, 17–18, 19

• origins of, 188

• Policy Framework Papers for, 84

• rationale, 634

• to Uzbekistan, 405

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

Conditionality

• access to credit tranches, xxii

• borrower resistance to, 196–97

• criticism of IMF policies, 18–19

• environmental issues as focus of, 158–59

• ESAF conditions, 635, 637

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

• governance and corruption as focus of, 152

• guidelines, lxii–lxiii, 18, 94

• IMF Articles on, 193

• with inflation targeting, lviii

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

• lessons from Asian financial crisis, 19, 621

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

• in Systemic Transformation Facility, 199

Congo, Democratic Republic of the

• economic performance in 1990s, 10, 682

• IMF lending to, 149–50, 847–50

• known as Zaïre until 1997, 78

• misreporting of data, 852n

• payment arrears, 802, 847–50

• quota, 788

• suspension of IMF voting rights, 877

Congo, Republic of

• emergency postconflict assistance, 236

• ESAF loans, 236, 635

• governance, 682

• PRGF loans, 236

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

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

Cooper, Richard N., 106n, 788

Cooper Committee, 788–89

Coordinating Group on Exchange Rate Issues, 116

Corden, W. Max, 94–95

Corpus of gold sale proceeds, 664, 666

Corruption

• evolution of IMF policies, 14, 149–50

• in Indonesia, 517, 519–20

• in Kazakhstan, 383–84

• in Kenya, 712, 713–14

• loans conditional on reductions in, 152

• military spending and, 150

• in Russia’s privatization scheme, 309–11

• in Russia’s transition, 321

Corsetti, Giancarlo M., 23n, 173n

Cortés, Mariano, 614n

Cortés-Douglas, Hernán, 361n

Costa Rica

• Brady Plan implementation, 442

• IMF lending to, 442, 443

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

Costello, Peter, 561

Cöte d’Ivoire

• colonial legacy, 698

• debt restructuring, 432–33, 443–44

• economic challenges, 688, 708

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

• exchange rate, 698, 700

• IMF lending to, 433, 708–10

• military coup (1999), 886

• political reorganization (1993), 708–9

Council (IMF), 870–71

Council on Foreign Relations, 210

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

Counsellors, IMF, 889, 891

Countercyclical effects of monetary and fiscal policies, lx

Cowan, Kevin, 432n

Credit tranches

• access, xxii

• definition, xxi-xxii

• specialized facility borrowing and, xxii

Crisis response. See also Asian financial

• crisis (1997);

• Debt crisis (1980s);

• East Asian crises (1997);

• Mexican peso crisis (1994–95)

• accomplishments of Camdessus era, 896–97

• capacity to anticipate crises, 181

• criticism of IMF policies, lvi, 897–98

• goals of IMF in Camdessus era, 898

• historical lending patterns of IMF, 188

• IMF role in, liii, 898

• natural disaster relief programs, 229–32

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

• postconflict assistance, 232–37

• proposal for Asian Monetary Fund, 621–23

Croatia

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

• breakup of Yugoslavia, 70

• and conflict in Bosnia and Herzegovina, 273–74

• currency and exchange rate policy, 271t

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

• IMF membership, 70, 73

• IMF quota, 72–73

Crockett, Andrew, lvii, 43, 92, 467

Crow, John, 106, 182, 863

Cuba

• after dissolution of Soviet Union, 76

• IMF membership, 50, 76, 255

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

• United States and, 76

• withdrawal from IMF, xlix

Culp, Christopher L., 532n

Currency boards

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

• Hong Kong SAR, 26

• IMF support for, 27

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

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

• international support for, 27

• proposal for Brazil, 27, 603–4

• purpose, 26

• Estonia, 362–64

• risks, 27

Currency convertibility

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

• evolution of economic theory, lix

• founding goals of IMF, xliv, 128

• IMF technical assistance to countries in transition, 259

• Poland’s Article VIII acceptance, 442

• proposal for IMF mandate, 135–39

Currency stabilization funds

• eligibility, 238

• evolution of IMF policy, 238–39

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

• Russia’s request for, 238

• termination, 239

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

Current account

• aggregate global, 741

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

• exchange restrictions on transactions, 44

• globalization of financial markets and, li–lii

• liberalization goals, 131

• in Mexico’s peso crisis, 460

Czechoslovakia. See also Czech Republic;

• Slovak Republic

• Article IV consultations, 266

• in Bretton Woods conference, 51

• disseveration, 51, 55, 265–66

• economic reforms preceding disseveration, 265–66

• fall of Soviet Union and, 11

• IMF membership, 50–51, 255

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

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

• stand-by arrangements, 266

• velvet revolution, 55, 265

Czech Republic

• Article IV consultations, 266–68

• capital flows, 266–68

• currency union, 266

• establishment of, 54, 266

• IMF lending to, 266, 267f, 591

• IMF membership, 55–56

• inflation-control policies, 29

• NATO membership, 321n

• OECD membership, 41

D

Dale, William B., 882n

D’Amato, Alfonse M., 473, 509

D’Amato restrictions, 508–09

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

Data dissemination. See also Transparency

• General Data Dissemination System, 165

• IMF role in encouraging, 164

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

• Reports on Observance of Standards and Codes, 128

• Special Data Dissemination Standard, 164–65

Data Dissemination Standards Bulletin

• Board, 105

Data quality

• core data categories, 163–64

• enhancement of IMF assessments of, 855–56

• goals for Russian transition, 295

• IMF efforts to improve, 162–65

• impediments to, 163

• importance of, for IMF operations, 851–52

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

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

• misreported financial data, 799, 852–56

• problems during Russian transition, 318, 853–54

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

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

Dauster, Jorio, 422, 423

Dawkins, John, 869

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

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

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

De Broeck, Mark, 349n

Debt Crisis Network, 651

Debt crisis (1980s)

• Argentina’s recovery, 411, 417–21

• Brazil’s recovery, 411, 421–27

• Bulgaria’s recovery, 435–38

• Colombia’s recovery, 433

• Costa Rica’s recovery, 413, 442–43

• Dominican Republic’s recovery, 434–35

• Ecuador’s recovery, 430–31, 612

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

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

• Mexico’s recovery, 427–28

• Morocco’s recovery, 433

• Nigeria’s recovery, 433

• Peru’s recovery, 431–32

• Philippines’ recovery, 428–29

• Poland’s recovery, 438–42

• resolution of, 411, 412–13

• scope of, 411

• Uruguay’s recovery, 433

• World Bank–IMF relations and, 83

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

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

• arguments against, 650

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

• Cologne terms, 44

• Dominican Republic’s, 434

• Ecuador’s, 431

• effectiveness, 650

• eligibility of IMF countries for, 655

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

• evolution of World Bank policies, 652–53

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

• IMF mandate and, 653, 654

• IMF program for, 20

• international interest in, 33

• Jamaica’s, 444–45

• Naples terms, 39

• Poland’s, 439–41

• public campaign for, 651, 660–61

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

• Rights Accumulation Programs, 802–6

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

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

• Sachs’s lobbying for, 95

• settlement of Soviet debt, 352–53

• Uganda’s, 718

• World Bank’s Debt Reduction Facility for, 444

• de Fontenay, Patrick, 54–55, 175

• de Gregorio, José, 432n

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

• de Heurtemont, Irène, 886n

• de Klerk, F.W., 691

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

DeLong, J. Bradford, 451n

Delors, Jacques, 81–82

De Maulde, Bruno, 767n

Deng Xiaoping, 255

Denmark, ratification of Maastricht Treaty, 23, 173

De Ocampo, Roberto F., 624

Dependencia theories, l, liv

Deppler, Michael, 166, 282

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

Desai, Padma, 320n

Detragiache, Enrica, 25n

Deutsche Bank, 352–53, 436, 605

Deutsche Bundesbank, 91, 175, 480, 794

Deutsche Morgan Grenfell, 597

Developing countries. See also specific country

• Article IV consultations, 165

• corruption and governance issues, 149–54

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

• financial crises of 1990s, 7–8

• IMF facilities designed for, 632

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

• intergovernmental organization of, 40, 97

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

• views on transformation of Interim Committee, 870, 871

Development Committee

• Annual Meetings, 866, 867

• establishment of, 147n

• G24 influence on, 97

• in G20 meetings, 102

• on military spending in developing countries, 147

• role of, 866

de Villiers, Dawie, 694

de Vries, Margaret Garritsen, xviii, 892n

Diamond, Jack, 240n

Dillon, K. Burke, 831, 892

Distribution of income

• challenges for South Africa’s

• economic reforms, 694–95

• in China, 9

• in concept of high-quality growth, 14

• goals for countries in transition, 258

• rationale for structural conditionality, 196

• trends, 3

Djohar, Mohamed, 704

Dodsworth, John R., 120n, 824

Doe, Samuel, 834

Dollarization, 25–26

• in Argentina, 608–09

• in Brazil, 604

• in Ecuador, 26, 616

Dominican Republic

• debt rescheduling, 434

• environmental policies, 157

• Hurricane Georges, 231

• IMF lending to, 231, 434, 637, 842f

• payment arrears, 434, 841–43

• recovery from 1980s debt crisis, 434–35

Donecker, Wolf-Dieter, 154, 724n

Donovan, Donal, 398

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

Doyle, Peter, 697n

Draghi, Mario, 85

Drazen, Allan, lxii, 520n

Droughts, 230, 391, 429, 731–32

Dubinin, Sergei, 315, 318, 325, 337

Duisenberg, Wim, 455

Dunaway, Steven V., 167n, 488n

Duncan, Daniel Kablan, 708–9

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

E

Earthquakes, 232, 429, 593

East African Community. See also

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

• IMF assistance to, 710

• origins, 710

East Asian countries. See also East Asian

• crises (1997);

• specific country

• economic performance in 1990s, 3

• ESAF loans to, 647

• liberalization of financial markets in 1990s and, 7

East Asian crises (1997)

• in Cambodia, 586, 588

• causes, 19, 31

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

• effects on capital control policies, lxii

• effects on IMF policies and operations, liii, lxii

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

• in Malaysia, 579–86

• in Philippines, 576–79

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

• spread of, 573

• in Vietnam, 586, 588

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

Eastern Caribbean Currency Union, 28n, 120–21

East Timor, see Timor-Leste

EBRD. See European Bank for Reconstruction and Development

Economic and Monetary Union in Europe

• Britain’s commitment to, 178

• convergence criteria, 179

• Czech Republic reforms for, 268

• exchange rate policies, 24–25

• IMF preparations for, 121–23

• origins of, 23

Economic growth

• in African countries, 681–82

• concept of high-quality growth, 14

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

• as element of IMF programs in Africa, 684

• explanations for East Asian miracle, 540n

• in countries of the former Soviet Union, 12

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

• as goal of lending, 196, 646

• goals for global economic policy standards, 124–26

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

• Keynesian orientation of IMF and, lv–lvi

• outcomes of Korean financial crisis, 567–68

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

• in Thailand before 1997 crisis, 498, 500

Economic Security Council, 81–82

Ecuador

• Brady Plan debt deferment, 614–15

• conflict with Peru, 431, 611

• debt-restructuring needs, 612

• dollarization of economy, 26, 616

• economic challenges of 1990s, 611

• financial crisis (1998), 611–16

• IMF loans, 431, 613, 615

• natural disasters, 611

• oil exports, 430, 611

• political environment, 611

• recovery from 1980s debt crisis, 430–31

• regional trade agreements, 6

Edinburgh agreement (1992), 23

EFF. See Extended Fund Facility

Egypt

• Executive Board representation, 877

• IMF lending to, 229n, 678

• IMF membership, 677

• Mexican peso crisis and, 488

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

El Salvador, 37, 231–33

Eleven Commandments, 17, 124–26

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

Emergency Financing Mechanism

• access controls, 206

• antecedents, 202–4

• distinctive features, 205

• Executive Board approval, 205–6

• Korea, 539–40

• origins of, 40, 204–5, 493–94

• Philippines, 578–79

• Thailand, 507

• trigger for activation of, 205

• use of, 206, 207–8, 494

Emergency postconflict assistance. See Postconflict assistance

Endara Galimany, Guillermo, 819

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

Enhanced Structural Adjustment Facility (ESAF)

• access limits, 638

• additional arrangements, 41

• African countries, 680, 686

• Albania, 278, 279–80

• Armenia, 395, 396

• Azerbaijan, 397 Benin, 705–7

• Bolivia, 433, 638–39, 647

• borrower avoidance of, 637–38

• Bosnia and Herzegovina, 276–77

• Burkina Faso, 707

• Cambodia, 158–59, 234, 586–87

• conversion to PRGF, 20, 646

• commitment period, 41

• concerns about effectiveness of, 633–34

• conditionality, 635, 637

• Congo, Republic of, 236

• Côte d’Ivoire, 433, 433n, 709

• debt-relief program and, 655–56

• definition of arrangements in, 639n

• effectiveness, 633–34, 640, 898

• eligibility criteria, 635, 638

• eligible countries, 635–37

• emergency postconflict assistance and, 237

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

Equatorial Guinea, 707

establishment of, 19–20, 633, 878

Ethiopia, 721, 724

Extended Fund Facility and, 640

external evaluations of, 106

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

• Georgia, 399

• global distribution, 647

• G7 endorsement, 38

• growth of, 646–47

• Haiti, 846

• Kenya, 712, 714

• Kyrgyz Republic, 400

• Macedonia, FYR, 272

• Mali, 707

• Mongolia, 285

• Mozambique, 731, 732–33

• natural disaster emergency lending, 230

• Pakistan, 648

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

• Philippines, 429

• problems in borrower ownership and commitment, 643–45

• prolonged borrowing under, 191

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

• resources and loans outstanding, 674

• Rwanda, 236, 726–27

• self-sustaining, 638

• Sierra Leone, 813, 829

• structural policy conditions, 194

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

• Switzerland’s role in, 56

• Tajikistan, 403–4

• Tanzania, 715, 716

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

• Togo, 708

• top borrowers, 648t

• Uganda, 717, 718

• use by countries in transition, 201, 202

• Uzbekistan, 405

• Vietnam, 588

• World Bank–IMF relations and, 83, 86

• Zambia, 647, 813, 832

Enlarged access policy, 56, 748, 790

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

Enterprise for the Americas Initiative, 34, 168

Environmental issues

• in concept of high-quality growth, 14

• deforestation, 158–60, 586–88

• evolution of IMF policies, 155–60

• globalization and, 6

• integrated framework approach to technical assistance, 91

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

• as subject of IMF surveillance, 180–81

Equatorial Guinea, 707

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

Ercel, Gazi, 592

Eris, Ibrahim, 422

Eritrea

• economic performance in 1990s, 687

• Ethiopian conflict, 723–24

• IMF membership, 687

• secession, 51

Erlanger, Stephen, 338n

ESAF. See Enhanced Structural

• Adjustment Facility

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

Estonia, 362–65. See also Baltic countries

• economic recovery after transition, 349, 350t

• exchange rate in transition period, 26, 364

• fall of Soviet Union, 11–12

• IMF membership, 66, 363

• independence, 36, 362

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

• quota, 785

Ethiopia

• airline–power company transaction, 721–22

• effectiveness of IMF lending to, 720–21

• Eritrea conflict, 723–24

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

• IMF lending to, 632, 678

• IMF membership, 51, 677

• misreported financial information, 852, 854

Eurodollar, lii, 25, 27–28

European Bank for Reconstruction and Development

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

• establishment of, 34, 89, 782

• founding of Joint Vienna Institute, 90

• headquarters, 35, 782–83

• IMF collaborations, 87, 89–90

• Köhler presidency, 43

• Larosière presidency, 38

• Soviet Union and, 13, 59–60

European Central Bank, 123

European Communities, 34, 36, 882

• Swedish application, 142–43

European Currency Unit, 23, 35

European Department

• large-scale short-term lending scheme, 203

• leadership, 889, 890

• on payments union proposal for countries in transition, 259

• preparations for European monetary integration, 121–22

• restructuring in 1990s, 858

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

European Monetary Institute, 38, 123

European Monetary System

• establishment of, 43

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

• membership, 35, 41

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

• success of, 25n

European Network for Debt and Development, 660

European Payments Union, xlviii, 259

European Union

• Article IV consultations, 173–74

• assistance to economies in transition, 295

• Bulgaria’s membership, 283

• creation of, 5

• IMF and, 87

• membership, 40

• Monetary Committee, 622

• on promoting good governance, 151–52

• Stability and Growth Pact, 25, 42

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

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

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

Exceptional circumstances clause, 555n, 752, 753t

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

Exchange rate mechanism (ERM);

• see European Monetary

• System Exchange rates. See also Currency boards;

• Currency unions;

• Dollarization;

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

• Algeria, 689

• Argentina, 606–9

• Azerbaijan, 396–97

• bipolar view, 23–24, 884

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

• CFA franc zone, 698–704

• challenges in development of policy standards, 123–24

• challenges to reform in African countries, 685–86

• China, 574–75

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

• Côte d’Ivoire, 698, 700

• Estonia, 26, 364

• European Monetary System, 23

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

• G10’s founding goals, 96

• IMF policies and preferences, 24, 27, 28

• IMF study of APEC region, 100

• India’s dual rate scheme, 450

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

• inflation targeting and, 29

• Korea, 539, 559f

• Latvia, 367, 368

• Lithuania, 369

• Malaysia, 581–82

• Mexico, 458–65, 483

• Philippines, 577, 578–79

• Poland, 438

• roles and responsibilities of international organizations, 83

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

• Rwanda, 725

• Second Amendment to Articles of Agreement on, xxi

• South Africa, 695, 696

• supplemental consultation procedures, 111–12

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

• Sweden’s 1992 banking crisis, 142–44

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

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

• Turkmenistan, 388

• Ukraine, 376, 377–78

Exchange restrictions. See also Article

• VIII;

• Article XIV;

• Currency convertibility

• national security justification for restrictions, 130–31

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

Executive Board and Executive Directors, 875

• access to side letters, 873–74

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

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

• authorities and responsibilities, xx, 857, 873

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

• Deanship, 878, 879

• G7 membership, 99

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

• IMF accountability structure, 81

• interaction with United Nations staff, 88

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

• Managing Director and, 873

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

• meetings on World Economic and Market Developments, 111

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

• quota size and representation on, 787, 874

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

• Temporary Alternate Executive Directors, xx

• use of videoconferencing, 555

• voting shares, 857

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

Experimental economics, lxii

Extended Fund Facility (EFF)

• Algeria, 689–90

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

• Azerbaijan, 397

• Croatia, 273, 275

• distinctive features, 226, 227

• Egypt, 229n

• ESAF and, 640

• establishment of, 226, 632

• India, 445

• Kenya, 679

• Mexico, 227, 428, 458n, 752

• Moldova, 391, 392

• Panama, 443 Peru, 431–32, 822

• Philippines, 227, 429, 576

• Poland, 440

• precautionary, 227–29

• purpose, 226, 679

• Russia, 313–17, 328, 331, 791

• structural policy conditions, 194

• Ukraine, 375, 378–79

• use of, 226–27, 228t, 229n

• Venezuela, 227, 430

• volume of IMF loans under, 189

External Contingency Mechanism

• Bulgaria, 224–25

• establishment of, 224

• purpose, 224

• symmetry provision, 224

• termination, 225

• use of, 224

External Relations Department, 889

F

Facilities for lending. See also specific facility

• access limits, 748–19, 750

• distribution of IMF lending, 189, 190f

• extensions, 201

• as lending window, xxiin

• origins of, 188

• preemptive short-term financing facility, 209–11

• purpose, 197

• rationale, 197

• streamlining of IMF programs, 229

• unintended outcomes, 197

Faini, Riccardo, 666

Fajgenbaum, José, 426, 492

Federal Reserve. See United States Federal Reserve System

Feldstein, Martin, 617n

Felman, Josh, 530n

Fernandez, Roque B., 418, 607

Fernández, Vicente J., 238

Fernandez-Ansola, Juan J., 331n

Fernández Ordóñez, Miguel A., 782, 787

Fforde, John, 881n

Fiji, 243

Filosa, Renato, 73, 84n

Finaish, Mohamed, 219, 877

Finance One (Thailand), 503

Financial Action Task Force (FATF), 151–52

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

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

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

Finch, C. David, 114n, 203n

Finland

• European Union membership, 40

• exchange rate policies, 23

• inflation-control policies, 29

Finland, Bank of, 240

Finnemore, Martha, xlix, l

Fiorentino, Robert V., 6

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

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

First World War, xliii, xlv

Fiscal Affairs Department, 892

• functions, 239

• military spending surveillance, 149

• technical assistance to economies in transition, 262–64

• technical assistance to Russia, 296, 317n

Fiscal policies

• Argentina, 418–19, 610

• Brazil, 595–96, 597

• to control inflation, 24

• countercyclical effects, lx

• Fleming-Mundell model, lvii

• France, 179–80

• Germany, 174–76

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

• Indonesia, 517

• Japan, 170

• Keynesian orientation of IMF and, lv–lvi

• Korea, 540, 547–48, 550, 558

• Mexico, 470, 471

• and monetarist theory of aggregate demand, lvii–lviii

• in monetary approach to balance of payments, lvi

• Russia, 296, 298, 305, 324–25

• South Africa, 694–95

• Thailand, 511, 513, 514

• transparency reports on, 128

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

• advocacy for bipolar view, 24

• advocacy for commitment to capital liberalization, 136

• advocacy for transparency in IMF operations, 104

• on Argentina’s 1990s economy, 611

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

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

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

• on currency stabilization funds, 238n

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

• in Ecuador’s financial crisis, 612–13

• efforts to promote IMF staff diversity, 892

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

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

• in Japan, 172

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

• in Malaysia’s financial crisis, 583

• in Manila Framework Group, 624

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

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

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

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

• training program for IMF staff, 861

• in Uzbekistan, 405

Fisman, Raymond, 528n

Fleming, Marcus, xlivn, lvi

Fleming-Mundell model, lvi–lvii

Flickenschild, Hans M., 154

Floating exchange rate system

• bipolar view, 23–24

• Brazil’s implementation, 604–5

• conceptual basis, liv

• definition, xxi

• evolution of international financial architecture, 22–25

• flexible management, 23

• goals of Second Amendment to Articles of Agreement, xxi

• IMF ratification of, xxi, xlix

• theoretical basis, lix

Floating facilities, 748–49, 750

Floods, 230–31, 732

Fogelholm, Markus, 834

Foglizzo, Jean, 65

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

Forecasting models, lvii

Fraga, Arminio, 604–5, 606

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

France

• Article IV consultations, 178–80

• CFA franc zone and, 698–99, 702

• entry into European Monetary Union, 179–80

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

• exchange rate policies, 23

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

• on Soviet Union’s membership in IMF, 64

• trade policies after First World War, xlv–xlvi

France, Banque de, 882

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

Franco, Itamar, 424, 425, 602

François, Christian, 708–9

Free trade areas, 5–6

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

Friedman, Milton, liv, lvii, lix

Friends of the Earth, 94, 156

FSF. See Financial Stability Forum

Fuenfgelt, Lore, 892n

Fujimori, Alberto, 431, 821, 822n

Fukui, Hiroo, 291, 302, 767n

Fukuyama, Francis, 12

Fundamentals band, 896

Fund for International Development, 669

Fyodorov, Boris, 302, 303–4, 334

G

G5. See Group of Five

G7. See Group of Seven

G8. See Group of Eight

G10. See Group of Ten

G20. See Group of Twenty

G22. See Group of Twenty-Two

G24. See Group of Twenty-Four

G33. See Group of Thirty-Three

GAB. See General Arrangements to Borrow

Gabon, 688, 708

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

Game theory, lxii

Gandhi, Indira, 445

Gandhi, Rajiv, lx, 35, 445–46, 447

Garber, Peter M., 355n

Garcia, Alan, 431, 819

Garcia, Gillian, 145

Gardner, Richard, xlvii

GATT. See General Agreement on Tariffs and Trade

Gazprom, 300, 321

Gedeon, Tibor, 55

Geethakrishnan, K.P., 838

Geithner, Timothy F., 507

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

• World Trade Organization

• Committee on Balance of Payments Restrictions, 90

• IMF and, 87, 90

• Mexico’s membership, lx, 427

• proposal for council to oversee, 81–82

• U.S. policies, 168

General Arrangements to Borrow (GAB), 789–95

• G10 oversight, 96, 97

• membership, 56

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

General Data Dissemination System, 165

General Department

• assets, 741, 742

• balance sheet, 742, 743t

• financing structure, 752–59

• gold stocks, 746–48, 749f

• growth of reserves in 1990s, 752

• income statement, 754–55t

• operational value of assets, 742

• resources, 742–46, 747f

• stress of membership growth in 1990s, 746

General Resources Account

• function of, xxi lending to African countries, 682

• prolonged borrowing from, 191

• rate of charge, 753–56

• SDR holdings, 760

General Review of Quotas

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

• historical record, 775t

• Ninth, 37, 99, 759, 774–76, 780–84

• schedule, 774

• Tenth, 776–77

Georgia

• after dissolution of Soviet Union, 397–99

• in CIS, 351n

• currency and exchange rate reforms, 397–99

• IMF lending to, 394f, 398, 399

• technical assistance to, 259

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

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

Germany, Federal Republic of

• Article IV consultations, lx, 174–76

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

• IMF membership, xlviii

• quota, 783

• reunification, 35, 51, 174, 176

• settlement of Soviet debt, 352–53

• on Soviet Union’s membership in IMF, 64

Gerson, Philip R., 606n

Ghana

• Compensatory and Contingency Financing Facility, 219–20

• economic performance in 1990s, 682

• governance, 682

• IMF membership, 677

Ghosh, Atish R., 617n

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

Gilbert, Christopher L., 226

Gil-Diaz, Francisco, 460n

Gill, Bates, 619n

Gilman, Martin, 327, 335, 340n

Ginandjar Kartasasmita, 535, 536–37, 538

Gingrich, Newt, 456n, 475

Giscard d’Estaing, Valerie, 679

GKO market. See under Russian Federation

Glasnost, 11, 58

Glass-Steagall Act, 30, 44

Globalization

• capital flows in, li–lii

• criticism of Washington Consensus, lxi, 5

• protests against, 90–91

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

• welfare outcomes, 6, 9

Godeaux, Jean, 163, 295–96

Godeaux Report, 163, 371

Goh Chok Tong, 529

Gold

• and HIPC Initiative financing, 44, 746

• collapse of official market (1960s), 188

• IMF stock, 746–48, 749f

• IMF valuation, 666, 748n

• India’s 1991 sale, 447–48

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

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

• Russia’s inheritance from Soviet Union, 288

• SDR based on, xxi, 796

Goldfajn, Ilan, 8n

Gold standard

• breakdown of, li, liii, lix, 22

• First World War and, xlv

Goldstein, Morris, lvn, 197

Gold tranches, xxi–xxii

Golub, Stephen S., 170n

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

Gonville and Caius College (Cambridge), 497

Gonzales-Garcia, Jesus, 165n

Goos, Bernd, 177, 750

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

Gordhan, Pravin, 694

Gordon, James, 568n

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

Gordon, Robert J., lvii

Gore, Al, 302, 326n, 585n

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

Governance

• Article IV reports, 153–54

• IMF training programs, 243–45, 861

• institutional development for transition economies, 261–62

• legal basis for IMF surveillance, 152

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

• surveillance, 149–54

• Tanzania, 715–16

• technical assistance to Bulgaria to improve, 436

• Ukraine’s capacity at independence, 370

Graham, George, 474n

Granville, Brigitte, 359n

Gray statements, xxiv

Great Britain. See United Kingdom

Great Depression, xlvi

Great Recession (2007–08), 30

Great Society programs (U.S.), li

Greece

• IMF lending to, 555n

• Macedonia, FYR, and, 73

• Reports on Observance of Standards and Codes, 128

Green, Pippa, 696n

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

Grenville, Stephen, 519n, 526, 535n

Gros, Daniel, 24n

Grosche, Guenter, 174

Group of Five (G5), 97

• Plaza accord, 170

Group of Seven (G7), 97–100

• 1988 summit meeting (Toronto), 33, 649

• 1990 summit meeting (Houston), 34, 59

• 1991 summit meeting (London), 36, 63

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

• 1993 summit meeting (Tokyo), 38

• 1994 summit meeting (Naples), 21, 37

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

• 1996 summit meeting (Lyon), 772

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

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

• debt-service-reduction operations, 649

• development of code of good practices, 127

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

• establishment of New Arrangements to Borrow, 792

• Financial Stability Forum, 43, 91–92

• Gorbachev’s entreaties to, 63–64

• G20 and, 102

• IMF quota setting, 782–83

• at IMF/World Bank Annual Meetings, 867

• in Interim Committee reform, 872

• membership, 98t

• on military spending in developing countries, 147

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

• on postconflict assistance, 232, 233

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

• response to 1998 financial crisis, 91, 598

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

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

• in ruble area dissolution, 355

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

• in Soviet debt settlement, 351–52

• SDR allocation controversy, 769–70, 772

• support for ESAF successor program, 641

• support for preemptive short-term

• financing facility, 201, 211

• in Ukraine’s transition, 373

Group of Eight (G8)

• 1997 summit meeting (Denver), 85

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

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

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

• on Indonesian crisis (1998), 327

• on Interim Committee transformation, 872

• membership, 98t

• origins, 97, 320

Group of Ten (G10)

• Basel Committee on Banking Supervision, 146

• formation of, 96

• in General Arrangements to Borrow, 56, 790

• in IMF–World Bank cooperation, 85

• meetings, 97n

• membership, 98t

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

• role of, 96–97, 662

• Switzerland and, 56

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

Group of Eleven, 769

Group of Twenty (G20), 100–02

• first meeting, 44

• membership, 98t

• origins of, 97, 102

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

• in development of code of good practices, 127

• initiatives after Asian financial crisis, 101–2

• origins, 101

• purpose, 101

• on transparency and accountability, 104

Group of Twenty-Four (G24)

• assistance to Bulgaria, 437

• effectiveness, 100

• formation of, 97

• at IMF/World Bank Annual Meeting, 867

• membership, 98t

Group of Thirty-Three, 102

Group of Seventy-Seven, 97

Guidotti, Pablo, 607

Guinea-Bissau

• in CFA franc zone, 28, 41

• emergency postconflict assistance, 236

• governance, 682–83

Guistiniani, Alessandro, 724n

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

Gulde, Anne-Marie, 27, 380n

Gulf War (1991)

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

• IMF lending associated with, 189, 218, 219

• IMF response to oil price spike, 221–23

• India-U.S. relations and, 447, 449

• start of, 34, 35

• U.N. sanctions on Iraq, 850

Gupta, Sanjeev, 149n

Gurgen, Emine, 150n, 384n

Gutt, Camille, 880

Guyana

• debt-relief program, 657–59

• IMF lending to, 641n, 816f

• payment arrears, 806, 815–17

Guzmán-Calafell, Javier, 464n

H

Haas, Richard, 12n, 361n

Haberler, Gottfried, lix

Habibie, Bucharuddin Jusuf, 531, 537, 538

Hacche, Graham, 110n

Hahnemann, Niels Peter, 713n

Haiti

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

• election of Aristide, 35, 845

• IMF emergency lending after Hurricane Georges, 231

• IMF lending to, 843, 844, 846

• payment arrears, 843–47

• Resident Representative, 244

• return of Aristide, 39, 846

• sanctions on military dictatorship in, 130, 845

Hamann, A. Javier, 25n

Hammoudi, Mohamed Ali, 219

Hanbo Steel Industry, 541

Hanke, Steve H., 26n, 364n, 531–32

Hansen, Kai Aaen, 724n

Hansen, Leif, 405

Hansson, Ardo, 363–64

Harden, Blaine, 712

Hardy, Martin, 489

Harrod, Roy, xlvii, 82n

Harmann, Hellmut, 55n

Harvard Institute for International Development, 516

Hashimoto, Ryutaro, 528

Hausmann, Ricardo, 617n

Havel, Vaclav, 11, 55, 265

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

Hayarimana, Juvenal, 725

Headquarters building, IMF, 863–66

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

• completion points, 662, 719

• criticism of, 93

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

• eligible countries, 657–60

• enhancement, 44, 93, 661–62

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

• financing, 44, 746

• funding, 662–63, 665, 668

• input from nongovernmental organizations on, 93–94

• Mozambique, 733–34

• origins, 20, 33, 649–56, 878

• resources and loans outstanding, 674

• sustainability assessment, 662, 685

• Tanzania, 710

• Uganda, 710, 718–20

Hedge funds, 8, 32, 177, 582

Henning, C. Randall, 474n, 625

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

Hicklin, John E., 577, 578, 622

Hicks, Ronald, 54n

High-quality growth, 14–15

• good governance requirements for, 151

• implications for surveillance, 141

Hill, Hal, 519n

Hino, Hiroyuki, 154

HIPC Initiative. See Heavily Indebted Poor Countries Initiative

Hirsch, Alan, 696n

HIV/AIDS, 9

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

Honduras

• Hurricane Mitch, 231–32

• IMF lending to, 231–32, 818f

• payment arrears, 806, 817–18

Hong Kong Monetary Authority, 509, 793

Hong Kong Special Administrative Region (SAR)

• advanced economy classification, 540n

• Article IV consultations, 35

• currency board, 26

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

• regional economic associations, 36

• Reports on Observance of Standards and Codes, 128

• technical assistance and consultations, 119–20

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

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

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

Houben, Aerdt, 437

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

Human Resources Department, 44, 861, 892

Hungary

• after dissolution of Soviet Union, 264

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

• IMF membership, 11, 58, 255

• Mexican peso crisis and, 488–89

• misreporting of financial data by, 852

• NATO membership, 321n

• OECD membership, 41

• repayment of IMF loans, 264, 444

• Soviet Union and, 11

Hun Sen, 588, 824

Hurricanes, 231–32, 818

Hussein, Saddam, 850

I

IBRD. See International Bank for Reconstruction and Development

IDA. See International Development Association

IEO. See Independent Evaluation Office

Iglesias, Enrique V., 595

Il Houng Lee, 153n

Illarionov, Andrei, 294

ILO. See International Labor Organization

IMF. See International Monetary Fund

IMF-AMF Regional Training Program, 243–44

IMF Institute, 239, 861

IMF-Singapore Regional Training

• Institute, 243

IMF Staff Papers, 103

Income inequality. See Distribution of income

Indebtedness to IMF, measure of, xxii

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

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

• definition of prolonged borrowing, 190n

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

Ingves, Stefan, 144n

India

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

• exchange rate policy, 129, 450

• Gulf War (1991) and, 446, 447, 449

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

• IMF membership, 446

• IMF quota, 446–47

• lessons of economic recovery, 452

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

• military spending, 148–49

• as nuclear power, 42

• political problems, 446, 448

• poverty rate, 9

• relationship with IMF, 446–47, 449

• sale of gold stocks, 447–48

• United States and, 449

India, Reserve Bank of, 448

Indonesia

• antigovemment violence, 894

• Article IV consultations, 517–18

• corruption in, 517

• distribution of wealth in, 516

• economic growth before 1997 crisis, 515–16

• exchange rate policies, 27

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

• IMF lending to, 515–16, 516

• IMF membership, 515

• IMF technical assistance, 517

• Mexican peso crisis and, 488

• Suharto resignation, 537, 620

Indonesia, Bank, 509, 518–19, 525

Indonesian Bank Restructuring Agency, 531

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

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

• banking reform to prevent, 520

• conflicting views of Indonesian economists, 519–20

• crony capitalism in, 519–20

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

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

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

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

• IMF reform agenda, 529–30, 536–37

• Indonesians’ perception of IMF staff, 521–23

• interest rate adjustments in, 523, 527

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

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

• macroeconomic issues in, 520

• monetary policy in, 518–19, 527

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

• onset, 513, 518–19

• political environment, 197, 327, 537, 538

• public response to price increases, 536–37

• resolution, 535–39, 891

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

• Suharto illness in, 527–28

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

Inflation

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

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

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

• in Czech Republic, 268

• and evolution of international financial architecture, 28–30

• in global economy in 1990s, 3, 4f

• IMF policies and preferences for control of, 29

• monetarist theory of aggregate demand and, lvii–lviii

• Poland’s strategy for, 438–39

• use of real exchange rate to control, 24

• targeting. See Inflation targeting

Inflation targeting, lviii, 28–30

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

• in United Kingdom, 178

• need for transparency in, 103–4

Information, economics of, lx

Ingves, Stefan, 187

Integrated Framework for Trade-Related

• Technical Assistance to Least Developed Countries, 91

Inter-American Development Bank

• assistance to Argentina, 420

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

• IMF and, 89

Interbank Coordinating Council of the

• Heads of National Banks, 354, 356

Interest rates

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

• and global capital flows in 1990s, 7

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

• Japan’s policies in 1990s, 170

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

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

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

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

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

• surcharge on IMF member payment arrears, 813–15

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

• in Taylor rule for inflation targeting, 29–30

Interim Committee. See also International Monetary and Financial Committee

• Annual Meetings, 866, 867, 868t

• approval of debt-relief plan, 655

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

• chairmanship, 869

• decision-making procedures, 99, 870

• Declaration on Cooperation for Sustained Global Expansion, 124

• development of code of good practices, 126–28

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

• endorsement of economic liberalization, lxi

• establishment of, 870

• on European monetary integration, 25, 122

• evolution of conditional lending policies, 18

• on good governance goals, 152, 153

• G7 and, 97, 99–100

• in IMF organizational structure, 857

• implementation of HIPC Initiative, 719n

• Madrid Declaration, lxi, 39, 125, 134

• on military spending surveillance, 148

• Ninth Review of Quotas, 774–75

• Partnership for Sustainable Global Growth, 125

• proposals for IMF Council, 870–72

• replacement organization, 44, 620, 872–73

• response to 1991 oil price spike, 221–22

• role of, 870

• spring meetings, 869

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

International Court of Justice, 74

International Development Association (IDA), 86, 433n

• assistance to Armenia, 395

• assistance to Mozambique, 731

• eligibility criteria for concessional lending, 395, 635

• International Financial Statistics, 103, 294, 860

International Labor Organization

• IMF collaboration, 87

• origins of, xliv

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

• in Russia’s transition, 296

International Monetary and Financial

• Committee, 102. See also Interim Committee

• establishment of, 44, 872–73

International Monetary Fund (IMF),

• generally. See also Executive Board and Executive Directors;

• Management, IMF;

• Membership,

• IMF;

• Staff, IMF;

• specific borrower;

• specific department

• administrative expenses, 759

• archives, xxiii–xxv, 13, 105

• area departments, 858–59

• Asian Monetary Fund proposal and, 622–23

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

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

• as capitalist club, 255

• CFA franc zone policies, 699–704

• Cold War and, xlix–xlx

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

• development after Second World War, xlviii-xlix

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

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

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

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

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

• functional departments, 859–61

• G7 and, 97, 99–100

• G20 and, 102

• headquarters building, 863–66

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

• as international credit union, lii

• liquidity challenges, 332

• outreach to academic community, 94–95

• policies toward regional trade agreements, 6

• publications, 103

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

• relations with regional development banks, 89–90

• response to challenges of 1990s, 12–15

• role in economic growth and development, 631–32

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

• as specialized agency of United Nations, 88–89

• specialized language and terminology of, xix–xxiii

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

International Natural Rubber Agreement, 226

International Trade Organization, xlvii–xlviii

Iran, Islamic Republic of, 219, 783

Iraq. See also Gulf War (1991)

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

• payment arrears, 850

• quota, 788

• sanctions on, 850

Isard, Peter, 116n, 765n, 772

Israel

• advanced economy classification, 540n

• Compensatory and Contingency Financing Facility, 219

• inflation-control policies, 29

• regional peace treaties, 39

• and technical assistance to Palestinian authorities, 240

Israel, Bank of, 886, 891

Italy

• exchange rate policies, 23, 37

• loan to IMF, 789

• on Soviet Union’s membership in IMF, 64

• stand-by arrangement (1970s), 56

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

Ivanova, Anna, 197n

Izvorski, Ivailo, 412n

J

Jacobsson, Per, xlivn, 880

Jàcome, H., 611n

Jafarov, E., 380n

Jamaica

• debt restructuring, 444–45

• IMF lending to, 444

• recovery from 1980s debt crisis, 444

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

James, Marzenna, xlix, 58n, 60n

Japan

• aid to Russia, 332

• Article IV consultations, 170

• assistance to Brazil in 1998 crisis, 601

• assistance to Korea in 1997 crisis, 546

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

• on environmental concerns of IMF, 156

• financial crisis (1997), 136–37

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

• influence of new classical economics, lx

• loans to IMF, 781, 789–90

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

• opposition to North Korea’s IMF membership, 75

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

• quota review, 780–83

• support for Pacific Financial Technical Assistance Centre, 243

• technical assistance grants from, 241n

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

Japan, Bank of, 170, 525

Japanese Export-Import Bank

• assistance to Argentina, 420

• lending to Bulgaria, 437

Jarvis, Chris, 278n

Johnson, Harry, lvi

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

Johnson, Simon, 534n

Johnson-Sirleaf, Ellen, 835n

Joines, Douglas, H., lix

Joint Africa Institute, 244

Joint Financial Sector Assessment Program, 85–86

Joint Vienna Institute

• founding of, 37, 90, 258–59

• origins, 243, 861

• sponsors, 243n

• training seminars, 93

• use of training services, 243

Jonung, Lars, 364n

Jordan

• misreported financial information, 852, 854

• peace treaty with Israel, 39

• prolonged borrowing, 192–93

• technical assistance to Palestinian authorities, 240

Joshi, Vijay, 445n, 451n

Jubilee 2000 Campaign, 94, 651, 660

Juppé, Alain, 180, 315n

K

Kabila, Joseph, 850

Kabila, Laurent-Désiré, 850

Kadannikov, Vladimir, 314

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

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

Kafka, Franz, 878

Kagalovsky, Konstantin, 290, 291, 356, 876

Kahler, Miles, 880n

Kahn, Robert, 612n

Kallas, Siim, 362, 363, 364

Kaminsky, Graciela L., 617, 619n

Kang Chungson, 542n

Kang Jung-Ho, 238

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

Kaps, Carola, 335n

Kapteyn, Arend, 765n

Kapur, Devesh, 699n

Kapur, Ishan, 384, 385, 404

Karimov, Islam Abduganievich, 404, 405

Kasianov, Mikhail M., 853

Kaunda, Kenneth, 830

Kazakhstan

• after dissolution of Soviet Union, 383–86

• in CIS, 351n

• conditions at time of independence, 383

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

• introduction of national currency, 359

• monetary policy, 384

• privatization program, 383

• Russian financial crisis and, 386

Kehoe, Patrick J., 28n

Keller, Peter M., 400, 402

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

Kemp, Jack, ix

Kenen, Peter B., 259

Kengo wa Dondo, Léon, 849

Kennedy administration (U.S.), 880

Kenward, Lloyd R., 531n, 532n

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

• East African Community membership, 44

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

• governance, 682

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

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

Keynesian macroeconomics, liv–lvii

Keys, Derek, 694

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

Kharas, Homi, 323n, 332n

Khodorovsky, Mikhail, 326

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

Kihwan Kim, 546, 563

Kimaro, Sadikiel N., 726

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

Kim Jong-Il, 540n

Kim Kihwan, 559

Kincaid, G. Russel, 116n

King, Mervyn, 104, 127n

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

Kirk, Donald, 539n

Kirmani, Naheed, 718

Klaus, Vaclav, 265–66, 268n

Knight, Malcolm D., 356n

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

Kochhar, Kalpana, 584n

Koch-Weser, Caio, 885

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

Kohl, Helmut, 292, 298, 314–16, 528

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

Kok, Wim, 150

Köln Debt Initiative, 661

Koopman, Tjalling, xlivn

Korea, Bank of, 509, 557–58, 564

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

Korea, Republic of

• Article IV consultations, 540

• currency undervaluation consultation (1987), 112

• economic performance preceding 1997 crisis, 539–41

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

• IMF lending to, 17, 42, 207–9, 752

• on IMF membership of North Korea, 75

• IMF recommendations for structural reforms, 540–41

• quota, 783

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

• citizen donations to alleviate, 566

• debt rollovers, 561–67

• exchange rate fluctuations and policies, 559f

• fiscal policies, 550, 558

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

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

• IMF surveillance of banking sector preceding, 541–44

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

• international assistance, 546, 553, 556, 561

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

• monetary policy reforms, 550

• negotiation of first reform program, 547–56

• obstacles to early IMF intervention, 545

• onset, 544–47

• public perception of IMF role in, 568

• resistance to loan conditionality in response to, 197

• resolution, 566–69, 599

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

Kravchuk, Leonid, 66, 371

Krosby, Quincy M., 826–27

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

Kuchma, Leonid, 373, 375, 376, 379

Kukk, Kalev, 362n

Kuwait. See also Gulf War (1991)

• freezing of assets during Iraqi occupation of, 130

• Iraq invasion, 34, 120, 850, 893

Kyrgyz Republic

• after dissolution of Soviet Union, 399–402

• in CIS, 351n

• conditions at time of independence, 399

• IMF lending to, 37, 199, 400, 401f

• IMF membership, 399–400

• misreported financial information, 852

• monetary policy, 357, 399–400

• name changes, 78n

• relations with Russia, 400

L

Laar, Mart, 362n, 365

Labor standards

• globalization and, 6

• integrated framework approach to technical assistance, 91

Lachman, Desmond N., 144

Laffer, Arthur B., lix

Lahti-Kotilainen, Leena, 892

Lainela, Seija, 359

Lanciotti, Giulio, 458

Landau, Jean-Pierre, 701, 750, 785

Lane, Timothy, 438n, 616, 617n

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

• financial crisis (1997), 586, 588

• IMF loans to, 587f

Laske, Gerhard, 204

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

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

• economic performance in 1990s, 3

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

• liberalization of financial markets in 1990s and, 7

• recovery from 1980s debt crisis, 412–13

• regional surveillance and consultations, 121

• vulnerability to 1998 financial crisis, 594, 595

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

• fall of Soviet Union, 11–12

• IMF loans, 367, 368

• IMF membership, 66

• independence, 36, 365

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

Latvia, Bank of, 367

Lau, Lawrence J., 540n

League of Nations, xliii-xliv, xliv

Lebanon

• Executive Board representation, 877

• financial sector assessment, 146

Lebedev, Platon, 326

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

Lee Kyung Shik, 546

Lee Yong Wook, 623n

Le Fort, Guillermo, 24n, 29n

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

Liederman, Leonardo, 132

Le Manchec, Marie-Hélène, 662n

Lemierre, Jean, 564

Lending by IMF. See also Conditionality;

• Stand-by arrangements;

• specific facility

• access limits, xxi, 748–52

• to African countries, 678–81

• analysis of borrower’s capacity to repay, 810

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

• basic rate of charge, 753–56

• benchmarks, 450n

• to countries in arrears, 413, 851

• data needs for, 851–52

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

• definition of prolonged borrowing, 190n

• distributional effects, 196

• economic growth as goal of, 196

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

• first request to IMF (1947), 632

• founding goals of IMF, 190

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

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

• IMF financial assistance as, xxii–xxiii

• individual differences in needs of borrowers, 187, 240

• interest rate, 753, 759

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

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

• monitoring practices after Mexican peso crisis, 493

• natural disaster relief, 229–32

• outright disbursements, 188

• as percentage of quota, 555

• performance criteria, 194–96, 450n

• prior action requirements, 195

• prohibition on arms purchases with loans, 148n

• proposals for emergency financing arrangements, 202–4

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

• to resolve arrears, 851

• resources for, 742–46, 799

• response to 1991 oil price spike, 221–23

• scope of, in 1990s, 246–49t

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

• types of loans, 188

• without conditions, 193

Lending by World Bank, 82

Lesotho, 25

Letters of Intent, 873–74

• not required for disaster relief, 229–30

• and side letters, 873–74

Lewis, John P., 699n

Lewis, Karen K., 104n

Liang, Hong, 226

Liberia

• declaration of noncooperation against, 834

• economic performance in 1990s, 10, 682

• IMF lending to, 833f

• payment arrears, 806, 833–35

• political instability, 833, 834

• repayment of IMF loans, 835n

Libya

• economic performance in 1990s, 688

• Executive Board representation, 876–77

• objections to lending to Israel, 219

• sanctions on, 130, 877

Liechtenstein, 25, 50

Lieftinck, Pieter, 879n

Lind, Göran, 144n

Linde, Armando, 418n

Lindgren, Carl-Johan, 145, 617n

Link, Krzysztof, 201, 479n, 876

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

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

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

Lithuania. See also Baltic countries