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Abstract

IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

Appendices

Appendix A–1. Appointed Executive Directors and Their Alternates Article XII, Section 3 (b) (i) 1966–71

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

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

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

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

Appendix A–2. Elected Executive Directors and Their Alternates Article XII, Section 3 (b) (iii) 1966–71

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

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

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

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

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

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

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

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

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

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

Appendix A–3. Elected Executive Directors and Their Alternates Article XII, Section 3 (b) (iv) 1966–71

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

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

Appendix B. Management and Senior Staff as of December 31, 1971

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

Editor, Finance and Development.

Appendix C. Organizational Chart as of December 31, 1971

Index

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

A

ABADJIS, ANDREAS, 646

ACC. See UNITED NATIONS ADMINISTRATIVE COMMITTEE ON COORDINATION

ADJUSTMENT PROCESS. See BALANCE OF PAYMENTS ADJUSTMENT PROCESS

ADOMAKOH, A., 471

AFGHANISTAN

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 264, 268*

  • Exchange rate and par value, 437, 542

  • Quota in Fund, 306*

  • SDR allocatioans, 248*

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

  • Technical assistance from Fund, 585

AFRICA

  • Drawings (purchases) from Fund, 312, 316

  • Export earnings, decline in, 269–70

  • Fund consultations, 572

  • Representation on Executive Board, 631–32

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

  • Technical assistance from Fund, 582, 583, 585

AFRICAN DEVELOPMENT BANK, 609

AFRICAN INSTITUTE FOR ECONOMIC DEVELOPMENT AND PLANNING, 590

AHMAD, ALI BIN HAJI, 220, 281

AL-ATRASH, MUHAMMAD

  • Background, 629

ALGERIA

  • Exchange rate, 562

  • Quota in Fund, 296, 301, 306*

  • SDR allocations, 248*

  • Technical assistance from Fund, 585

AL HABEEB, ABDUL RAHMAN, 594

ALKHIMOV, V. S., 83n

ALLOCATIONS OF SDRs. See SPECIAL DRAWING RIGHTS

ALTMAN, OSCAR L., 22, 644

ALWIE, MUHAMAD BARMAWIE, 162*

ANDEAN SUBREGIONAL INTEGRATION AGREEMENT, 609

ANDERSON, ROGER V., 647

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

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

  • 12th (1957), 12

  • 15th (1960), 15, 16, 191

  • 16th (1961, Vienna), 15, 16, 192

  • 17th (1962), 23–24, 193

  • 18th (1963), 26, 27–31, 193, 194

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

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

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

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

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

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

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

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

  • 27th (1972), 299

ANNUAL REPORTS OF EXECUTIVE DIRECTORS

  • Contents of, 177, 200, 204, 624

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

ANSIAUX, HUBERT, 255

ANWAR ALI, 643, 644

AQUINO h., FRANCISCO, 41

ARANKO, JORMA, 134*, 162*, 473

ARGENTINA

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

  • Currency: new unit, 468;

    • used in Fund transactions, 337*

  • Debt renegotiation, 595

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

    • repurchases, 395*;

    • under compensatory financing facility, 268*

  • Exchange market for capital transactions, 542

  • Exchange rate and par value, 437, 563

  • Quota in Fund, 296, 306*

  • SDR allocations, 248*

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

ARRIAZU, RICARDO H., 391, 475, 550

  • Background, 629

  • Suggestion for new quota formula, 304–305

ARTICLES OF AGREEMENT

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

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

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

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

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

  • EEC suggestions for changes, 131–33, 202

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

  • Provisions on exchange rate margins, 521

  • Provisions on gold sales, 417

ASIA

  • Drawings (purchases) from Fund, 312, 316

  • Fund consultations, 572

  • Technical assistance from Fund, 582, 583

ASIAN DEVELOPMENT BANK, 609, 610

ASIAN INSTITUTE FOR ECONOMIC DEVELOPMENT AND PLANNING, 590

ASP, EERO, 295, 473, 480, 625

ASSET SETTLEMENT, 491–92

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

ATTA, A. A., 594

AUSTRALIA

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

  • Currency: new unit, 467;

    • used in Fund transactions, 337*

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

  • Gold production subsidies, 423–24

  • Quota in Fund, 296, 306*

  • SDR allocations, 248*

AUSTRIA

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

  • Basle Group, 442n

  • Currency used in Fund transactions, 337*

  • Exchange rate: central, 562*;

    • floating, 542

  • Gold sales to Fund, 416

  • Par value, xxii, 437, 524

  • Quota in Fund, 296, 306*

  • SDR allocations, 248*

AVERY, WILLIAM M., 645

AYIDA, A. A., 427

B

BAHAMAS

  • Currency unit, new, 467

  • Membership in Fund, 570

  • Par value, 467, 468, 561*

BAHRAIN

  • Membership in Fund, 570

BALANCE OF PAYMENTS

  • Basic balance defined, 489, 543

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

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

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

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

BALANCE OF PAYMENTS ADJUSTMENT PROCESS

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

  • Inadequacy for first SDR allocation, 218

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

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

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

  • Problems, 484, 490, 495–96, 505;

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

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

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

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

  • See also EXCHANGE RATE MECHANISM and PAR VALUE SYSTEM

BANCOR, 19, 143

BANERJI, ARUN K., 134*, 162*

BANGLADESH

  • Membership in Fund, 570

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

  • As other holder of SDRs, 173

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

  • Basle Agreement, 14, 192

  • Basle Group, 442

  • Fund’s relations with, 608

BANZA, ALEXANDRE, 271

BARBADOS

  • Par value, 518, 560*

  • Quota in Fund, 302, 306*

  • SDR allocations, 248*

  • Special Drawing Account, participation in, 232

BARBER, ANTHONY, 427, 514

BARCOURGNE, COURMO, 271

BARROW, E. W., 427

BASLE AGREEMENT, 14, 192

BASLE GROUP, 442

BCEAEC. See CENTRAL BANK OF EQUATORIAL AFRICAN STATES AND CAMEROON

BCEAO. See CENTRAL BANK OF WEST AFRICAN STATES

BEAURAIN, CLAUDE

  • Background, 629

BEELITZ, ULRICH, 378

BELGIAN-LUXEMBOURG ECONOMIC UNION, 522

BELGIUM

  • Art. VIII consultations, 523

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

  • Balance of payments surplus, 493

  • Basle Agreement, 14, 192

  • Basle Group, 442n

  • Borrowing by Fund under GAB, 374*;

    • repayment, 376

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

    • swap arrangements, 314–15;

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

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

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

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

  • Gold tranche, views on, 255

  • Par value, 462, 522–23

  • Quota in Fund, 296, 306*

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

  • SDRs: allocations, 248*;

    • excess holdings, 240;

    • transactions, 240, 243, 314

BELGO-LUXEMBOURG EXCHANGE INSTITUTE, xxii

BENGUR, ALI R., 645

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

BERMUDA. See UNITED KINGDOM: Nonmetropolitan territories

BERNE UNION. See UNION d’ASSUREURS DES CREDITS INTERNATIONAUX

BERNSTEIN, EDWARD M., 20

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

  • Multiple reserve currency plan, 20, 191

BEYEN, J. W., 626

BICALHO, MAURICIO CHAGAS, 89

BIDIAS A NGON, BERNARD, 267

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

BIS. See BANK FOR INTERNATIONAL SETTLEMENTS

BISHOP, GEORGE E., 647

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

BOARD OF GOVERNORS

  • Annual Meetings, 620–22

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

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

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

  • Growth in size and powers, 620–22

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

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

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

    • on reform of monetary system, 547–48;

    • on SDR allocations, xx, 219

  • Voting, 155, 156, 158, 161, 203

BOCCIA, LEONELLO, 648

BOLIVIA

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

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

    • repurchases, 395*;

    • under buffer stock facility, xxii, 283–84

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

BONN MEETING OF GROUP OF TEN, 450–53

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

BOTSWANA

  • Currency unit, 465

  • Membership in Fund, 289

  • Par value, 465, 466*, 561*

  • Quota in Fund, 302, 303, 306*

  • SDR allocations, 248*

BOUSHEHRI, D., 645

BRAND, LINDSAY B., 242, 392

  • Background and length of service, 627, 628

BRAND, PAUL J., 648

BRANTLEY, D. E., 647

BRAZIL

  • Capital flows, 362

  • Currency: new unit, 467;

    • used in Fund transactions, 324, 337*

  • Debt renegotiation, 361, 595

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 263, 268*

  • Exchange rate, 362, 542, 563

  • Financial stabilization programs, 360–63

  • Inflation, 360–63;

    • indexing, 363

  • Payments arrears, 360–61

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

  • Quota in Fund, 296, 306*

  • SDR allocations, 248*

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

BRETTON WOODS SYSTEM. See INTERNATIONAL MONETARY SYSTEM

BROFOSS, ERIK, 481, 492–93, 523

  • Background and length of service, 627, 628

BRYCE, ROBERT

  • Background and length of service, 627, 629

BUDGET OF FUND, 383–88, 392–94, 397*

BUFFER STOCK FINANCING

  • African Governors’ request for study, 270–71

  • Brazilian proposal at Bretton Woods, 273

  • Cocoa, 274, 286n

  • Commodities included in consultations, 275, 284–86

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

  • Executive Board discussions, 276–79

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

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

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

  • Liberalization suggested, 282

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

  • Study of possible Fund arrangements, 275–76

  • Tin, xxi, 274, 282–84

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

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

    • relation to gold tranche drawings, 280–81;

    • repurchase provisions, 276, 281

  • See also COMMODITIES

BURMA

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

    • repurchases, 268*;

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

    • waiver, 322

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

  • Quota in Fund, 289, 306*

  • SDR allocations, 248*

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

BURNS, ARTHUR F., 520

BURUNDI

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 265, 268*

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

  • Technical assistance from Fund, 580

BURY, LESLIE H. E., 285

BUSTELO, CARLOS, 480, 509–10

  • Background, 629

BY-LAWS

  • Amendments, 166, 177–78, 205

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

C

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

CAMBODIA. See KHMER REPUBLIC

CAMEROON

  • Exchange rate, 457–58, 561

  • Quota in Fund, 296, 302, 306*

  • SDR allocations, 248*

CANADA

  • Art. VIII consultations, 478, 480, 571

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

  • Balance of payments, 476, 493

  • Basle Group, 442n

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

    • repayment, 376, 476–77

  • Capital flows, 476–78, 493

  • Currency: swap arrangements, 477, 478;

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

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

    • repurchases, 395*

  • Exchange rate: consultations with Fund on, 519;

    • factors governing, 476–82, 519;

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

  • Gold production subsidies, 423, 424

  • Interest rates, 477, 478

  • Par value, 437, 477;

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

  • Quota in Fund, 13, 296

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

    • views, 111–12, 120

  • SDRs: allocations, 248*;

    • excess holdings, 240;

    • receipts, 236, 240

  • Trade arrangements with U.S., 551

CAPITAL MOVEMENTS

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

  • Liberalization suggested for Japan, 494–95

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

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

    • Belgium and Luxembourg, 522;

    • France, 450;

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

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

  • Short-term, growth of, 66, 196;

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

    • reasons for, 496–99

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

    • Canada, 476, 477;

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

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

    • Switzerland, 524;

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

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

  • Background, 629–30

CARIBBEAN DEVELOPMENT BANK, 609, 610

CARIBBEAN FREE TRADE ASSOCIATION, 610

CARLI, GUIDO, 452

CARNEIRO, OCTAVIO A. DIAS, 83n

“CATCHING UP” FORMULA, 239

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

CENTRAL AFRICAN CUSTOMS AND ECONOMIC UNION (UDEAC), 271

CENTRAL AFRICAN REPUBLIC

  • Drawings from Fund, 312, 316, 330*

  • Exchange rate, 457–58, 561

  • Quota in Fund, 302, 306*

  • SDR allocations, 248*

CENTRAL AMERICAN COMMON MARKET, 609

CENTRAL AMERICAN MONETARY COUNCIL, 581, 609

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

CENTRAL BANK OF WEST AFRICAN STATES (BCEAO), 457

CENTRAL BANKING EXPERTS OF THE AMERICAN CONTINENT, 609

CENTRAL BANKING, TECHNICAL ASSISTANCE IN; See TECHNICAL ASSISTANCE

CENTRAL BANKS

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

    • repayments by U.S., 315;

    • use by Canada, 477

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

  • In Southeast Asia, 278–79

  • Loans: to France, 452–53;

    • to U.K., 442

  • Suggestions for extending cooperation among, 20

CENTRAL RATES. See EXCHANGE RATES

CEYLON

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

    • repurchases, 268*, 395*;

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

    • waiver, 322

  • Exchange rate, 542

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

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

CFA FRANC AREA, 357, 457

CHAD

  • Drawings from Fund, 312, 318, 330*

  • Exchange rate, 457–58, 561

  • Quota in Fund, 301, 306*

  • SDR allocations, 248*

  • Technical assistance from Fund, 585

CHARGES ON USE OF FUND’S RESOURCES

  • Commitment and service charges, 256, 379

  • Description and schedule, 378–81

  • Income from, 386, 397*

  • On gold tranche purchases, 256, 379

  • Payable in gold, 379, 380, 381

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

CHARTER OF ALGIERS (UNCTAD), 607

CHAUDHURI, SACHINDRA, 470

CHAVAN, Y. B., 245n

CHILE

  • Debt renegotiation, 595

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

    • repurchases, 395*;

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

  • Exchange rate, 563

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

CHINA, REPUBLIC OF

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

  • Exchange rate and par value, 466*, 562

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

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

  • Technical assistance from Fund, 581

CHOW, CHI-LING, 134*, 162*

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

CIAT. See INTER-AMERICAN CENTER OF TAX ADMINISTRATORS

CLAPPIER, B., 135*, 163*

CLARK, KENNETH N., 645

CLEARING UNION, 19

CMEA. See COUNCIL FOR MUTUAL ECONOMIC ASSISTANCE

COLLECTIVE RESERVE UNIT (CRU). See RESERVE CREATION PLANS

COLOMBIA

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

    • repurchases, 268*, 395*;

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

  • Exchange markets, dual, 358

  • Exchange rates, 358, 542

  • Financial stabilization programs, 358–59

  • Payments arrears, 358

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

  • Technical assistance from Fund, 359, 585

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

  • Views and comments on: harmonization, 156;

    • SDR-development finance link, 219–20

COMECON. See COUNCIL FOR MUTUAL ECONOMIC ASSISTANCE

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

  • U.S. proposal, 67, 101, 102

COMMODITIES

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

    • Commodities Division established, 286;

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

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

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

    • review of outlook suggested, 275

  • Prices, 358–59;

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

  • See also individual commodity organizations

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

COMMONWEALTH FINANCE MINISTERS’ MEETING, 245

COMPENSATORY FINANCING OF EXPORT FLUCTUATIONS

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

    • of export shortfalls, 262;

    • to avoid “double compensation,” 263

  • Floating character, 256, 262

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

  • Liberalization of facility, xviii, 261–63;

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

  • Limits on outstanding purchases, 262, 265

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

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

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

    • reclassification, 262, 263, 265;

    • repurchases, 266, 268*;

    • rules for repurchase, 262–63

COMPETITIVE DEPRECIATION

  • Concern expressed, 439, 476

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

CONGO, PEOPLE’S REPUBLIC OF THE

  • Exchange rate, 457–58, 561

  • Quota in Fund, 301, 306*

  • SDR allocations, 248*

  • Technical assistance from Fund, 585

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

CONSULTATIONS

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

  • Changes in, 575–78;

    • commodities added, 275, 284–86;

    • external debt added, 595;

    • payments arrears added, xxi, 592–93

  • “Consultation year,” 572n

  • Importance of, 570–73;

    • number held, 572;

    • participation by staff, 571, 572–73;

    • time spent by Executive Directors, 573

  • Reports made available to international organizations, 607, 610

  • Special, 570

  • Supplementation needed, 577–78

  • With individual countries: Belgium and Luxembourg, 523;

    • Canada, 478, 480, 571;

    • France, 353, 453;

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

    • Ghana, 472, 571, 572;

    • Iceland, 439;

    • India, 470, 571;

    • Japan, 494, 495, 571;

    • U.K., 218, 349, 431, 440, 446;

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

CONVERTIBILITY

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

  • Of U.S. dollar, 131;

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

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

  • Reference to asset settlement, 491–92

COREA, GAMANI, 83n

COSTA RICA

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

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

    • waiver, 322

  • Exchange rate, 563

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

  • Technical assistance from Fund, 583, 585

COTTIER, JEAN, 137*, 165*

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

COUNCIL OF EUROPE, 608

COUTINHO, ANTONIO DE ABREU, 89

CRAWLING PEG. See EXCHANGE RATE MECHANISM

CREDIT CONTROLS. See MONETARY POLICY

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

CRENA DE IONGH, D., 627

CRU. See RESERVE CREATION PLANS

CURRENCIES

  • Definitions: intervention currency, 497, 559;

    • reserve currency, 497;

    • vehicle currency, 497

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

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

  • New units, 466–68, 518, 543

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

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

    • in 1971, special arrangements for, 328;

    • of currencies with fluctuating rates, 327–28

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

CURRENCY BUDGET. See SELECTION OF CURRENCIES IN FUND TRANSACTIONS

CURRENCY CONVERTIBLE IN FACT

  • Concept used in GAB, 168, 373

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

  • Interconvertibility, 169, 170, 223

  • Obligation to provide, 179, 184

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

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

  • SDRs encashed for, 183, 243, 244

CURRENCY SWAP ARRANGEMENTS. See CENTRAL BANKS

CYPRUS

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

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

  • Quota in Fund, 289, 306*

  • SDR allocations, 248*

  • Technical assistance from Fund, 580

D

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

DAHOMEY

  • Exchange rate, 457–58, 561

  • Quota in Fund, 301, 306*

  • SDR allocations, 248*

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

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

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

    • Canadian exchange rate, 481;

    • charges by tranche position, 379;

    • currency conversion procedures, 223;

    • deutsche mark revaluation, 462;

    • differentiation among Fund members, 293;

    • distribution of Fund’s net income, 389;

    • Ecuadoran devaluation, 476;

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

    • French franc devaluation (1969), 456;

    • gold deposits, general, 422, 423;

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

    • Japanese surplus, 495;

    • reconstitution of credit tranche positions, 114;

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

    • reserve creation-development finance link, 110;

    • SDR allocations and use, 215, 240;

    • stand-by arrangements, 345, 349;

    • sterling devaluation (1967), 435–36;

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

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

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

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

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

DEBT, EXTERNAL, OF DEVELOPING COUNTRIES, 577

  • Fund involvement: appraised, 596–97;

    • increased, 533, 594–96;

    • jointly with World Bank, 471, 595;

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

  • Fund studies made available to other agencies, 597

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

  • Long-term nature, 600–601

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

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

DEGUEN, DANIEL, 135*, 163*

DEIF, NAZIH AHMED, 552, 626, 631

  • Background and length of service, 627, 629

DE JONGH, T. W., 415–16

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

DE LATTRE, ANDRE, 36

DEL CANTO, JORGE, 643

DE LOOPER, J. H. C, 646

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

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

DENMARK

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

  • Basle Group, 442n

  • Currency used in Fund transactions, 337*

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

  • Exchange rate: central, 562*;

    • floating, 542

  • Par value, xix, 437, 438*

  • Quota in Fund, 296, 306*

  • SDR allocations, 248*

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

  • Meetings and speaking engagements, 44, 604, 605

  • Resume of Fund service, 635–36

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

    • remuneration on gold tranche positions, 388;

    • reserve creation, 44, 95;

    • U.S. import surcharge, 531

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

DEVELOPING COUNTRIES

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

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

  • Fund consultations, 572, 576

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

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

  • Interdependence with industrial countries, 269, 270, 577

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

  • Membership in Fund, 569–71

  • Problems: capital inflow, 82, 577;

    • debt, 577, 594;

    • exports, 269, 274, 601;

    • interest rates, 349;

    • output, 270;

    • restrictions by developed countries, 284–86

  • Quotas in Fund, 291, 294

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

    • financial programs, 367–68

  • Technical assistance, 578–88;

    • training of officials, 588–90

  • Views: articulation, 620;

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

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

    • gold price, 553;

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

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

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

DEVELOPMENT FINANCE

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

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

  • See also RESERVE CREATION: Link with development finance

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

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

  • Background, 630

D’HAEZE, MARCEL, 135*, 163*

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

DILLON, C. DOUGLAS, 30, 41

DIRKS, FREDERICK C, 648

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

DOCUMENTS AND INFORMATION

  • Exchange with other organizations, 605, 610

DOMINICAN REPUBLIC

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

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 264, 268*

  • Exchange rate, central, 562*

  • Quota in Fund, 306*

  • SDR allocations, 248*

DORRANCE, GRAEME S., 646

DOW, J. C. R., 165*

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

DRAWING UNIT RESERVE ASSET (DURA), 143

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

DUBAI

  • Currency unit and par value, 467

DURA, 143

E

EAST AFRICAN COMMUNITY, 583

ECONOMIC COMMISSION FOR AFRICA (ECA), 605, 610

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

ECONOMIC COMMISSION FOR EUROPE (ECE), 605, 606

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

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

  • Appointment, 77

  • Economic models, 366

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

  • Resume of Fund service, 643

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

    • international monetary reform, 539;

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

    • U.S. dollar convertibility, 550

ECONOMIC DEVELOPMENT

  • Development Decade, 270; second, 601

  • Discussed in Fund consultations, 576

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

  • Related to export earnings, 273

  • Related to reserve creation, 110

  • See also DEVELOPING COUNTRIES and DEVELOPMENT FINANCE

ECOSOC. See UNITED NATIONS ECONOMIC AND SOCIAL COUNCIL

ECUADOR

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

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 265, 268*

  • Exchange markets, 475, 542

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

  • Exchange reform, 475–76

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

EEC. See EUROPEAN ECONOMIC COMMUNITY

EGYPT

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

    • repurchases, 268*, 395*;

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

    • waiver, 322

  • Exchange rate, 563

  • Quota in Fund, 306*

  • SDR allocations, 248*

EKLÖF, KURT, 112, 378, 389

ELECTRONIC DATA PROCESSING IN FUND, 603, 639

ELMHOLT, ERIK, 646

EL SALVADOR

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

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 265, 268*

  • Exchange rate, 562

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

EL SELEHDAR, A. K., 647

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

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

EQUAL VALUE PRINCIPLE, 169, 170, 184

EQUATORIAL GUINEA

  • Quota in Fund, 301, 303, 306*

  • SDR allocations, 248*

  • Technical assistance from Fund, 581

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

ESTEVA, PIERRE, 135*

ETHIOPIA

  • Par value, 560*

  • Quota in Fund, 306*

EUROCURRENCY MARKET, 497–98

EUROPE

  • Technical assistance from Fund, 582

EUROPEAN ECONOMIC COMMUNITY (EEC)

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

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

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

  • Currencies used in Fund transactions, 254, 337*

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

    • communiqué at Munich, 133, 202

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

  • Fund quotas, 131, 290, 306*–308*

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

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

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

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

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

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

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

    • emphasis on payments adjustment, 70;

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

    • rejection of reserve asset concept, 107, 127;

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

EUROPEAN FREE TRADE ASSOCIATION, 610

EVENSEN, ROLF, 646

EXCHANGE MARGINS. See EXCHANGE RATE MECHANISM: Wider margins

EXCHANGE MARKETS

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

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

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

  • Forward, 15

  • In securities, 575

  • Intervention in, 15, 546

  • Year of calm, 517

EXCHANGE RATE MECHANISM

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

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

    • defined, 501;

    • favored, 504, 510–11;

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

  • Dual rate systems considered, 501

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

    • drafted, xxi, 511–15;

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

    • sequel to, 515–16, 523–24

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

    • arguments for, 508–509;

    • discussion of greater, 501–504, 526;

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

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

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

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

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

  • Gliding par values. See Crawling peg, above

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

    • favored, 504, 507, 509–10;

    • opposed, 508, 515, 516;

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

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

EXCHANGE RATES

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

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

    • defined, 554, 558, 559

  • Changes: after sterling devaluation, 437–440;

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

  • Competitive depreciation, concern about, 439, 476

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

  • Forward rates, 15

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

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

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

    • in financial programs, 363–64;

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

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

    • deutsche mark, 453–54, 458–59;

    • exchange rate system, 504, 521–23;

    • French franc, 452, 453–54;

    • Indian rupee, 470;

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

    • sterling, 447–48, 454;

    • U.S. dollar, 448, 541, 545–46

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

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

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

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

  • Reform in Ecuador, 475–76

  • Representative rates, 226

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

  • Wider margins. See EXCHANGE RATE MECHANISM

  • See also individual countries

EXCHANGE RATES, FLOATING

  • Brazil, 362, 364

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

  • Colombia, 358

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

  • In Fund operations, 327–29

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

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

  • Views: as alternative to reserve creation, 21;

    • disruptive to monetary system, 478–79;

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

  • See also EXCHANGE RATE MECHANISM and individual countries

EXCHANGE RATES, MULTIPLE

  • Belgium and Luxembourg, 522

  • Colombia, 358

  • Ecuador, 475–76

  • France, 543

  • Fund decisions on, 559, 563

  • India, 469

  • Trends, 539, 545, 574–75

  • Turkey, 474–75

  • Yugoslavia, 518

EXCHANGE RESTRICTIONS

  • Annual reports on by Fund, 575n

  • Developed countries, 573, 574;

    • France, 356–57, 450, 453, 573;

    • Japan, 494, 573;

    • U.K., 441, 573

  • Developing countries, 574;

    • Ceylon, 439;

    • CFA franc area, 357;

    • Colombia, 358

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

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

  • On capital movements, 13, 526, 575

  • Payments arrears defined as, xxi, 591–93

  • Subject of Fund consultations, 573–75

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

EXECUTIVE DIRECTORS/EXECUTIVE BOARD

  • Alternate Directors, 629–30

  • Annual Reports, 177, 200, 204, 624

  • Appointment of Advisors, 632

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

  • Assistants, 632

  • CIAP, suggested discussions with, 106

  • Composition, 298–300, 625–30

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

  • Functions, 622–25

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

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

    • joint meeting on currency realignment, 553;

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

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

  • Meetings, number of and time spent in, 624

  • Reports. See specific subjects

  • Retirement, 626–27

  • Size and structure, 625–32

  • Travel to constituent countries, 624–25

  • Unctad: seminar with secretariat members, 104;

    • suggested joint discussions with, 106, 110

  • Vote, formal, 410

  • Voting power, discussion of distribution of, 632

  • World Bank representative at meeting, 276

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

EXPORTS

  • Developed countries: France, 455;

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

    • Iceland, 473;

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

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

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

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

F

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

FAO. See FOOD AND AGRICULTURE ORGANIZATION

FERNANDEZ, DIOGENES H., 267

FERRARI-AGGRADI, MARIO, 426, 514, 546

FIJI

  • Currency unit and par value, 468

  • Participation in Special Drawing Account, 233

  • Quota in Fund, 302, 306*

FINANCIAL PROGRAMMING

  • Definition, 364

  • Discussed in consultations, 576

  • In individual countries: Colombia, 358;

    • Ghana, 471, 472;

    • Indonesia, 359, 360;

    • Turkey, 475

  • Major Fund activity, 363–68

  • Methodology, 364–68;

    • evaluated, 366–68

  • Provisions regarding indebtedness, 596

  • Stabilization Policies Division created in Fund, 365

FINCH, DAVID C, 646

FINK, CARL B., 648

FINLAND

  • Currency: unit, new, 472;

    • used in Fund transactions, 324, 337*

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

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

  • Quota in Fund, 296, 306*

  • SDR allocations, 248*

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

FISCAL AFFAIRS, TECHNICAL ASSISTANCE IN. See TECHNICAL ASSISTANCE

FISCAL POLICY

  • Discussed in consultations, 575–76

  • Greater Fund attention urged, 578

  • Measures taken: Brazil, 361–62;

    • Colombia, 358;

    • Ecuador, 476;

    • France, 353, 354, 450, 453;

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

    • Indonesia, 359–60;

    • U.K., 340, 350, 351, 441;

    • U.S., 486–89, 490

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

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

    • in financial programs, 363, 364

  • See also MONETARY POLICY

FLANDORFFER, W., 164*

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

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

  • Committees and study groups, 286

FOREIGN EXCHANGE RESERVES. See RESERVES

FORWARD EXCHANGE MARKETS, 15

FOWLER, HENRY H., 71, 501

  • Proposal for monetary conference, 63, 67, 196

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

    • gold price, 407–408;

    • reconstitution of SDRs, 156;

    • reserve creation, 73, 131, 201;

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

FOZ, ALBERTO S., 645

FRANCE

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

    • position on, 171–73, 175, 204

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

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

  • Balance of payments: deficits, 209, 211;

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

  • Basle Agreement, 14, 192

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

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

    • Fund holdings, 352, 355, 356;

    • used in Fund transactions, 337*

  • Drawing rights in Fund, 453

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

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

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

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

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

  • Exchange markets, dual, 542, 543, 574

  • Financial stabilization program, 352–57

  • Gold Pool, 403

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

  • Nonmetropolitan territories, par value changes in, 456

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

    • 1969 devaluation, xx, 454–56;

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

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

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

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

  • SDRs: allocations, 248*;

    • views on reconstitution, 158

  • Seminar with Fund staff, 356

  • Special Drawing Account, participation in, 215, 218

  • Stabilization of primary product prices, views on, 279

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

FRENCH FRANC AREA

  • Exchange markets, dual, 542, 574

  • Exchange rates and par values, 456–58

  • Exchange restrictions in CFA franc countries, 357

FRIEDMAN, MILTON, 21, 191

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

FRIMPONG-ANSAH, G. H., 471

FRONZONI, L., 136*, 164*

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

  • Background, 630

FUKUDA, TAKEO, 417, 504, 514

FUND

  • Accounts. See GENERAL ACCOUNT and SPECIAL DRAWING ACCOUNT

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

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

    • International Reserve Organization, 128, 146;

    • International Reserve Union, 146, 152;

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

    • voting provisions, 122, 125

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

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

  • Budget, 383–88, 392–94, 397*

  • Buildings, 589, 649–50

  • Chairmanship of Ghana aid meetings, 600

  • General Reserve, 385

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

    • formation of outside groups, 619–20;

    • suspension of convertibility by U.S., 530

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

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

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

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

  • Organization, 77n, 556, 616;

    • Executive Board, 622–32;

    • IMF Institute, 588–90;

    • new bureaus, 585n, 638n;

    • new divisions, 286, 365;

    • staff, 636–37

  • Policymaking process, 616–49

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

  • Rules and practices, changes in, 253–60

  • Special Reserve, 383, 385, 388

  • Transactions. See RESOURCES OF FUND—USE and REPURCHASES

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

FUNDAMENTAL DISEQUILIBRIUM

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

    • Canada, 479;

    • Ceylon, 439;

    • Ecuador, 475;

    • Finland, 472, 473;

    • France, 452, 455, 456;

    • Fed. Rep. of Germany, 451, 460;

    • Iceland, 474;

    • Israel, 437;

    • New Zealand, 438;

    • Spain, 439;

    • Turkey, 474, 475;

    • U.K., 433, 435, 443;

    • Yugoslavia, 518

  • Noted as important in Fund Articles, 507, 514

G

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

GAB. See GENERAL ARRANGEMENTS TO BORROW

GABON

  • Exchange rate, 457–58, 561

  • Quota in Fund, 302, 306*

  • SDR allocations, 248*

GAMBIA, THE

  • Currency unit, new, 518

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

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

  • SDR allocations, 248*

  • Technical assistance from Fund, 581

GARANGO, TIEMOKO MARC, 304

GARLAND, J. M., 32

GATT. See GENERAL AGREEMENT ON TARIFFS AND TRADE

GENERAL ACCOUNT

  • Contrasted with Special Drawing Account, 179

  • Establishment, 146, 152, 167

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

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

  • Voting, 254–55

  • See also RESOURCES OF FUND—USE

GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

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

  • Kennedy Round of negotiations, 573

  • Trade restrictions prerogative of, 284

  • Work on commodities, 274

GENERAL ARRANGEMENTS TO BORROW (GAB)

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

  • Association of Switzerland, 372–73

  • Borrowing under, 374*-76

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

    • yield on, 246, 373

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

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

  • Modifications discussed, 370–74

  • Participants, 370n, 372

  • Renewals, xx, 37, 195, 370–73

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

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

  • Appointment, 77

  • Resumé of Fund service, 643

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

    • deutsche mark revaluation, 459;

    • distribution of Fund’s net income, 391;

    • exchange rates, 506, 515–16;

    • international monetary reform, 539;

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

    • reconstitution of SDRs, 158;

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

    • U.S. dollar convertibility, 550

  • Uniqueness of SDRs noted, 187–88

GENERAL RESERVE, 385

GENERALIZED SYSTEM OF TARIFF PREFERENCES (EEC), 574

GERMANY, FEDERAL REPUBLIC OF

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

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

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

  • Basle Agreement, 14, 192

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

  • Borrowing by Fund under GAB, 374*;

    • repayment, 376

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

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

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

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

  • Economic situation and policies, 460–64

  • Exchange markets, 212, 459–60

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

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

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

  • Par value: change, xx, 3, 458–62;

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

  • Quota in Fund, 13, 296, 306*

  • Reserve creation, views on, 79

  • SDRs: allocations, 248*;

    • receipt, 236, 243

GERSTEIN, ALBERT S., 647

GHANA

  • Aid, multilateral, 599, 600

  • Art. XIV consultations, 472, 571, 572

  • Currency unit, new, 467, 597n

  • Debt renegotiations, 471, 595, 597–600

  • Drawings from Fund. See Transactions … purchases, below

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

  • Financial stabilization program, 471–72, 597

  • Payments arrears, 597

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

    • phasing of drawings under, 471

  • Technical assistance from Fund, 471

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 264, 268*;

    • waiver, 322

GHANDOUR, ABDALLA SIDDIG, 594

GHOSH, ARUN K., 378–79

GILBERT, MILTON, 137*, 165*

GILCHRIST, RONALD H., 481, 521

  • Background, 630

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

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

    • gold, 39–40, 61, 62–63, 195;

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

GLIDING PAR VALUES. See EXCHANGE RATE MECHANISM: Crawling peg

GOCHT, ROLF, 136*

GOLD AND FOREIGN EXCHANGE RESERVES. See RESERVES

GOLD EXCHANGE STANDARD. See INTERNATIONAL MONETARY SYSTEM

GOLD, JOSEPH. See GENERAL COUNSEL

GOLD MARKETS

  • Fund policy, 404

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

“GOLD MARRIAGES,” 424–25

GOLD POOL, 15, 171, 192, 403–405

GOLD PRICE

  • Free market, 405–407, 412, 428

    • Official, xix, 401–402, 427;

    • assumed fixed in liquidity studies, 29, 194;

    • pressure on, 401–404;

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

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

    • raised, 554

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

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

  • Speculation, 15, 403

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

GOLD RESERVES. See RESERVES GOLD, ROLE OF

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

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

    • In monetary system, 140;

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

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

    • suggested changes in Fund’s Articles, 132;

    • working party to study, 115n

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

GOLD STANDARD. See INTERNATIONAL MONETARY SYSTEM

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

GOLD TRANSACTIONS AND OPERATIONS OF FUND

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

  • production subsidies, 423–24;

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

  • sales, 417–20

    • Holdings, 16, 300, 328, 425;

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

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

    • Purchases: from Austria, 416;

  • from South Africa, 409–16, 425

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

  • Repurchases, 327, 337*

    • Sales: allocation among members, 417–20;

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

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

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

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

    • accepted by members, 236, 244;

  • as basis for par values, 427

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

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

  • Transactions service, 424–25

GOMES, EDUARDO DA S., JR., 481

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

GONZALEZ, GUILLERMO, 550

  • Background, 630

GOODE, RICHARD, 643

GORDON, WALTER L., 71

GOVERNORS OF FUND. See BOARD OF GOVERNORS

GRADI, FLORIO, 136*

GREECE

  • Exchange rate, 562*

  • Quota in Fund, 296, 306*

  • SDR allocations, 248*

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

GROUP OF SEVENTY-SEVEN, 245, 617–18

  • Charter of Algiers, 607

GROUP OF TEN

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

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

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

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

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

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

  • 500, 540, 543–45, 552–56

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

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

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

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

  • prior to Smithsonian agreement, 553

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

  • Separate group outside Fund, 290, 617–18

    • Views on: change in gold price, 551;

    • exchange rate flexibility, 510–11;

    • harmonization of reserve ratios, 97, 109;

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

    • quotas in Fund, 290, 292, 295;

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

    • SDR allocations, 216;

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

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

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

  • See also OSSOLA GROUP and individual countries

GROUP OF THIRTY-ONE, 85, 199

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

GUATEMALA

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

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

    • repurchases, 268*, 395*;

  • under compensatory financing facility, 264, 268*

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

GUINEA

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

  • Quota in Fund, 306*

  • SDR allocations, 248*

  • Technical assistance from Fund, 580

GUNTER, JOHN W., 643–44

GUYANA

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

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

  • Exchange rate, 562*

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

  • Quota in Fund, 288, 306*

  • SDR allocations, 248*

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

  • Technical assistance from Fund, 580–81

H

HABERER, JEAN-YVES, 163*

HABERMEIER, WALTER O., 644

HAITI

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

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

    • repurchases, 268*, 395*;

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

  • Exchange rate, 562*

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

HAJEK, JULIUS, 83n

HALL, F. L., 163*

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

HANH, NGUYEN HUU, 491

  • Background, 630

HARLEY, CHARLES R.

  • Background, 630

HARMONIZATION. See SPECIAL DRAWING RIGHTS

HARROD, SIR ROY, 21

HASSANEIN, M. M., 647

HASZARD, J. S., 638n

HATTORI, SEITARO, 224, 293, 345

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

HEILPERIN, MICHAEL, 21

HENRION, ROBERT, 132n

HICKS, EARL, 642

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

HOLDINGS OF FUND

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

    • pound sterling, 351;

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

    • valuation, 328, 539, 563

  • Gold, 16, 300, 328, 420–23, 425;

    • investment of, 383–85

  • See also RESOURCES OF FUND—NATURE AND SIZE

HOLT, HAROLD, 81, 189

HOLTROP, M. W., 16, 38–39, 40, 41

HONDURAS

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

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

  • Exchange rate, 562*

  • Quota in Fund, 306*

  • SDR allocations, 248*

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

HONG KONG. See UNITED KINGDOM: Nonmetropolitan territories

HOOD, W. C, 135*, 163*

HOOKER, JOHN S., 134*, 162*

  • Length of service, 626, 627

HORNE, ROMAN L., 135*, 644

HOROWITZ, DAVID, 245n, 246, 594

HOSHINO, DAIZO, 136*, 164*

HØST-MADSEN, POUL, 646

HSU, PEH YUAN, 552

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

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

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

I

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

IBRD. See WORLD BANK

ICELAND

  • Art. XIV consultation, 439

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

    • repurchases, 268*, 395*;

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

    • waiver, 322

  • Economic situation, 439, 473–74

  • Exchange rate, 562*

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

  • Quota in Fund, 296, 306*

  • SDR allocations, 248*

IDA. See INTERNATIONAL DEVELOPMENT ASSOCIATION

IDB. See INTER-AMERICAN DEVELOPMENT BANK

IFC. See INTERNATIONAL FINANCE CORPORATION

IKLE, M., 137*, 165*

IMF INSTITUTE, 588–90

IMPORTS

  • Deposits, 441, 574

  • Japan, 494

  • Restrictions: increased, 221, 500;

    • liberalized, 574;

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

    • tightening feared, 221, 539–40, 545

  • Subsidies, 452

  • U.S., 528;

    • imposition of surcharge, 529;

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

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

    • Yugoslavia, 518

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

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

  • alternatives, 390–92;

  • use of SDRs, 235–36, 244

INCOMES POLICY, 463, 490

INDIA

  • Art. XIV consultations, 470–71, 571

  • Debt renegotiation, 595

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 264, 268*

  • Economic situation and policies, 469–71

  • Exchange rate, 542, 562*

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

  • Par value, xviii, 468–71

  • Quota in Fund, 296, 307*

  • SDR allocations, 248*;

    • use, 234

INDONESIA

  • Debt rescheduling and renegotiation, 359, 595

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

    • repurchases, 395*;

    • under buffer stock facility, xxii, 283–84

  • Exchange rate, 563

  • Financial stabilization programs, 359–60

  • Quota in Fund, 288, 307*

  • SDR allocations, 248*

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

  • Technical assistance from Fund, 581, 583, 585

INDUSTRIAL COUNTRIES

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

  • Balance of payments surpluses, 493

  • Classification in Fund statistics, 82n

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

  • Exchange rates, 537–38, 542, 574

  • Fund consultations, 572

  • Interdependence with developing countries, 269, 270, 577

  • Output, 269, 460, 490, 493

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

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

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

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

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

  • use of Fund resources, 261, 345, 378

  • See also individual countries

INFLATION

  • Co-existing with unemployment, 576, 577

  • Commodity purchases as hedge against, 266

  • Discussed in Fund consultations, 576

  • Factor in Fund quotas, 291

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

  • From capital inflows, 463–64, 520

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

    • Colombia, 359;

    • France, 354, 356, 449–50, 455;

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

    • Ghana, 472;

    • India, 471;

    • Indonesia, 359, 360;

    • U.K., 354, 445, 446;

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

  • Measures to control: Brazil, 363;

    • France, 354, 450, 454;

    • U.K., 354, 442–43;

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

  • Worldwide problem, 565, 576, 577

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

INFORMATION AND PUBLICATIONS, 601–604

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

  • On SDR transactions, 231, 233

INSTITUTE, IMF, 588–90

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

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

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

    • on reports, 597, 610;

    • on reserve creation, 106

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

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

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

INTER-CENTRAL-BANK COOPERATION. See CENTRAL BANKS

INTERCONVERTIBILITY. See CURRENCY CONVERTIBLE IN FACT

INTEREST RATES. See MONETARY POLICY

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

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

INTERNATIONAL COCOA AGREEMENT, 274, 286n

INTERNATIONAL COFFEE COUNCIL, 286

INTERNATIONAL COFFEE ORGANIZATION, 286, 610

INTERNATIONAL CONFEDERATION OF FREE TRADE UNIONS, 608

INTERNATIONAL COTTON ADVISORY COMMITTEE, 286

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

INTERNATIONAL FINANCE CORPORATION (IFC), 92, 581

INTERNATIONAL GRAINS AGREEMENT, 286

INTERNATIONAL LABOR ORGANIZATION, 610

INTERNATIONAL MONETARY FUND. See FUND

INTERNATIONAL MONETARY SYSTEM

  • Bretton Woods system, 501;

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

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

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

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

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

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

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

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

    • by UN, 83, 84, 197

  • Exchange rate conference suggested, 484, 500–501

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

    • implications of SDRs for, 246;

    • provision for liquidity under, 36–37

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

    • rejected, 65

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

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

  • Outlook, 189, 247, 446–48

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

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

  • suggestions by Fund, 539, 564–65

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

INTERNATIONAL ORGANIZATIONS

  • Fund relations with, 595, 604–15

  • See also individual organizations

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

INTERNATIONAL RESERVE ORGANIZATION, 128, 146

INTERNATIONAL RESERVE UNION (IRU), 146, 152

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

INTERNATIONAL TIN COUNCIL, 283, 286

INTERNATIONAL WHEAT AGREEMENT, 286

INTERVENTION CURRENCY, 497, 559

INVESTMENT OF FUND’S ASSETS, 383–85

IRAN

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

  • Exchange rate, 562

  • Quota in Fund, 296, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 583

IRAQ

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 264, 268*;

    • waiver, 322

  • Exchange rate and par value, 542, 560*

  • Quota in Fund, 296, 307*

  • SDR allocations, 249*

  • Special Drawing Account, participation in, 232

  • Technical assistance from Fund, 580, 585

IRELAND

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

  • Currency: decimal system, 518;

  • used in Fund transactions, 324, 337*

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

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

  • Quota in Fund, 296, 307*

  • SDR allocations, 249*

IRF. See INTERNATIONAL RESERVE FUND

IRU. See INTERNATIONAL RESERVE UNION

ISMAIL BIN MOHAMED ALI, 277–78

ISRAEL

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

  • Exchange rate, central, 562*

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

  • Quota in Fund, 296, 307*

  • SDR allocations, 249*

ITALY

  • Acceptance of amendment to Articles of Agreement, 176

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

  • Balance of payments surplus, 493

  • Basle Agreement, 14, 192

  • Basle Group, 442n

  • Borrowing by Fund: bilateral, 376, 387;

    • repayment, 376;

    • under GAB, 374*, 376

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

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

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

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

    • floating, 542, 544

  • Quota in Fund, 296, 307*

  • Reserve creation, views on, 79, 120

  • SDRs: allocations, 249*;

    • receipt, 236

IVORY COAST

  • Exchange rate, 457–58, 561

  • Quota in Fund, 296, 301, 307*

  • SDR allocations, 249*

J

J-CURVE, 444

JACKSON, SIR ROBERT, 605

JACOBSSON, PER. See MANAGING DIRECTOR (Per Jacobsson)

JAMAICA

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

  • Currency unit, new, 468

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

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

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

  • SDR allocations, 249*

  • Technical assistance from Fund, 585

JAMAICA DECLARATION, 85, 109, 198

JAMAL, A. H., 427

JAPAN

  • Art. VIII consultations, 494, 495, 571

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

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

  • Basle Group, 442n

  • Borrowing by Fund: bilateral, 376;

    • under GAB, 374*, 375, 376

  • Currency used in Fund transactions, 337*

  • Economic situation and policies, 493–95

  • Exchange and trade controls, 494, 495, 574

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

    • floating, 542–44

  • Executive Director appointed, 299, 625

  • Quota in Fund, 13, 296, 307*

  • Reserve creation, views on, 111, 120

  • SDRs: allocations, 249*;

    • receipt, 236

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

    • surpluses, 494, 528

JENKINS, ROY, 220, 408, 500, 504

JHA, L. K., 219, 304

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

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

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

  • Explanation of Canadian floating rate, 479–82

JOINT COMPUTER CENTER, 603, 639

JONES, CHARLES E., 648

JONES, EDGAR, 644–45

JONSSON, SIGURGEIR

  • Background, 630

JORDAN

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

    • under compensatory financing facility, 265, 268*

  • Exchange rate, central, 562*

  • Quota in Fund, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 580

K

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

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

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

    • exchange rate mechanism, 510;

    • financial programming, 366–67;

    • quota formula, 304;

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

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

    • SDR designation plan, 242;

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

KAHN, LORD, 83n

KASHIWAGI, YUSUKE, 136*, 164*

KEESING, F. A. G., 643

KENNEDY, DAVID, 504, 515

KENNEDY, JOHN F., 26, 92

KENNEDY ROUND, 573

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

KENYA

  • Exchange rate, 542

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

  • Quota in Fund, 296, 307*

  • Repurchases from Fund, 395*

  • SDR allocations, 249*

  • Technical assistance from Fund, 580, 585

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

KEYNES PLAN, 19

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

  • Background and length of service, 627, 628

KHMER REPUBLIC

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

    • under compensatory financing facility, 268*

  • Exchange rate, floating, 542

  • Quota in Fund, 301, 307*

  • SDR allocations, 249*

KIBAKI, MWAI, 245n, 601

KIM, SE RYUN, 593

KING, HENRI H. P., 645

KLACKENBERG, L., 136*, 164*

KLEPPE, PER, 427

KONAN BEDIE, HENRI, 282

KOREA

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

  • Exchange rate, 542, 563

  • Quota in Fund, 289, 296, 307*

  • SDR allocations, 249*

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

KROC, RUDOLF, 646

KUWAIT

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

  • Currency used in Fund transactions, 324, 337*

  • Par value, 560*

  • Quota in Fund, 296, 307*

L

LACHMAN, PHILINE R., 647

LADEMANN, J., 137*, 165*

LAMANA, ABDOULAYE, 282

LAOS

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

  • Quota in Fund, 301, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 581

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

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

  • distribution of Fund’s net income, 389;

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

LASO, EDUARDO, 649

LATIN AMERICA AND CARIBBEAN

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

  • Drawings (purchases) from Fund, 311, 316

  • Fund consultations, 572

  • Report on monetary reform, 84–85

  • Technical assistance from Fund, 582, 583

LATIN AMERICAN ASSOCIATION OF DEVELOPMENT FINANCING INSTITUTIONS, 609

LATIN AMERICAN INSTITUTE FOR ECONOMIC AND SOCIAL PLANNING, 589

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

LEBANON

  • Exchange rate, 542, 563

  • Quota in Fund, 296, 307*

LESOTHO

  • Currency unit, 465

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

  • Membership in Fund, 289

  • Par value, 465, 466*, 561*

  • Quota in Fund, 302, 303, 307*

  • SDR allocations, 249*

LIANG, C. C, 649

LIBERIA

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

  • Exchange rate and par value, 437, 562

  • Quota in Fund, 307*

  • SDR allocations, 249*

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

  • Technical assistance from Fund, 583

LIBYAN ARAB REPUBLIC

  • Currency unit, new, 543

  • Exchange rate and par value, 542, 560*

  • Quota in Fund, 296, 307*

LICAROS, GREGORIO S., 427

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

  • Background and length of service, 625, 627

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

    • Canadian dollar, 479, 480;

    • currency convertible in fact, 224;

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

    • Ecuadoran devaluation, 476;

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

    • gold sales for currency replenishment, 418;

    • quota reviews, 290, 292, 295;

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

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

    • stand-by arrangement, French, 354;

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

    • U.S. inflation, 490, 492;

    • Yugoslav par value, 518

LINDÅ, A., 136*, 164*

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

LIQUIDITY, INTERNATIONAL

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

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

  • Conditional versus unconditional, 38;

    • defined, 23, 194;

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

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

    • techniques for expanding unconditional, 47–49

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

  • Defined to include positions in Fund, 26

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

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

    • Fund reactions to early proposals, 17–24

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

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

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

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

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

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

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

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

LOFTUS, MARTIN L., 645

LOSADA, BENITO RAUL, 408

LOWE, J. WILLIAM, 648

LUXEMBOURG

  • Art. VIII consultations, 523

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

  • Balance of payments surplus, 493

  • Exchange markets, dual, xxii, 522–24

  • Exchange rate: central, 562*;

    • floating, 542

  • Par value, 522–23

  • Quota in Fund, 301, 307*

  • SDR allocations, 249*

  • See also BELGIUM

M

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

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

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

  • exchange rate flexibility, 506;

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

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

  • SDR facility, activation of, 174;

  • stabilization of commodity prices, 273, 277

MAGURN, KATHERINE F., 647

MALAGASY REPUBLIC

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

  • Quota in Fund, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 581

MALAWI

  • Currency unit, new, 518

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

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

  • Quota in Fund, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 581

MALAYSIA

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

  • Buffer stock financing, views on, 271–72

  • Currency: new unit, 467;

    • used in Fund transactions, 324, 337*

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

    • repurchases, 395*;

    • under buffer stock facility, xxii, 284

  • Exchange rate and par value, 437, 542

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

  • SDR allocations, 249*

  • Technical assistance from Fund, 581, 585

MALI

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

  • Exchange rate, 457–58

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

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

  • Technical assistance from Fund, 585

MALTA

  • Exchange rate, central, 562*

  • Membership in Fund, 289

  • Par value, 465, 466*

  • Quota in Fund, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 580, 581, 585

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

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

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

  • Chronology of actions on liquidity, 193–203

  • Consultations with Secretary-General of Unctad, 104

  • Cooperation with World Bank, 612, 614

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

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

    • borrowing, gab, 371–72;

    • buffer stock financing, 270, 272, 278;

    • Canadian dollar float, 477, 479, 481;

    • deutsche mark float, 459–60;

    • developing countries’

    • debt service, 593, 601;

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

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

    • gold deposits, general, 421, 422;

    • gold, disinvestment of, 384–85;

    • Gold Pool, 404;

    • gold prices, 406;

    • gold purchases from South Africa, 409–13;

    • quotas, 292;

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

    • role of Fund, future, 651;

    • split voting, 173;

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

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

    • U.S. balance of payments, 491

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

    • allocations, 181–82, 214–21;

    • designation plan, 228–29;

    • link with development finance, 245

MANAGING DIRECTOR (H. Johannes Witteveen), 635n

MANAGING DIRECTOR, DEPUTY. See DEPUTY MANAGING DIRECTOR

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

  • Length of service, 626, 627

MARATHE, SHARAD S.

  • Background, 630

MARQUEZ, JAVIER, 85n

MARRIS, S., 137*

MARTINS, BASILIO

  • Background, 630

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

  • Background and length of service, 627, 629

MATTERA, ALBERT A., 646

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

MAUDLING, REGINALD, 30–31, 40, 41

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

MAURITANIA

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

  • Exchange rate, 457–58, 561

  • Quota in Fund, 301, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 585

MAURITIUS

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

  • Membership in Fund, 289, 440n

  • Quota in Fund, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 581

MAYEKAWA, HARUO, 136*, 164*

MAYNARD, GEOFFREY, 85n

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

McNAMARA, ROBERT S., 613, 614

MEMBERSHIP

  • As of selected dates, 306*-308*

  • Changing nature of, 569–70;

  • developing countries, 570;

  • ministates, 302–303, 570, 632

  • Classification in Fund statistics, 82n

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

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

  • See also NONMETROPOLITAN TERRITORIES OF MEMBERS

MENTRE, PAUL, 158, 169, 345, 390

MERM (Multilateral Exchange Rate Model), 537

MERTENS DE WILMARS, JACQUES, 135*, 163*

MERWIN, CHARLES L., 645

MEXICO

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

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

    • used in Fund transactions, 337*

  • Exchange rate, central, 562*

  • Quota in Fund, 296, 305, 307*

  • SDR allocations, 249*

MIDDLE EAST

  • Drawings (purchases) from Fund, 312, 316

  • Fund consultations, 572

  • Technical assistance from Fund, 582, 583, 585

MILLS, DONALD OWEN

  • Background, 630

MINISTATES. See STATES, SMALL

MITCHELL, DEREK, 446, 509, 550

  • Background and length of service, 627, 628

M’KHAITIRAT, MOHAMED SALEM OULD, 271

MLADEK, JAN V., 642

MONETARY POLICY

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

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

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

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

  • Discussed in consultations, 575–76

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

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

    • and U.K. officials, 443, 445

  • Use: Brazil, 361, 362;

    • Canada, 478;

    • France, 353–54, 450, 453–54;

    • Fed. Rep. of Germany, 463–64;

    • Indonesia, 360;

    • Japan, 494;

    • U.K., 441–45;

    • U.S., 74, 488, 490

  • See also FINANCIAL PROGRAMMING and FISCAL POLICY

MONETARY UNITS, NEW, 466–68, 518, 543

MONTANARO, SILVANO, 136*, 164*

MORALES BERMUDEZ, FRANCISCO, 245n, 600–601

MOROCCO

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

  • Par value, 560*

  • Quota in Fund, 301, 307*

  • SDR allocations, 249*

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

  • Technical assistance from Fund, 583

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

MUDENDA, E. H. K., 282

MULDOON, R. D., 277–78, 282, 285

MULTILATERAL EXCHANGE RATE MODEL (MERM), 537

MULTILATERAL SURVEILLANCE

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

  • Interpretations of, 40, 78, 96–97

MULTINATIONAL CORPORATIONS, 499, 565

MULTIPLE CURRENCY PRACTICES. See EXCHANGE RATES, MULTIPLE

MULTIPLE RESERVE CURRENCY PLANS, 20, 191

MURPHY, HENRY C, 649

MUTUAL CURRENCY ACCOUNT PLAN. See MAUDLING, REGINALD

N

NELISSEN, R. J., 426, 546

NEPAL

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

  • Quota in Fund, 300, 307*

  • Repurchases from Fund, 395*

  • SDR allocations, 249*

  • Special Drawing Account, participation in, 232

  • Technical assistance from Fund, 580

NETHERLANDS

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

  • Balance of payments surplus, 493

  • Basle Agreement, 14, 192

  • Basle Group, 442n

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

  • Currency: declared convertible in fact, 226;

    • swap arrangements, 314–15;

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

  • Exchange markets, dual, 542, 575

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

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

  • Nonmetropolitan territories: exchange rate, 562*;

    • par value, 561*

  • Par value, 462

  • Quota in Fund, 307*

  • Reserve creation, views on, 79, 120

  • SDRs: allocations, 249*;

    • excess holdings, 240;

    • receipt, 236, 240, 243, 314–15

NETHERLANDS ANTILLES. See NETHERLANDS: Nonmetropolitan territories

NEW ZEALAND

  • Currency unit, new, 467

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

    • repurchases, 268*, 395*;

    • under compensatory financing facility, 264, 268*

  • Exchange rate, floating, 542

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

  • Quota in Fund, 307*

  • SDR allocations, 249*

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

NGUYEN HUU HANH. See HANH, NGUYEN HUU

NICARAGUA

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

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

  • Exchange rate, central, 562*

  • Quota in Fund, 288, 307*

  • SDR allocations, 249*

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

  • Technical assistance from Fund, 581

NICOL-COLE, S. B.

  • Background, 630

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

NIGER

  • Exchange rate, 457, 561

  • Quota in Fund, 301, 307*

  • SDR allocations, 249*

NIGERIA

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

    • repurchases, 395*;

    • under buffer stock facility, 284

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

  • Quota in Fund, 289, 296, 307*

  • SDR allocations, 249*

  • Technical assistance from Fund, 581

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

NIPSTAD, J., 164*

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

NKRUMAH, KWAME, 597

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

  • new, 467, 468

  • Exchange rates, 562*

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

NORWAY

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

  • Balance of payments surplus, 493

  • Basle Group, 442n

  • Currency used in Fund transactions, 324, 337*

  • Exchange rate: central, 562*;

    • floating, 542

  • Quota in Fund, 296, 307*

  • SDR allocations, 249*

NOSE, AKIRA P., 648

NOUIRA, HEDI, xxi, 282

O

OAS. See ORGANIZATION OF AMERICAN STATES

O’BRIEN, SIR LESLIE, 339

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

OECD. See ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT

OMABOE, E. N., 471

OMAN

  • Quota in Fund, 302, 303, 307*

  • SDR allocations, 249*

  • Special Drawing Account, participation in, 232

  • Technical assistance from Fund, 585

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

  • Background and length of service, 627, 629

ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)

  • Development Assistance Committee (dac), 595

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

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

  • U.S. balance of payments estimates, 549

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

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

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

ORGANIZATION OF AMERICAN STATES (OAS), 608–609

ORTIZ MENA, ANTONIO, 593

ORTOLI, FRANÇOIS-XAVIER, 277–78, 411

OSSOLA GROUP, 36–37, 195

  • Exploration of reserve creation methods, 52

  • Report, 58–61, 71, 196

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

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

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

  • Drafted, 104, 143–47, 153–55, 203

  • Features, 160–61

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

  • See also SPECIAL DRAWING RIGHTS

OZAKI, EIJI, 134*, 162*

P

PAKISTAN

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

  • Exchange rate, 542, 563

  • Quota in Fund, 307*

  • SDR allocations, 249*

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

  • Technical assistance from Fund, 581, 583

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

  • Background and length of service, 627, 628

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

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

    • financial programming, 366–67;

    • quota review, 292–93, 295;

    • SDRs, use of, 236, 240, 241;

    • U.S. economy, 491

PANAMA

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

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

  • Exchange rate, central, 562*

  • Quota in Fund, 289, 307*

  • SDR allocations, 249*

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

  • Technical assistance from Fund, 581

PANT, YADAV PRASAD, 220

PAR VALUE SYSTEM

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

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

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

    • difficulties, 496, 502;

    • nature of implementation, 514, 535–36

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

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

  • Special position of U.S. dollar, 535

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

    • “presumptive indicators,” 510

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

  • Temporary regime of central rates, 557–62

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

PAR VALUES

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

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

    • responsibility for initiative, 525;

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

    • voting majority required for uniform change, 254

  • Competitive depreciation, concern about, 439, 476

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

  • Exchange rate model (MERM), 537

  • Initial, 465–66*

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

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

  • See also EXCHANGE RATES;

    • FUNDAMENTAL DISEQUILIBRIUM; and individual countries

PARAGUAY

  • Exchange rate, 563

  • Quota in Fund, 307*

  • Repurchases from Fund, 396*

  • SDR allocations, 249*

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

PATEL, I. G., 83n

PATRON, YAMANDU S., 134*, 162*

PAYMENTS ARREARS

  • Fund decision on, xxi, 591–93

  • Fund treatment of, 592, 593

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

PER JACOBSSON FOUNDATION LECTURES, 621

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

PERERA, N. M., 245n

PEREZ GUERRERO, MANUEL, 245

PERISIN, IVO, 518

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

PERSONNEL. See STAFF

PERU

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

  • Debt renegotiations, 595

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

    • repurchases, 396*;

    • under compensatory financing facility, 265, 266n

  • Exchange rate, 563

  • Quota in Fund, 289, 296, 307*

  • SDR allocations, 249*

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

  • Technical assistance from Fund, 583

PFEIFER, ALBIN, 646

PHILIPPINES

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

    • repurchases, 396*;

    • under compensatory financing facility, 265, 266n

  • Exchange rate, 542, 563

  • Gold production subsidies, 423, 424

  • Quota in Fund, 296, 307*

  • SDR allocations, 249*

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

PHILLIPS O., ALFREDO, 134*, 162*

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

    • distribution of Fund’s net income, 391;

    • gold purchases from South Africa, 411;

    • payments arrears, 592;

    • quota, Mexican, 305;

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

    • reserve assets, 149;

    • SDR allocation-quota increase link, 216;

    • stand-by arrangements, 343, 345, 354

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

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

    • deutsche mark revaluation, 461–62;

    • distribution of Fund’s net income, 391;

    • exchange rate flexibility, 507;

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

    • gold deposits, general, 421;

    • investment of Fund assets, 384, 385;

    • stand-by arrangement, French, 353;

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

PLUMPTRE, A. F. W., 32

POLAK, J. J. See ECONOMIC COUNSELLOR

POMPIDOU, GEORGES, 454

PONSEN, H., 646

PORTUGAL

  • Exchange rate: central, 562*;

    • floating, 542

  • Par value, 437

  • Quota in Fund, 307*

  • Technical assistance from Fund, 585

POSTHUMA, S., 53

POWERS, WALTER T., 648

PRAETORIUS, ROBERT L., 648

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

  • Background and length of service, 627, 629

PREBISCH, RAUL, 104, 245, 278

PRIMARY PRODUCING COUNTRIES

  • Classification in Fund statistics, 82n

  • Exports, 264–65, 269–70, 275–76

  • Payments situation, 82, 269–70

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

  • See also DEVELOPING COUNTRIES

PROXMIRE, WILLIAM, 528n

PUBLICATIONS CITED IN THIS VOLUME, 695–99

PUBLICATIONS OF FUND, 602–603, 604

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

Q

QATAR

  • Currency unit and par value, 467

  • Membership in Fund, 570

QIZILBASH, NAWAB MOZAFFAR ALI KHAN, 220, 281

QUOTAS IN FUND

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

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

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

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

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

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

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

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

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

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

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

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

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

  • Small, 302–303

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

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

  • See also RESOURCES OF FUND—NATURE AND SIZE

R

RADCLIFFE COMMITTEE, 20

RADFORD, RICHARD A., 648

RAJ, K. N., 83n

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

  • Background, 630

RASMINSKY, LOUIS, 481

RAY, A. S., 647

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

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

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

REPRESENTATIVE EXCHANGE RATES, 226

REPURCHASES

  • Abatement, 258–59

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

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

  • Calculations concerning, 230–31, 282, 381

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

  • Gold used in, 337*

  • Of buffer stock drawings, 276, 281

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

  • Problems: fluctuating rates, 382;

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

    • small amounts, 282;

    • substitution of currencies, 381;

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

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

  • SDRs used in, 229–30, 325, 337*

  • Special arrangements (1971), 326–29

  • See also individual countries

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

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

RESERVE ASSETS

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

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

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

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

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

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

    • 1966 working party, 115–16

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

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

    • gradually determined, 151, 202, 203

  • Term: avoided, 107–108, 153–55;

    • broadly used, 80, 143;

    • compromise, 145;

    • drawing unit reserve asset (Dura), 143;

    • reserve asset concept accepted, 188

  • Transfer of real resources involved, 57

  • See also RESERVE CREATION;

    • RESERVE CREATION PLANS; and RESERVE UNITS

RESERVE CREATION

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

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

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

    • on need to study new techniques, 39, 195

  • Alternative ways of meeting liquidity deficiency, 21, 191

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

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

  • Defined, 43, 108

  • Distribution. See RESERVE ASSETS: Distribution

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

    • resolved, 145, 146, 160, 203

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

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

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

  • Purpose, 107, 108–11, 119, 200

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

  • Related to gold subscriptions in Fund, 112

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

    • by Ossola Group, 59, 196

  • Timing, 110, 120, 123

  • See also LIQUIDITY, INTERNATIONAL;

    • RESERVE ASSETS;

    • RESERVE CREATION PLANS;

    • RESERVE UNITS; and SPECIAL DRAWING RIGHTS

RESERVE CREATION PLANS

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

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

    • distinct from activation, 97–99, 199;

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

    • search for, 74–103;

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

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

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

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

  • Day Plan, 20

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

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

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

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

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

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

    • reserve units preferred, 112–13, 142;

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

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

    • characteristics of, 80, 81, 197;

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

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

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

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

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

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

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

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

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

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

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

    • response of developing countries, 82–85;

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

  • Liquidation, provision for, 145

  • Maudling plan, 24, 59, 60, 193

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

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

  • Outlines. See Fund plans, above

  • Parallel schemes. See “Dual approach,” above

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

    • Otmar Emminger’s, 79–81, 197;

    • U.K., 79–80, 197;

    • U.S., 79–80, 143, 197, 202

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

  • Separate or merged resources, 143, 146

  • Stamp Plan, 19, 22, 191

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

  • Triffin Plan, 17–19, 22, 191;

    • Fund’s reactions to, 22

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

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

  • Zolotas Plan, 23, 193

  • See also LIQUIDITY, INTERNATIONAL;

    • RESERVE ASSETS;

    • RESERVE CREATION;

    • RESERVE UNITS; and SPECIAL DRAWING RIGHTS

RESERVE CURRENCY COUNTRIES

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

    • urged, 30, 171–72, 194

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

    • U.S., 535–36

  • Reserve policies, 140, 204, 209–10

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

  • See also UNITED KINGDOM and UNITED STATES

RESERVE POSITIONS IN FUND

  • Definition, 323

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

  • Increases in, 140, 141, 204

  • Scheme for converting currency balances into, 60

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

RESERVE UNITS

  • Distinct from reserve assets, 80, 107–108

  • Distribution. See RESERVE ASSETS: Distribution

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

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

  • Proposals for: by E. M. Bernstein, 53–54, 55–56, 111, 194;

    • by Fund, 92–95, 127–30, 141–43, 144–47, 150–53, 198, 199, 200, 201, 202, 203;

    • by Group of Ten, 79–81

  • Rules for use and transfer, 114–17, 119, 128–30, 142–43, 147–48. See also RESERVE ASSETS: Rules for use and transfer

  • Versus drawing rights: both considered, 111–12, 119, 127–28, 142, 146, 150, 202–203;

    • differences, 112–13, 128–29, 201;

    • drawing rights preferred, 111, 147, 150;

    • preference for units, 112, 120, 147;

    • ultimate convergence, 131, 144, 145, 151

  • See also RESERVE ASSETS;

    • RESERVE CREATION; and RESERVE CREATION PLANS

RESERVES

  • Calculations for Fund operations: Articles amended, 258–59;

    • concept changed from net to gross, 258–59, 380–81;

    • data to be supplied to Fund, 381;

    • exclusion of SDRs, 230–31;

    • in selection of currencies, 323–24, 326

  • Definitions, 49;

    • adequacy, 12–13, 190; “official holdings”

    • in first designation plan, 227, 229;

    • positions in Fund included, 16, 26, 49, 191, 192;

    • SDRs included, 159

  • Developments: Canada, 478;

    • developing countries, 90;

    • France, 209, 450, 454, 458;

    • Fed. Rep. of Germany, 463;

    • Japan, 494;

    • primary producing countries, 82;

    • U.K., 433;

    • U.S., 15, 486–87, 489–90, 528

  • Global need: difficulties of estimating, 37, 44, 87–88, 90, 141–42, 213–14, 216;

    • requirement for SDR allocations, 154, 172, 180;

    • seminar of Fund staff with specialists, 213–14, 221

  • Gold, 25;

    • debate on augmenting official holdings, 410–11;

  • low share of developing countries, 553

  • “Owned” as distinguished from “borrowed,” 37, 38, 40, 41

  • Relation to new reserve assets, 37, 49, 78

  • Studies: by Fund, 87–88, 139–41;

    • by U.S., 141

  • World: composition of, 25, 139–40, 204, 209–10, 211, 212, 215;

    • developments in, 75, 139–41, 204, 215;

    • term as used by Fund, 25n, 138n;

    • U.S. as supplier of, 25–26, 193

  • See also RESERVE POSITIONS IN FUND

RESOURCES OF FUND—NATURE AND SIZE

  • Access to: by France, 453;

    • expansion of, 16–17, 192, 198

  • Adequacy, 12–13, 16

  • Conditionality, 257

  • Credit tranche positions: definition, 26;

    • included in reserves, 26, 33;

  • role in reserve creation, 113–14, 119

  • Gold tranche positions: definition, 25n;

    • included in reserves, 26, 32, 191;

    • payment of interest on, 246

  • Replenishment of currencies, 298, 301;

    • policies on, 417–20;

    • use of SDRs in, 236

  • Super gold tranche positions: definition, 47n;

    • payment of remuneration on, 236, 244, 256, 373, 387, 388

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

  • See also QUOTAS IN FUND

RESOURCES OF FUND—USE

  • Amendment of Articles on, 253, 255–57

  • Credit tranche drawings (purchases), 33, 316–19

  • Currencies selected: 236–37, 241, 254, 313–14, 315. See also SELECTION OF CURRENCIES IN FUND TRANSACTIONS

  • Gold tranche drawings (purchases): amounts of, 310, 312–16;

    • by France, xix, 315, 352–53, 449–50;

    • by U.S., 310, 312–15;

    • changes in procedures for, 32–33, 309;

    • definition of, 255, 309;

    • discussed in plans for reserve creation, 80;

    • excluded from stand-by arrangements, 256;

    • liberalization of, 32–33, 127, 194;

    • made legally automatic, 33, 255–56;

    • relation to GAB, 371

  • In crises of 1950s, 13

  • Magnitudes, xx, xxi, 310–12, 330*-32*, 337*, 383*, 393;

    • under stand-by arrangements, 320–22

  • Policies: adjusted in early 1960s, 15–17, 32–34, 192;

    • for credit tranche drawings, 317–19, 593;

    • for gold tranche drawings, 32–33, 127, 194, 255–56;

    • on stand-by arrangements, 338, 341–42, 343–48, 352–54, 363–69;

    • under amended Articles, 255–57;

    • vis-à-vis U.S., 312–14

  • Quota increases financed by drawings, 257, 297, 316

  • Special problems after August 15, 1971, 532–33, 549–50, 563–64

  • Super gold tranche drawings (purchases), 310, 312, 314, 315, 450, 463

  • Temporary in character, 256

  • U.S. technical drawings, 312–13

  • Waivers, 26n, 322

  • See also BUFFER STOCK FINANCING;

    • CHARGES ON USE OF FUND RESOURCES;

    • COMPENSATORY FINANCING OF EXPORT FLUCTUATIONS;

    • REPURCHASES;

    • RESOURCES OF FUND-NATURE AND SIZE; and STAND-BY ARRANGEMENTS

REUSS, HENRY S., 38, 528n

RICKETT, SIR DENIS, 136*, 164*

RIEKE, WOLFGANG, 136*, 164*

ROBICHEK, E. WALTER, 648

ROELANDTS, JACQUES, 292–93, 415, 462

ROMANIA

  • Membership in Fund, 570

ROOSA, ROBERT V., 14–15, 36, 54, 56, 191, 196

ROSE, BRIAN, 646

ROTA, GIORGIO, 136*, 164*

RUEFF, JACQUES, 21, 191

RULES AND REGULATIONS OF FUND, 158, 166, 177–78, 205, 256, 381

RWANDA

  • Drawings (purchases) and repurchases from Fund, 312, 321, 331*, 396*

  • Par value, 465, 466*, 560*

  • Quota in Fund, 307*

  • SDR allocations, 249*

  • Stand-by arrangements with Fund, 320, 321, 335*

  • Technical assistance from Fund, 580, 583

S

SAAD, AHMED ZAKI, 343, 625, 626

  • Fund’s authority stressed, 89, 137n, 165n, 626

  • Views and comments on: individual countries, 317, 439, 470;

    • remuneration to creditors, 388, 389;

    • SDRs, 125, 129, 158, 229

SALLE, JEAN-PAUL, 77, 135*, 163*, 643

SAN LIN, 663

SANCHIZ, JOSE C, 648

SANNER, PIERRE, 83n

SAPER, JAKOB, 646

SATOW, KOICHI, 521–22

  • Background, 630

SAUDI ARABIA

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

  • Par value, 560*

  • Quota in Fund, 296, 308*

SAVKAR, D. S., 644

SCHELIN, OTTO, 112

SCHILLER, KARL, 159, 451, 514

SCHLEIMINGER, GUENTHER, 216, 224, 293, 295, 349, 391, 459, 495, 522–23, 550

  • Background and length of service, 627, 628

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

    • Canadian dollar, 479, 481;

    • deutsche mark float, 460;

    • deutsche mark revaluation, 461;

    • exchange rate flexibility and wider margins, 509, 510, 511, 521;

    • SDRs, use of, 235, 240;

    • stand-by arrangement, French (1969), 354;

    • Turkish stabilization program, 475;

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

    • U.S. inflation, 490

SCHNEIDER, HEINRICH G.

  • Background, 630

SCHOELLHORN, J., 132n

SCHWARTZ, CHARLES F., 649

SCHWEITZER, PIERRE-PAUL. See MANAGING DIRECTOR (Pierre-Paul Schweitzer)

SCITOVSKY, TIBOR, 83n

SDRs. See SPECIAL DRAWING RIGHTS

SELECTION OF CURRENCIES IN FUND TRANSACTIONS

  • Currencies used, 337*

  • Currency budget, 323–35

  • Discussed in reserve creation plans, 129, 150, 160

  • Fund decision (1962), 17, 192, 322–24, 325

  • In drawings by U.S., 313–14, 315

  • See also RESOURCES OF FUND—USE: Currencies selected

SENEGAL

  • Exchange rate, 457, 561

  • Quota in Fund, 289–90, 308*

  • SDR allocations, 249*

SHAREF, ZEEV, 594

SIERRA LEONE

  • Drawings (purchases) and repurchases from Fund, 312, 322, 332*, 396*

  • Par value, xix, 437, 438*, 560*

  • Quota in Fund, 296, 308*

  • SDR allocations, 249*

  • Stand-by arrangements with Fund, 320, 321, 335*

  • Technical assistance from Fund, 580, 581, 583

SIGLIENTI, SERGIO, 101, 112, 118, 124, 125, 129, 134*, 148, 152, 155, 162*, 378

SILLING, DAN R., 648

SINGAPORE

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

  • Currency unit, new, 467

  • Exchange rate, 542

  • Par value, 437, 465, 466*, 467, 560*

  • Quota in Fund, 288, 308*

  • Technical assistance from Fund, 581

SMIT, ROBERT VAN S.

  • Background, 630

SMITHSONIAN AGREEMENT, xxii, 329, 553–56

SMOLE, JANKO, 220, 245n, 594

SNEDDEN, B. M., 427

SNOY ET D’OPPUERS, BARON, 546

SOLOMON, ROBERT, 137*, 165*

SOMALIA

  • Drawings (purchases) and repurchases from Fund, 312, 316, 322, 332*, 396*

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

  • Quota in Fund, 308*

  • SDR allocations, 249*

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

  • Technical assistance from Fund, 581, 583

SOUTH AFRICA

  • Balance of payments deficit, 415

  • Currency: monetary unit of Botswana, Lesotho, and Swaziland, 465, 466*;

    • used in Fund transactions, 324, 337*

  • Drawings (purchases) and repurchases from Fund, 311, 315, 332*, 396*

  • Exchange rate and par value, 437, 465, 542, 561*

  • Gold production subsidies, 423, 424

  • Gold sales to Fund, xxi, 409–16, 425

  • Quota in Fund, 296, 308*

  • Request for Fund study of international liquidity, 12

  • SDR allocations, 249*

SOUTHARD, FRANK A., JR., 627. See also DEPUTY MANAGING DIRECTOR

SOUTHEAST ASIAN CENTRAL BANKS, 278–79

SOUTHERN YEMEN. See YEMEN, PEOPLE’S DEMOCRATIC REPUBLIC OF

SPAIN

  • Currency used in Fund transactions, 337*

  • Drawings (purchases) and repurchases from Fund, 311, 315, 332*, 396*

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

  • Quota in Fund, 296, 308*

  • SDR allocations, 249*

  • Technical assistance from Fund, 585

SPECIAL DRAWING ACCOUNT

  • Description, 178–79

  • Establishment, xx, 167, 176, 205;

    • requirements for, 175, 205, 214

  • Financing, 177, 179, 229, 286

  • Genesis, 128, 130, 146–47, 152, 154

  • Obligations of participants, 179, 182–85, 242;

    • failure to fulfill, 178, 183, 185;

    • reconstitution of SDR holdings, 167, 178, 185, 186

  • Operations after 1971 crises, 241–42, 244

  • Participation, 176, 179;

    • France, 176, 218;

    • Italy, 176;

    • new members of Fund, 232–33;

    • total, 176, 220, 232–33, 244;

    • U.S., 176

  • Voting, 177, 179;

    • majority required for allocations and cancellations, 155, 156, 158, 160, 203

SPECIAL DRAWING RIGHTS (SDRs)

  • Allocations for first basic period, xxi, xxii, 232, 233, 248*–50*;

    • Managing Director’s consultations and proposal, Governors’ approval, and Executive Board’s concurrence, xx, 181–82, 203, 214–21;

    • prerequisites for decision, 172, 180–82, 214, 220;

    • principles and techniques, 180–81;

    • reservations of some Executive Directors, 218–19;

    • views of Group of Ten Deputies, 216

  • Allocations, opting out of: by China, 232, 244;

    • implications for total allocations, 217;

    • provisions for discussed, 117, 122, 124–25, 127, 146–47, 152–53;

    • provisions for resolved, 157, 172, 173, 181

  • Allocations to be excluded from members’

    • reserves in determining repurchase obligations, 230–31

  • Cancellation, 154, 180–82

  • Characteristics, 160–61, 172–73, 178–86, 188

  • Designation of participants to provide currency for SDRs: plans, 185, 226–29, 237, 241–42;

    • principles and procedures, 227–28, 235, 238–40;

    • specified in Articles, 167, 178, 183, 184–85, 186

  • Evolution, 190–205

  • Executive Board’s special role, 222, 623–24

  • Facility based on SDRs: activation, 212–31, 492;

    • entry into force, xx, 173–75, 176, 177, 204, 205, 253

  • Gold-value guarantee, 186–87

  • Harmonization of ratios between holdings of SDRs and other reserves: desired objective, 109, 151, 156–58, 228;

    • techniques for achieving, 156–58, 185, 234–35, 237–41

  • Information published on, 233

  • Interest on, 182, 246, 373, 386

  • Link with development finance. See RESERVE CREATION: Link with development finance

  • Manual of Procedures, 231

  • Other holders, 172, 173, 181

  • Outline of facility. See OUTLINE OF A FACILITY BASED ON SPECIAL DRAWING RIGHTS IN THE FUND

  • Reconstitution of holdings: difficult issues, 142, 143, 147, 149, 150, 151, 152, 153, 202;

    • issues gradually settled, 154, 155, 157, 158, 160–61, 167, 178, 203;

    • nature of provisions, 183, 185, 186;

    • study of implementation, 246, 247

  • Requirement of need, 149, 151, 160, 182, 183, 242–43;

    • not subject to challenge, 183

  • Significance, 187–89;

    • an accepted reserve, 244–45;

    • zenith of international cooperation, 3, 620

  • Terminology, 80, 128, 143, 145, 150–55 passim, 157, 197

  • Transactions, 234–37, 240–41, 243–44, 314–15;

    • representative exchange rates for, 226

  • Uses vis-à-vis Fund: for payment of charges and repurchases, 173, 229–30, 234–35, 243, 325, 337*, 379;

    • for payments to members and in currency budgets, 235–36, 244, 325;

    • not for payment of gold subscriptions, 173, 297, 298;

    • reluctance of members to use after suspension of dollar convertibility, 243–44

  • Widened use suggested: as means of development finance, 245–46;

    • as numeraire for monetary system, 244, 427;

    • as primary reserve, 244, 551, 651;

    • as technique for “asset settlement,” 491;

    • questions studied, 246–47

  • See also LIQUIDITY, INTERNATIONAL;

    • RESERVE ASSETS;

    • RESERVE CREATION;

    • RESERVE CREATION PLANS;

    • RESERVE UNITS; and SPECIAL DRAWING ACCOUNT

SPECIAL RESERVE, 383, 385, 388

SPECIAL RESERVE DRAWING RIGHTS (SRDR), 80, 153, 154, 197

SRI LANKA. See CEYLON

STABILIZATION OF PRICES OF PRIMARY PRODUCTS. See BUFFER STOCK FINANCING

STABILIZATION PROGRAMS. See FINANCIAL PROGRAMMING

STAFF

  • Expansion, 637–38

  • Geographic distribution, 639–40

  • Identification, 640–49

  • Lectures, 589–90

  • Organization, 77n, 636–37

  • Seminars: on reserve needs and availabilities, 213–14, 221;

    • with French officials, 356;

    • with U.K. officials, 443, 445

  • Use of electronic data processing, 603, 639

STAMP, ARTHUR MAXWELL (Stamp Plan), 19, 22, 110, 191

STAND-BY ARRANGEMENTS

  • Approved, 320–22, 333*-36*;

    • for developing countries, 358–63;

    • for France, 352–56;

    • for U.K., 338–43, 348–49

  • Charges, 379

  • Decision on repurchases in SDRs, 230

  • Discussed with U.S., 313

  • Drawings: Brazil, 361, 362;

    • Colombia, 310, 321, 358, 359;

    • expedited, 368–69;

    • France, xx, xxi, 321, 355;

    • gold tranche excluded, 256, 309;

    • Indonesia, 321, 360;

    • total, 309, 310, 320–22;

    • U.K., xix, 310, 321, 349, 350, 351

  • Policies, 338, 341–42, 343–48, 352–54, 363–69

  • Terms, 343–49, 353–54, 358–62, 363–64, 592, 596;

    • Executive Board’s review of, xix, 343–48

  • Waivers granted, 322

  • See also FINANCIAL PROGRAMMING and individual countries

STARK, MARIE C., 647

STATES, SMALL, 302–303, 570, 632

STERLING AGREEMENTS. See UNITED KINGDOM

STEVENS, SIR JOHN (formerly J. M. Stevens), 112, 116, 125, 128, 134*, 162*, 472

STOPPERS, ERICH, 164

STONE, JOHN O., 134*, 141, 152, 153, 157, 162*, 216, 231, 326, 342, 349, 418, 438, 494

  • Comments and views on: distribution of Fund’s net income, 389, 391;

    • exchange rate adjustment, 505, 507, 511;

    • gold deposits, general, 421, 422;

    • gold purchases from South Africa, 410;

    • quota review, 291–92, 293, 295, 298;

    • SDR designation plans, 237, 239–40;

    • SDR facility, activation of, 218–19;

    • SDRs, use of, 236;

    • stabilization of commodity prices, 276–77;

    • U.S. inflation, 490–91

STRÄNG, GUNNER, 594

STRAUSS, FRANZ JOSEF, 132n

STUDY GROUP ON CREATION OF RESERVE ASSETS. See OSSOLA GROUP

STURC, ERNEST, 642

SUBSCRIPTIONS. See GOLD TRANSACTIONS AND OPERATIONS OF FUND and QUOTAS IN FUND: Gold subscriptions

SUDAN

  • Drawings (purchases) and repurchases from Fund: purchases, 263, 268*, 312, 316, 321, 332*;

    • repurchases, 268*, 396*;

    • under compensatory financing facility, 263, 268*

  • Exchange rate, 542, 563

  • Quota in Fund, 308*

  • SDR allocations, 249*

  • Stand-by arrangements with Fund, 320, 321, 335*

  • Technical assistance from Fund, 580, 581, 583

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

SURINAM. See NETHERLANDS: Nonmetropolitan territories

SUZUKI, HIDEO, 134*, 162*, 216, 228, 392, 439, 481, 495, 550, 558

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

  • Comments and views on: distribution of Fund’s net income, 389;

    • exchange rate flexibility, 507, 508, 510, 526;

    • gold sales for currency replenishment, 417, 418;

    • Japanese balance of payments, 494;

    • Japanese par value, 436, 437;

    • quota review, 292;

    • reserve creation, 128, 147

SWAN, T. W., 83n

SWAP ARRANGEMENTS. See CENTRAL BANKS

SWAZILAND

  • Currency unit, 465

  • Drawing (purchase) and repurchase from Fund, 312, 316, 332*, 396*

  • Par value, 465, 466*, 561*

  • Quota in Fund, 301, 303, 308*

  • SDR allocations, 250*

SWEDEN

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

  • Basle Agreement, 14, 192

  • Basle Group, 442n

  • Borrowing by Fund under GAB, 374*

  • Currency used in Fund transactions, 337*

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

    • floating, 542, 544

  • Quota in Fund, 308*

  • SDR allocations, 250*

SWEENEY, TIMOTHY, 646

SWITZERLAND

  • Association with GAB, 372–73

  • Attendance at joint meetings of Fund Executive Directors and Group of Ten Deputies, 106, 137*, 165*, 553

  • Balance of payments surplus, 493

  • Basle Group, 442n

  • Capital inflows, 524

  • Exchange rate, 524

  • Participation in CRU plan proposed, 53, 55, 194

SYRIAN ARAB REPUBLIC

  • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 312, 316, 332*;

    • repurchases, 268*, 396*;

    • under compensatory financing facility, 264, 268*

  • Exchange rate, 563

  • Quota in Fund, 288, 308*

  • SDR allocations, 250*

  • Technical assistance from Fund, 585

T

TAN SIEW SIN, 267, 271–72, 282, 426, 593

TANAKA, KEIJIRO, 136*, 164*

TANN, BEUE, 134*, 162*, 295

  • Length of service, 625, 626

TANZANIA

  • Exchange rate, 542

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

  • Quota in Fund, 308*

  • Repurchases from Fund, 396*

  • SDR allocations, 250*

  • Technical assistance from Fund, 580, 583, 585

TARIFFS

  • Generalized system of preferences (EEC, Denmark, Finland, Japan, New Zealand, Norway, Sweden, U.K.), 574

  • In Japan, 495

  • Kennedy round of negotiations, 573

TECHNICAL ASSISTANCE

  • Carried out through: consultations, 572, 579;

    • outside experts, 580, 582, 584, 588;

    • resident representatives, 471, 579, 587–88;

    • staff, 580, 582, 584

  • Definition, 579

  • Fields of assistance: balance of payments statistics, 584–85;

    • central banking, 579–82;

    • financial statistics, 585–86;

    • fiscal affairs, 582–84;

    • general, 587–88

  • Growth, 578, 583, 585, 587

  • Information exchanged with other international organizations to avoid duplication, 584

  • Recipients: countries, 580–81, 582, 583, 585, 587–88;

    • regional organizations, 581, 583;

    • special program for Zaïre ended, 588

  • Reports to Executive Board, 578–79

  • See also individual countries

TEJERA-PARIS, ENRIQUE, 89, 101

TEYSSIER, GERARD M., 134*, 162*, 643n

THAILAND

  • Drawings (purchases) from Fund under buffer stock facility, 284

  • Exchange rate and par value, 437, 562

  • Quota in Fund, 296, 308*

  • SDR allocations, 250*

  • Special Drawing Account, participation in, 232

THOMPSON-McCAUSLAND, L. P., 136*, 164*

THORSON, PHILLIP, 642

TIN. See BUFFER STOCK FINANCING and INTERNATIONAL TIN AGREEMENT

TOGO

  • Exchange rate, 457, 561

  • Quota in Fund, 289–90, 308*

  • SDR allocations, 250*

TONGA. See UNITED KINGDOM: Nonmetropolitan territories

TOURE, MAMOUDOU, 644

TRADE, INTERNATIONAL

  • Magnitudes, 25, 565;

    • affected by sterling devaluation, 440;

    • and need for reserves, 18, 75;

    • in French franc area, 458

  • Measures related to 1971 currency realignment, 535, 551, 574

  • Restrictions on, 221, 500, 539, 546

  • Study of commodity trade by Fund and World Bank, 272–75

  • Surpluses: Fed. Rep. of Germany, 449–52, 463;

    • Japan, 494, 528;

    • U.S., 488, 494

  • See also EXPORTS;

    • IMPORTS; and TARIFFS

TRIFFIN, ROBERT (Triffin Plan), 17–19, 22, 191

TRINIDAD AND TOBAGO

  • Drawings (purchases) and repurchases from Fund, 311, 316, 332*, 396*

  • Par value, xviii-xix, 437, 438*

  • Quota in Fund, 289, 296, 308*

  • SDR allocations, 250*

  • Technical assistance from Fund, 580

TUN THIN, 644n

TUNISIA

  • Drawings (purchases) and repurchases from Fund, 310, 312, 316, 332*, 396*;

    • waiver, 322

  • Par value, 560*

  • Quota in Fund, 288, 296, 308*

  • SDR allocations, 250*

  • Stand-by arrangements with Fund, 321, 336*

  • Technical assistance from Fund, 581, 583, 585

TURKEY

  • Debt renegotiation, 595

  • Drawings (purchases) and repurchases from Fund, 310, 311, 321, 332*, 396*

  • Exchange and trade reform, 474–75

  • Exchange rate, central, 562*

  • Financial stabilization program, 474–75

  • Multiple exchange practice, 475

  • Par value, xxi, 474–75

  • Payments agreements, bilateral, 474

  • Quota in Fund, 296, 308*

  • SDR allocations, 250*

  • Stand-by arrangements with Fund, 320, 336*, 474

U

UDEAC. See CENTRAL AFRICAN CUSTOMS AND ECONOMIC UNION

UGANDA

  • Drawings (purchases) and repurchases from Fund, 310, 312, 316, 332*, 396*

  • Exchange rate, 542

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

  • Quota in Fund, 308*

  • SDR allocations, 250*

  • Stand-by arrangement with Fund, 320, 321, 336*

  • Technical assistance from Fund, 580

UGUETO, LUIS, 552

  • Background and length of service, 627, 629

UMOA. See WEST AFRICAN MONETARY UNION

UNCTAD. See UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT

UNDP. See UNITED NATIONS DEVELOPMENT PROGRAM

UNGERER, HORST, 102, 135*, 163*, 436

UNION D’ASSUREURS DES CREDITS INTERNATIONAUX (Berne Union), 609

UNION OF SOVIET SOCIALIST REPUBLICS, 402

UNITAS, 143

UNITED ARAB EMIRATES

  • Membership in Fund, 570

UNITED KINGDOM

  • Art. VIII consultations, 218, 349, 431, 440, 446

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

  • Balance of payments: correction of deficit advocated, 66, 196;

    • deficit, 14, 29, 171, 212, 221, 339, 432–33, 435, 441, 447;

    • improvement, 74–75, 115, 186, 209–10, 218, 349, 350, 351, 431;

    • surplus, 350, 446, 493, 564

  • Basle Agreement, 14, 192

  • Basle Group, 442

  • Credit, stand-by, from Basle Group, 442

  • Credit from Group of Ten, 339, 340

  • Currency: decimal system, 518;

    • declared convertible in fact, 225–26;

    • Fund holdings, 351;

    • used in Fund transactions, 337*

  • Debt repayment, 351

  • Drawings from Fund. See Transactions … purchases, below

  • Economic situation and policies, 140, 141, 339–42, 348–51, 431–36, 440–46

  • Exchange and trade controls, 441–42;

    • import deposits, 441, 574

  • Exchange markets, dual, 575

  • Exchange rate, floating, 542, 544

  • Nonmetropolitan territories: decimal system for currencies, 518;

    • new currency units, 467, 468;

    • par values, 439–40, 467, 468, 560*, 561

  • Parliament, 38

  • Par value: 1967 devaluation, xviii, 339, 433–37, 438*;

    • unchanged, 554, 555*, 560*

  • Quota in Fund, 296, 308*

  • Reserve creation: proposal, 79–80, 197;

    • views, 111, 112, 120. See also MAUDLING, REGINALD

  • SDRs: allocations, 250*;

    • use, 234, 243

  • Seminars with Fund staff on credit policy, 443, 445

  • Stand-by arrangements with Fund, xix, xx, 320, 336*, 338–43, 345, 348–51

  • Sterling agreements, 441–42

  • Transactions with Fund: purchases, 311, 315, 316, 332*;

    • purchases under stand-by arrangements, xix, 321, 349, 350, 351;

    • repurchases, 348, 351, 396*

UNITED NATIONS

  • Development Decades, 270, 601

  • Fund relations with, 286, 605–607

  • General Assembly: position on SDR-development finance link, 245;

    • resolution on monetary reform, 84

  • See also respective ECONOMIC COMMISSIONS and various subagencies and committees

UNITED NATIONS ADMINISTRATIVE COMMITTEE ON COORDINATION (ACC), 605

UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD)

  • Commodity problems, 261, 272, 273, 278, 285

  • Fund’s relations with, 606–607, 610;

    • on commodity problems, 261, 273, 278, 286;

    • on debt problems, 595;

    • on reserve creation, 104, 106, 110

  • Meetings, 270, 286

  • Reserve creation studied, 83–85, 99, 197, 198, 199, 219

  • See also GROUP OF SEVENTY-SEVEN and GROUP OF TWENTY-FOUR

UNITED NATIONS DEVELOPMENT PROGRAM (UNDP), 605, 610

UNITED NATIONS ECONOMIC AND SOCIAL COUNCIL (ECOSOC), 11, 190, 605, 610

UNITED STATES

  • Acceptance of amendment to Articles of Agreement, 176;

    • legislation, 187

  • Art. IV and Art. VIII, obligations under, 404–405

  • Art. VIII consultations, 218–19, 488, 490, 492, 519, 571

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

  • As supplier of world reserves, 25–26, 193

  • Asset settlement suggested by Fund, 491–92

  • Balance of payments: bases defined, 211n;

    • correction of deficit advocated, 66, 196;

    • deficits, 14, 25–26, 29, 31, 171–72, 212, 221, 310, 313, 447, 485–93, 519–20, 527–28, 534, 564;

    • estimate of improvement needed, 543–44, 548–49;

    • improvement, 74–75, 209, 210–11, 218–19;

    • measures to improve, 52, 63–64, 70, 210, 221, 485–93 passim

  • Basle Group, 442n

  • Capital movements, 485, 486, 488, 489, 519–20, 528

  • Capital outflows, measures to stem, 63, 74, 210, 485, 487

  • Congress, 26, 38, 63, 110, 159, 536–37

  • Convertibility of dollar suspended, xxii, 3, 241–42, 517, 527–30, 531–33. See also CONVERTIBILITY

  • Currency: as intervention currency, 497, 535, 536;

    • as reserve currency, 497, 536;

    • as vehicle currency, 497;

    • declared convertible in fact, 223–24, 225–26;

    • role of in monetary system, 20;

    • swap arrangements, 14–15, 192, 314–15, 477;

    • used in Fund transactions, 327, 337*. See also Exchange rate devaluation and Par value, below

  • Dollar shortage ended, 485

  • Drawings from Fund. See Transactions … purchases, below

  • Economic situation and policies, 140, 141, 485–93

  • EEC agricultural policy, views on, 535

  • European exchange markets, arrangements to operate in, 15

  • Exchange rate devaluation: agreed, 554;

    • difficulties, 535–36;

    • relation of to gold price, 528–29, 530, 534, 536–37, 540–41, 545;

    • urged, 525, 534, 546;

    • U.S. views on, 527, 528–29, 531, 534–37, 551–52

  • Fiscal and monetary policies, 488, 490

  • Foreign credit restraint program, 63–64, 210, 485, 486, 489

  • Fund Board of Governors Committee of Twenty proposed, 67, 101, 102

  • Fund credit tranche positions, views on compulsory reconstitution of, 114

  • Fund investment and disinvestment of gold in U.S. securities, 383–85

  • Gold sales at official price, 402, 404

  • Impact on dollar of French franc devaluation, 451;

    • of sterling devaluation, 437, 447–48

  • Import surcharge, 529, 531, 532, 539, 544, 545, 546, 547;

    • imposed, 529;

    • lifted, 554

  • Income tax surcharge, 487

  • Inflation, 218, 489–92, 527–28, 534

  • Interest equalization tax, 63, 210, 485, 486

  • Interest rates, 74

  • International monetary conference suggested, 63, 67, 196

  • International monetary cooperation, 526–27

  • Investment abroad, 492;

    • controls on, 210, 487, 489, 498

  • New Economic Program, 529

  • Par value: effect of French franc devaluation, 451;

    • effect of sterling devaluation, 437, 447–48;

    • 1971 adjustment, 554, 563–64, 564n

  • Quota in Fund, 295–96, 308*

  • Reserve creation: position on link with development finance, 110–11;

    • proposals, 54, 79, 80, 141, 143, 151, 196, 197, 202;

    • views, 112, 120, 131, 201

  • Reserves, 486–87, 489–90, 528

  • SDRs: allocations, 250*;

    • receipt, 236;

    • use, 240, 243, 314–15

  • Stand-by arrangement with Fund suggested, 313

  • Swap facilities, 14–15, 192, 314–15, 477

  • Trade arrangements with Canada and Japan, 551

  • Transactions with Fund: purchases, 311, 312–15, 332*;

    • repurchases, 314, 396*

  • Unemployment, 489, 492, 528

  • Voting power in Fund, 254

  • Wage and price restraint program, 487

UPPER VOLTA

  • Drawings (purchases) from Fund, 312, 316, 332* Exchange rate, 457–58, 561–62

  • Quota in Fund, 301, 308*

  • SDR allocations, 250*

UQUAILI, N. M., 594

URQUIDI, VICTOR L., 85n

URUGUAY

  • Drawings (purchases) and repurchases from Fund: purchases, 264, 268*, 310, 311, 316, 321, 332*;

    • repurchases, 268*, 396*;

    • under compensatory financing facility, 264, 268*

  • Quota in Fund, 289, 308*

  • SDR allocations, 250*

  • Stand-by arrangements with Fund, 321, 336*

U.S.S.R., 402

V

VALESCHI, ATHOS, 132n

VALLE, E., 136*, 164*

VAN CAMPENHOUT, ANDRE, 134*, 148, 155, 162*, 231, 292, 295, 523

  • Background and length of service, 625, 627

  • Comments and views on: buffer stock financing facility, 279, 283, 286;

    • Canadian dollar, 480, 481;

    • exchange rate flexibility, 507, 508, 511;

    • gold sales for currency replenishment, 418;

    • reserve creation, 112, 114, 124, 127, 129

VAN DER BRANDEN, R., 135*

VAN DER VALK, H. M. H. A., 134*, 162*, 439

  • Length of service, 626–27

VAN LENNEP, EMILE, 36, 120, 136*, 164*

VAN WENSVEEN, D. M. N., 136*, 164*

VEHICLE CURRENCY, 497

VENEZUELA

  • Currency used in Fund transactions, 324, 337*

  • Quota in Fund, 296, 308*

  • SDR allocations, 250*

VERA, FERNANDO A., 648

VIENOT, MARC, 357, 492, 522, 526, 533, 549, 550, 551, 558

  • Background and length of service, 627, 628

VIET-NAM

  • Exchange rate, 563;

    • floating, 542

  • Quota in Fund, 289, 308*

  • SDR allocations, 250*

  • Technical assistance from Fund, 580

VOLCKER, PAUL A., 412, 413, 531, 543

VOM HOFE, ERNST, 102, 112, 114, 116, 135*, 146, 147, 151–52, 155, 163*, 389

VOTING

  • Distribution among members, 105, 254, 632;

    • adjustment discussed, 121–23, 125, 127, 151, 632

  • Provisions proposed in reserve creation plans, 55–56, 78, 121–27, 131–33, 143, 144, 146, 147, 150, 151–52, 155, 156, 158, 160, 161, 167, 202, 203;

    • bloc voting accepted, 173;

    • split voting considered, 123–24, 151–52

  • Special majorities required: in respect of General Account, 254–55;

    • in respect of quotas, 133, 174, 202, 254, 255;

    • in respect of SDRs, 173, 177, 179, 181, 182;

    • in respect of uniform change of par values, 254

W

WAITZENEGGER, JACQUES, 649

WAIVERS OF CONDITIONS FOR DRAWINGS AND STAND-BY ARRANGEMENTS, 26n, 322

WARDHANA, ALI, 267, 281, 426

WARIS, KLAUS, 472

WASS, DOUGLAS W. G., 128, 134*, 152, 162*

WEEKS, J. MILTON, 594

WERNER, PIERRE, 132n

WEST AFRICAN MONETARY UNION (UMOA), 271, 304, 457

WESTERN HEMISPHERE. See LATIN AMERICA AND CARIBBEAN

WESTERN SAMOA

  • Quota in Fund, 302, 303, 308*

  • SDR allocations, 250*

  • Special Drawing Account, participation in, 232

WHITTOME, L. A., 644

WICKMAN, KRISTER, 171

WIDER MARGINS. See EXCHANGE RATE MECHANISM

WILLIAMS, GORDON, 648

WILLIAMS, LEONARD A., 162*, 174, 343, 349, 390, 391, 507, 592

WILLIS, GEORGE H., 137*, 165*

WILLOCH, KÅRE, 594

WINDSOR, WALTER H., 645

WITTEVEEN, H. JOHANNES, 132n, 514, 578, 594, 635n

WOODLEY, W. JOHN R., 645

WOODS, GEORGE D., 612

WORKING PARTY ON PROVISIONS TO ENSURE ACCEPTABILITY OF A NEW RESERVE ASSET, 115–16

WORLD BANK

  • Building arrangements, 589, 650

  • Economic Development Institute, 589

  • Fund-Bank office for Annual Meetings, 647

  • Fund-Bank study on primary products, 269, 271, 272–82;

    • Bank attendance at Fund Board meetings on, 276;

    • Fund attendance at Bank seminar on, 278

  • Fund collaboration with, 469–70, 471, 581, 595, 610–15, 650

  • Fund contribution to development finance proposed through, 119, 246, 391, 392

  • Fund participation in debt meetings of, 471, 593, 595–97, 598

  • International Development Association (IDA), 19, 111, 219, 390, 391

  • International Finance Corporation (IFC), 92, 581

  • Joint Computer Center, 603, 639

  • Participation in Ghana aid meetings, 600

WORLD ECONOMIC OUTLOOK, 577

WYCZALKOWSKI, MARCIN R., 646

Y

YAFTALY, ABDULLAH, 593

YAMEOGO, ANTOINE W., 135*, 163*, 174, 216, 219, 345, 368, 457, 458, 552, 631

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

  • Comments and views on: devaluation by Ghana, 472;

    • distribution of Fund’s net income, 388, 391;

    • split voting, 152;

    • stabilization of commodity prices, 273, 279;

    • stand-by arrangement, French (1969), 354

YEMEN ARAB REPUBLIC

  • Drawing (purchase) from Fund, 312, 316, 332*

  • Exchange rate, 542, 563

  • Membership in Fund, 312

  • Quota in Fund, 302, 303, 308*

  • SDR allocations, 250*

  • Special Drawing Account, participation in, 222

  • Technical assistance from Fund, 581, 585

YEMEN, PEOPLE’S DEMOCRATIC REPUBLIC OF

  • Quota in Fund, 301, 308*

  • SDR allocations, 250*

  • Technical assistance from Fund, 581, 585

YU, KUO-HWA, 267

YUGOSLAVIA

  • Currency unit, new, 467

  • Drawings (purchases) and repurchases from Fund, 310, 311, 315, 316, 321, 332*, 396*

  • Par value, xxii, 467, 517–18, 561*

  • Quota in Fund, 296, 308*

  • SDR allocations, 250*

  • Stand-by arrangements with Fund, 320, 336*

Z

ZAIRE

  • Currency unit, new, 467

  • Drawing (purchase) from Fund under compensatory financing facility and repurchases, 266n, 396*

  • Exchange rate, central, 562*

  • Par value, 455, 466*, 467

  • Quota in Fund, 301, 308*

  • SDR allocations, 250*

  • Stand-by arrangement with Fund, 320, 321, 336*

  • Technical assistance from Fund, 580, 583, 585

ZAKI, HASSAN ABBAS, 267

ZAMBIA

  • Currency unit, new, 468

  • Drawings (purchases) and repurchases from Fund: purchases, 265–66, 268*, 312, 332*;

    • repurchases, 396*;

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

  • Par value, 437, 465, 466*, 468, 560, 561*

  • Quota in Fund, 308*

  • SDR allocations, 250*

  • Technical assistance from Fund, 581

ZASSENHAUS, HERBERT K., 647

ZAYAS, EDISON V., 648

ZEVALLOS, JOAQUIN, 475

ZOLOTAS, XENOPHON (Zolotas Plan), 23, 193

Publications Cited

Numbers refer to pages. The publication is usually cited in a footnote. The list is also intended to serve as a guide to the short titles that have been used in this history for publications frequently cited. For a complete listing of the publications issued by the Fund in the years 1966–71, see Volume II of this history, pages 335–39.

A

  • Adekunle, Joseph O. “The Demand for Money: Evidence from Developed and Less Developed Economies,” Staff Papers, Vol. 15 (1968), pp. 220–66: 367

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  • Altman, Oscar L. “Euro-Dollars: Some Further Comments,” Staff Papers, Vol. 12 (1965), pp. 1–16: 497

  • Altman, Oscar L. “Foreign Markets for Dollars, Sterling, and Other Currencies,” Staff Papers, Vol. 8 (1960–61), pp. 313–52: 497

  • Altman, Oscar L. “The Management of International Liquidity,” Staff Papers, Vol. 11 (1964), pp. 216–47: 34

  • Altman, Oscar L. “Professor Triffin on International Liquidity and the Role of the Fund,” Staff Papers, Vol. 8 (1960–61), pp. 151–91: 22

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  • Altman, Oscar L. “Quotas in the International Monetary Fund,” Staff Papers, Vol. 5 (1956–57), pp. 129–50: 291

  • Altman, Oscar L. “Recent Developments in Foreign Markets for Dollars and Other Currencies,” Staff Papers, Vol. 10 (1963), pp. 48–96: 497

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  • Annual Report, 19—: see International Monetary Fund. Annual Report of the Executive Directors …

  • Annual Report on Exchange Restrictions: see International Monetary Fund

  • Approaches to Greater Flexibility of Exchange Rates: The Bürgenstock Papers, arranged by C. Fred Bergsten, George N. Halm, Fritz Machlup, and Robert V. Roosa, and edited by George N. Halm (Princeton, 1970): 483

  • Argy, Victor. “The Impact of Monetary Policy on Expenditure with Particular Reference to the United Kingdom,” Staff Papers, Vol. 16 (1969), pp. 436–88: 367

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  • Argy, Victor. “The Role of Money in Economic Activity: Some Results for 17 Developed Countries,” Staff Papers, Vol. 17 (1970), pp. 527–62: 367 See also Polak, J. J., and Victor Argy

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  • Armington, Paul S. “Adjustment of Trade Balances: Some Experiments with a Model of Trade Among Many Countries,” Staff Papers, Vol. 17 (1970), pp. 488–526: 537

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  • Armington, Paul S. “The Geographic Pattern of Trade and the Effects of Price Changes,” Staff Papers, Vol. 16 (1969), pp. 179–201: 537

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  • Armington, Paul S. “A Theory of Demand for Products Distinguished by Place of Production,” Staff Papers, Vol. 16 (1969), pp. 159–78: 537

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  • Artus, Jacques R. “The Behavior of Export Prices for Manufactures,” Staff Papers, Vol. 21 (1974), pp. 583–604: 445

  • Artus, Jacques R. “The Effect of Revaluation on the Foreign Travel Balance of Germany,” Staff Papers, Vol. 17 (1970), pp. 602–19: 463

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  • Artus, Jacques R. “The 1967 Devaluation of the Pound Sterling,” Staff Papers, Vol. 22 (1975), pp. 595–640: 445

  • Artus, Jacques R., and Rudolf R. Rhomberg. “A Multilateral Exchange Rate Model,” Staff Papers, Vol. 20 (1973), pp. 591–611: 537

B

  • Bank for International Settlements. Annual Reports: 497

  • Bell, Geoffrey. The Euro-Dollar Market and the International Financial System (London, 1973): 498

  • Bernstein, Edward M. “The Adequacy of United States Gold Reserves,” American Economic Review (Papers and Proceedings of the Seventy-Third Annual Meeting of the American Economic Association), Vol. 51 (1961), pp. 439–46: 20

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  • Bernstein, Edward M. “The Dollar Is the Problem of the International Monetary System,” Quarterly Review and Investment Survey, Model, Roland & Co. (New York), Second Quarter, 1971, pp. 1–12: 246

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  • Bernstein, Edward M. “Further Evolution of the International Monetary System,” Moorgate and Wall Street (London), Summer 1965, pp. 51–70: 54

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  • Bernstein, Edward M. “International Effects of U.S. Economic Policy,” in Employment, Growth and Price Levels, U.S. Congress, Joint Economic Committee (Study Paper No. 16), 86th Cong., 2nd sess. (Washington, 1960): 20

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  • Bernstein, Edward M. “A Practical Program for International Monetary Reserves,” Quarterly Review and Investment Survey, Model, Roland & Co. (New York), Fourth Quarter, 1963, pp. 1–8: 53

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  • Bernstein, Edward M. “Statement: The Problem of International Monetary Reserves,” in International Payments Imbalances and Need for Strengthening International Financial Arrangements, U.S. Congress, Joint Economic Committee, Hearings Before the Subcommittee on International Exchange and Payments, 87th Cong., 1st sess., May 16-June 21, 1961 (Washington, 1961), pp. 107–37: 20

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  • Bernstein, Edward M. “The U.S. Balance of Payments and International Liquidity” (June 18, 1965), “Changes in the International Monetary System” (October 27, 1964), “Two Reports on International Liquidity” (August 19, 1964), and “The Underdeveloped Countries and Monetary Reserves” (March 24, 1965), in Guidelines for International Monetary Reform, U.S. Congress, Joint Economic Committee, Hearings Before the Subcommittee on International Exchange and Payments, 89th Cong., 1st sess. (Washington, 1965), Part 2, Supplement, pp. 230–81: 54

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  • Bhagwat, Avinash, and Yusuke Onitsuka. “Export-Import Responses to Devaluation: Experience of the Nonindustrial Countries in the 1960s,” Staff Papers, Vol. 21 (1974), pp. 414–62: 445

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  • Bhatia, Rattan J. “Factors Influencing Changes in Money Supply in BCEAO Countries,” Staff Papers, Vol. 18 (1971), pp. 389–98: 367

  • Bhatia, Rattan J., Gyorgy Szapary, and Brian Quinn. “Stabilization Program in Sierra Leone,” Staff Papers, Vol. 16 (1969), pp. 504–28: 366

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  • Boissonneault, Lorette. See Polak, J. J., and Lorette Boissonneault

  • Bürgenstock Papers: see Approaches to Greater Flexibility of Exchange Rates

C

  • Chandavarkar, Anand G. “Some Aspects of Interest Rate Policies in Less Developed Economies: The Experience of Selected Asian Countries,” Staff Papers, Vol. 18 (1971), pp. 48–112: 367

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  • CIAP. See International Monetary Reform and Latin America

D

  • Day, A. C. L. “Memorandum of Evidence,” in Principal Memoranda of Evidence, [Radcliffe] Committee on the Working of the Monetary System, Vol. 3 (London, 1960): 20

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  • Day, A. C. L. “The World’s Payments System,” in International Payments Imbalances and Need for Strengthening International Financial Arrangements, U.S. Congress, Joint Economic Committee, Hearings Before the Subcommittee on International Exchange and Payments, 87th Cong., 1st sess., May 16-June 21, 1961 (Washington, 1961), pp. 325–30: 20

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  • Deming, Frederick L. Remarks at the Third International Investment Symposium, U.S. Treasury Department, Press Release, July 14, 1966: 97

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  • Deppler, Michael C. “Some Evidence on the Effects of Exchange Rate Changes on Trade,” Staff Papers, Vol. 21 (1974), pp. 605–36: 445

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  • de Grauwe, Paul. “The Development of the Euro-Currency Market,” Finance and Development, September 1975, pp. 14–16: 499

  • de Vries, Margaret G. “Exchange Depreciation in Developing Countries,” Staff Papers, Vol. 15 (1968), pp. 560–78: 305

  • de Vries, Margaret G. “Multiple Exchange Rates: Expectations and Experiences,” Staff Papers, Vol. 12 (1965), pp. 282–313: 359

E

  • Elson, R. Anthony. See Teigeiro, José D., and R. Anthony Elson

  • Expert Group on International Monetary Issues (Unctad). International Monetary Issues and the Developing Countries (New York, 1965, UN document TD/B/32 and TD/B/C.3/6): 83, 197

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F

  • Fleming, J. Marcus. “Effects of Various Types of Fund Reserve Creation on Fund Liquidity,” Staff Papers, Vol. 12 (1965), pp. 163–88: 51

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  • Fleming, J. Marcus. “The Fund and International Liquidity,” Staff Papers, Vol. 11 (1964), pp. 177–215: 34

  • Fleming, J. Marcus. Guidelines for Balance-of-Payments Adjustment Under the Par-Value System, Essays in International Finance, No. 67 (Princeton, 1968); reprinted in his Essays in International Economics (London and Cambridge, Massachusetts, 1971), pp. 268–95: 501

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  • Fleming, J. Marcus. “International Liquidity: Ends and Means,” Staff Papers, Vol. 8 (1960–61), pp. 439–63: 23

  • Fleming, J. Marcus. “The SDR: Some Problems and Possibilities,” Staff Papers, Vol. 18 (1971), pp. 25–47: 246

  • Fleming, J. Marcus. “Use and Acceptance of Reserve Claims,” Staff Papers, Vol. 13 (1966), pp. 443–52: 94

  • Fowler, Henry H. Speech to Virginia State Bar Association, July 10, 1965, U.S. Treasury Department, Press Release, July 11, 1965, and International Financial News Survey, Vol. 17 (1965), p. 251: 63

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G

  • Giscard d’Estaing, Valéry. “La politique monétaire internationale de la France,” in Exposés de M. Valéry Giscard d’Estaing, Ministre des Finances et des Affaires Economiques, sur les problèmes monétaires internationaux (Paris, 1965), in Les problèmes monétaires internationaux (Paris, 1965), and in Problèmes Economiques, August 1965: 54

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  • Gold, Joseph. “The Amendments,” in History, 1945–1965, Vol. II, Chap. 27: 166

  • Gold, Joseph. Floating Currencies, Gold, and SDRs: Some Recent Legal Developments, IMF Pamphlet Series, No. 19 (Washington, 1976): 533

  • Gold, Joseph. The Fund’s Concepts of Convertibility, IMF Pamphlet Series, No. 14 (Washington, 1971): 168

  • Gold, Joseph. “Legal Technique in the Creation of a New International Reserve Asset: Special Drawing Rights and the Amendment of the Articles of Agreement of the International Monetary Fund,” Case Western Reserve Journal of International Law, Vol. 1 (Cleveland, 1969), pp. 105–23: 152

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  • Gold, Joseph. “The Next Stage in the Development of International Monetary Law: The Deliberate Control of Liquidity,” American Journal of International Law, Vol. 62 (Washington, 1968), pp. 365–402: 161, 166

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  • Gold, Joseph. The Reform of the Fund, IMF Pamphlet Series, No. 12 (Washington, 1969): 166, 253

  • Gold, Joseph. Special Drawing Rights: Character and Use, IMF Pamphlet Series, No. 13, 2nd ed. (Washington, 1970): 166, 178, 188

  • Gold, Joseph. Special Drawing Rights: The Role of Language, IMF Pamphlet Series, No. 15 (Washington, 1971): 153, 154, 166

  • Gold, Joseph. Stand-By Arrangements The Stand-By Arrangements of the International Monetary Fund: A Commentary on Their Formal, Legal, and Financial Aspects (Washington, 1970): 25, 263, 317, 347, 379

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  • Gold, Joseph. Voting and Decisions Voting and Decisions in the International Monetary Fund: An Essay on the Law and Practice of the Fund (Washington, 1972): 616, 621, 625, 631, 632

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  • Group of Seventy-Seven. The Declaration and Principles of the Action Programme of Lima, adopted by the Group of Seventy-Seven at the Second Ministerial Meeting on November 7, 1971: 618

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  • Group of Ten. Communiqué of the Ministers and Governors of the “Group of Ten.” Issued on September 28, 1965, Summary Proceedings, 1965, p. 281: 72

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  • Group of Ten. Communiqué of Ministers and Governors and Report of Deputies ([Frankfurt], 1966): 96, 98

  • Group of Ten. Communiqué of the Ministers and Central Bank Governors of the Group of Ten, July 18, 1967, International Financial News Survey, Vol. 19 (1967), p. 229: 157

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  • Group of Ten. Communiqué of the Ministers and Central Bank Governors of the Group of Ten, December 18, 1971, International Financial News Survey, Vol. 23 (1971), pp. 417–18: 554

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  • Group of Ten. Ministerial Statement of the Group of Ten and Annex Prepared by Deputies ([Washington], 1964): 36

  • Group of Ten. Report of the Study Group on the Creation of Reserve Assets (Washington, 1965): 59

  • Group of Ten. Statement Issued on October 2, 1963 by the Secretary of the Treasury of the United States on Behalf of the “Group of 10” Members of the Fund, Summary Proceedings, 1963, pp. 285–86: 29

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  • Guenther, Jack D. “ ‘Indexing’ Versus Discretionary Action—Brazil’s Fight Against Inflation,” Finance and Development, September 1975, pp. 25–29: 363

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H

  • Habermeier, Walter. Operations and Transactions in SDRs: The First Basic Period, IMF Pamphlet Series, No. 17 (Washington, 1973): 244

  • Hirsch, Fred. “SDRs and the Working of the Gold Exchange Standard,” Staff Papers, Vol. 18 (1971), pp. 221–53: 246

  • Hodjera, Zoran. “International Short-Term Capital Movements: A Survey of Theory and Empirical Analysis,” Staff Papers, Vol. 20 (1973), pp. 683–740: 499

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  • History, 1945–65 The International Monetary Fund, 1945–1965: Twenty Years of International Monetary Cooperation (Washington, 1969). Vol. I, Chronicle, by J. Keith Horsefield: 4, 11, 12, 14, 15, 17, 21, 33, 143, 168, 313, 343, 385, 432, 578, 588, 593, 603, 606, 621, 626, 633, 636, 650; Vol. II, Analysis, by Margaret G. de Vries and J. Keith Horsefield with the collaboration of Joseph Gold, Mary H. Gumbart, Gertrud Lovasy, and Emil G. Spitzer and edited by J. Keith Horsefield: 4, 166, 167, 168, 253, 262, 284, 313, 317, 343, 409, 432, 439, 473, 477, 576, 607, 616, 626, 632, 636, 640; Vol. III, Documents, edited by J. Keith Horsefield: 4, 11, 12, 19, 33, 188, 262, 313, 382, 423, 603

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I

  • An International Development Strategy for the Second United Nations Development Decade (New York, 1970, UN document A/C.2/L.1104/Rev. 1): 245

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  • International Monetary Fund. “The Adequacy of Monetary Reserves,” Staff Papers, Vol. III (1953–54), pp. 181–227, and History, 1945–65, Vol. III, pp. 311–48: 11

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  • International Monetary Fund. Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1961–1972 (Washington, 1961–1972): 1961, 16; 1963, 26, 27; 1964, 34, 35, 41, 46; 1965, 43, 46, 53, 72; 1966, 82, 88, 95; 1967, 139, 204; 1969, 220, 497; 1970, 491, 497; 1971, 419, 497, 520; 1972, 564

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  • International Monetary Fund. Annual Report on Exchange Restrictions, 1972 (Washington, 1972): 575

  • International Monetary Fund. International Financial News Survey: 96, 153, 529, 603 See also references listed by author

  • International Monetary Fund. Establishment of a Facility Based on Special Drawing Rights in the International Monetary Fund and Modifications in the Rules and Practices of the Fund: A Report by the Executive Directors to the Board of Governors Proposing Amendment of the Articles of Agreement (Washington, April 1968): 175, 204

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  • International Monetary Fund. International Reserves and Liquidity (Washington, 1958): 12.

  • International Monetary Fund. Press Release No. 853, August 20, 1971: 533

  • International Monetary Fund. The Problem of Stabilization of Prices of Primary Products: A Joint Staff Study (Part I), International Monetary Fund and International Bank for Reconstruction and Development; Report of the Executive Directors [and] Scope for Action by the Fund (Part II of a Staff Study), International Monetary Fund (Washington, 1969, 2 vols.): 273, 274, 279, 280

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  • International Monetary Fund. A Report to the Board of Governors of the International Monetary Fund Containing the Managing Director’s Proposal on the Allocation of Special Drawing Rights for the First Basic Period (Washington, 1969): 220

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  • International Monetary Fund. The Role of Exchange Rates in the Adjustment of International Payments (Washington, 1970): 484, 512

  • International Monetary Fund. Special Drawing Account: Manual of Procedures [for] Operations and Transactions in Special Drawing Rights (Washington, 1970); and Supplement No. 1, Principles and Procedures for Reconstitution (Washington, 1971); and Revised Supplement No. 1, Principles and Procedures for Reconstitution (Washington, 1973): 231

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  • 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—): 1960, 16; 1961, 16, 21; 1962, 22, 23, 24; 1963, 26, 28, 29, 30, 31; 1964, 38, 39, 40, 41, 42, 255; 1965, 68, 69, 70, 71, 72, 73, 81, 255; 1966, 102, 103, 271, 593; 1967, 159, 173, 270, 271, 272, 273, 594; 1968, 175, 176, 278, 285, 348, 377, 406, 407, 408, 411, 484, 594; 1969, 177, 178, 187, 189, 212, 219, 220, 267, 281, 282, 285, 294, 304, 409, 417, 459, 503, 504, 594; 1970, 245, 267, 282, 416, 426, 491, 514, 515, 578, 601, 625, 631; 1971, 244, 246, 267, 426, 427, 546, 547, 601, 651

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  • International Reserves: Needs and Availability, Papers and Proceedings of a Seminar at the International Monetary Fund (Washington, 1970): 87, 214, 221

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  • International Monetary Reform and Latin America, report to Inter-American Committee on the Alliance for Progress (ciap), 1966: 85, 198

J

  • Jacobsson, Per. “Fund Report at ECOSOC,” International Financial News Survey, Vol. 13 (1961), pp. 121–27: 21

  • Jacobsson, Per. “The Two Functions of an International Monetary Standard: Stability and Liquidity,” in World Monetary Reform: Plans and Issues, Herbert G. Grubel, ed. (Stanford, 1963), pp. 227–37: 22

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  • Jones, Edgar. “The Fund and the GATT,” Finance and Development, September 1972, pp. 30–33: 607

  • Junz, Helen B., and Rudolf R. Rhomberg, “Price Competitiveness in Export Trade Among Industrial Countries,” American Economic Review (Papers and Proceedings of the Eighty-Fifth Annual Meeting of the American Economic Association), Vol. 63 (1973), pp. 412–18: 445

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K

Khatkhate, Deena R. “Analytic Basis of the Working of Monetary Policy in Less Developed Countries,” Staff Papers, Vol. 19 (1972), pp. 533–58: 368

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M

  • Machlup, Fritz. Plans for Reform of the International Monetary System, Special Papers in International Economics, No. 3 (Princeton, 1962): 21

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  • Machlup, Fritz. Remaking the International Monetary System: The Rio Agreement and Beyond, Committee for Economic Development, Supplementary Paper No. 24 (Baltimore, 1968): 155

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  • Machlup, Fritz, and Burton G. Malkiel, eds. International Monetary Arrangements—The Problem of Choice: Report on the Deliberations of an International Study Group of 32 Economists (Princeton, 1964): 29, 38

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  • Morgan Guaranty Trust Company, World Financial Markets: 497

  • Le Monde, Paris, February 6 and 13, 1965: 61

O

Onitsuke, Yusuke. See Bhagwat, Avinash, and Yusuke Onitsuke

P

  • Park, Yung Chul. “Some Current Issues on the Transmission Process of Monetary Policy,” Staff Papers, Vol. 19 (1972), pp. 1–45: 368

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  • Park, Yung Chul. “The Variability of Velocity: An International Comparison,” Staff Papers, Vol. 17 (1970), pp. 620–37: 367

  • Partners in Development, Report of the Commission on International Development (New York, 1969), p. 220: 613

  • Polak, J. J. “Monetary Analysis of Income Formation and Payments Problems,” Staff Papers, Vol. 6 (1957–58), pp. 1–50: 366

  • Polak, J. J.. “The Report of the International Monetary Fund,” American Economic Review (Papers and Proceedings of the Seventy-Seventh Annual Meeting of the American Economic Association), Vol. 55 (1965), pp. 158–65: 61

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  • Polak, J. J.. Some Reflections on the Nature of Special Drawing Rights, IMF Pamphlet Series, No. 16 (Washington, 1971): 178

  • Polak, J. J., and Victor Argy. “Credit Policy and the Balance of Payments,” Staff Papers, Vol. 18 (1971), pp. 1–24: 366

  • Polak, J. J., and Lorette Boissonneault. “Monetary Analysis of Income and Imports and Its Statistical Application,” Staff Papers, Vol. 7 (1959–60), pp. 349–415: 366

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  • Posthuma, S. “The International Monetary System,” Quarterly Review, Banca Nazionale del Lavoro (Rome), September 1963, pp. 239–61: 53

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Q

  • Questions and Answers on the International Monetary Fund (June 10, 1944), History, 1945–64, Vol. III, pp. 136–82: 188

  • Quinn, Brian. See Bhatia, Rattan J., Gyorgy Szapary, and Brian Quinn

R

  • [Radcliffe] Committee on the Working of the Monetary System, Report (London, Cmnd. 827, 1959), pp. 241 and 247–48: 20

  • Rhomberg, Rudolf R. See Artus, Jacques R., and Rudolf R. Rhomberg; Junz, Helen B., and Rudolf R. Rhomberg

  • Robichek, E. Walter, and Carlos E. Sansón. “The Balance of Payments Performance of Latin America and the Caribbean, 1966–70,” Staff Papers, Vol. 19 (1972), pp. 286–343: 367

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  • Roosa, Robert V. Monetary Reform for the World Economy, The Elihu Root Lectures, 1964–65 (New York, 1965): 54

S

  • Sakakibara, Eisuke. “The Euro-Currency Market in Perspective,” Finance and Development, September 1975, pp. 11–13: 498

  • Sansón, Carlos E. See Robichek, E. Walter, and Carlos E. Sansón

  • Schweitzer, Pierre-Paul. Speech, Ecosoc, February 24, 1966, International Financial News Survey, Vol. 18 (1966), Supplement, pp. 65–68: 90

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  • Schweitzer, Pierre-Paul. Speech, Federation of German Industries, April 25, 1966, International Financial News Survey, Vol. 18 (1966), Supplement, pp. 141–44: 90, 91

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  • Schweitzer, Pierre-Paul. Speech, Institut d’Etudes Bancaires et Financières, June 2, 1965, International Financial News Survey, Vol. 17 (1965), Supplement, pp. 209–16: 64

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  • Schweitzer, Pierre-Paul. Speech, National Foreign Trade Convention, November 16, 1964, International Financial News Survey, Vol. 16 (1964), pp. 441–45: 45, 46

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  • Schweitzer, Pierre-Paul. Speech, University School of Economies, Bombay University, September 29, 1964, International Financial News Survey, Vol. 16 (1964), Supplement, pp. 361–64: 45

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  • Shonfield, Andrew, ed. International Economic Relations of the Western World, 1959–1971, Vol. 2—International Monetary Relations, by Susan Strange (London, 1976), Chap. 6: 498

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  • Southard, Frank A., Jr. Speech, Jno. E. Owens Memorial Foundation, March 27, 1964, International Financial News Survey, Vol. 16 (1964), Supplement, pp. 113–16: 44

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  • Staff Papers, International Monetary Fund (Washington): see various articles listed by author

  • Stamp, Maxwell. “Changes in the World’s Payments System,” Moorgate and Wall Street (London), Spring 1961, pp. 3–22: 19

  • Stamp, Maxwell. “The Fund and the Future,” Lloyds Bank Review (London), October 1958, pp. 1–20: 19

  • Stamp, Maxwell. “The Stamp Plan—1962 Version,” Moorgate and Wall Street (London), Autumn 1962, pp. 5–17: 19

  • Summary Proceedings: see International Monetary Fund

  • Szapary, Gyorgy. See Bhatia, Rattan J., Gyorgy Szapary, and Brian Quinn

T

  • Teigeiro, José D., and R. Anthony Elson. “The Export Promotion System and the Growth of Minor Exports in Colombia,” Staff Papers, Vol. 20 (1973), pp. 419–70: 359

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  • Triffin, Robert. “An Agreed International Monetary Standard,” Annals of International Studies, Alumni Association of the Graduate Institute of International Studies (Geneva, 1970), pp. 214–23: 246

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  • Triffin, Robert. “Altman on Triffin: A Rebuttal,” Quarterly Review, Banca Nazionale del Lavoro (Rome), March 1961, pp. 31–50: 22

  • Triffin, Robert. “A Brief for the Defense,” Staff Papers, Vol. 8 (1960–61), pp. 192–94: 22

  • Triffin, Robert. Gold and the Dollar Crisis: The Future of Convertibility (New Haven, 1960): 17

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  • Triffin, Robert. “Statement,” in Employment, Growth and Price Levels, U.S. Congress, Joint Economic Committee, Hearings, 86th Cong., 1st sess., October 26–30, 1959 (Washington, 1959), Part 9A, pp. 2905–54: 17

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  • Triffin, Robert. “Tomorrow’s Convertibility: Aims and Means of International Monetary Policy,” Quarterly Review, Banca Nazionale del Lavoro (Rome), June 1959, pp. 131–200: 17

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U

  • United Nations. Document A/C.2/270 (1971): 618

  • United Nations. Document A/C.2/L.1104/Rev. 1 (1970): 245

  • United Nations. Document TD/11/RES/19 (1968): 273

  • United Nations. Document TD/143 (1971): 618

  • United Nations. Document TD/B/32 (1965): 83, 197

  • United Nations. Document TD/B/75 (1966): 85

  • United Nations. Document TD/B/C.3/6 (1965): 83, 197

  • United Nations. General Assembly Resolution (International Monetary Reform) 2208 (XXI), December 17, 1966: 84

  • United Nations. A Study of the Capacity of the United Nations Development System (Geneva, 1969), 2 vols.: 605

  • United Nations Conference on Trade and Development (Unctad). Proceedings of the United Nations Conference on Trade and Development, Volume I: Final Act and Report (New York, 1964): 617 See also Expert Group on International Monetary Issues; Group of Seventy-Seven; and United Nations. Documents

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  • U.S. Commission on International Trade and Investment Policy, United States International Economic Policy in an Interdependent World: Report to the President (Washington, 1971): 529, 537

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  • U.S. Congress, Joint Economic Committee. Action Now to Strengthen the U.S. Dollar: Report of the Subcommittee on International Exchange and Payments, 92nd Cong., 1st sess. (Washington, 1971): 528, 537 See also Bernstein, Edward M., Day, A. C. L., and Triffin, Robert

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  • U.S. Department of Commerce. News, May 17, 1971: 527

  • U.S. Department of State. Department of State Bulletin, Vol. 49 (1963) and Vol. 59 (1968): 26, 187

W

  • The World Bank Since Bretton Woods, by Edward S. Mason and Robert E. Asher (Washington, 1973), Chap. 16: 615

  • World Monetary Reform: Plans and Issues, Herbert G. Grubel, ed. (Stanford, 1963): 21, 22

Z

“Zehner-Gruppe und Reform des Weltwàhrungssys-tems,” Auszüge aus Presseartikeln, Deutsche Bundesbank, January 26, 1966, pp. 1–6: 81

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Cover The International Monetary Fund 1966-1971
The International Monetary Fund 1966-1971
The System Under Stress Volume I: Narrative
ISBN:
9781451971477
Publication Date:
29 Feb 1996
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781451971477.071
Pages:
722
Front Matter
Part One: The Birth of SDRs
Part Two: Allocation and First Use of SDRs
Part Three: General Resources: New Challenges and Responses
Part Four: Gold
Part Five: Exchange Rates in Crisis
Part Six: The Fund as an Institution
Back Matter

  • Adekunle, Joseph O. “The Demand for Money: Evidence from Developed and Less Developed Economies,” Staff Papers, Vol. 15 (1968), pp. 220–66: 367

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  • Altman, Oscar L. “Euro-Dollars: Some Further Comments,” Staff Papers, Vol. 12 (1965), pp. 1–16: 497

  • Altman, Oscar L. “Foreign Markets for Dollars, Sterling, and Other Currencies,” Staff Papers, Vol. 8 (1960–61), pp. 313–52: 497

  • Altman, Oscar L. “The Management of International Liquidity,” Staff Papers, Vol. 11 (1964), pp. 216–47: 34

  • Altman, Oscar L. “Professor Triffin on International Liquidity and the Role of the Fund,” Staff Papers, Vol. 8 (1960–61), pp. 151–91: 22

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  • Altman, Oscar L. “Quotas in the International Monetary Fund,” Staff Papers, Vol. 5 (1956–57), pp. 129–50: 291

  • Altman, Oscar L. “Recent Developments in Foreign Markets for Dollars and Other Currencies,” Staff Papers, Vol. 10 (1963), pp. 48–96: 497

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  • Annual Report, 19—: see International Monetary Fund. Annual Report of the Executive Directors …

  • Annual Report on Exchange Restrictions: see International Monetary Fund

  • Approaches to Greater Flexibility of Exchange Rates: The Bürgenstock Papers, arranged by C. Fred Bergsten, George N. Halm, Fritz Machlup, and Robert V. Roosa, and edited by George N. Halm (Princeton, 1970): 483

  • Argy, Victor. “The Impact of Monetary Policy on Expenditure with Particular Reference to the United Kingdom,” Staff Papers, Vol. 16 (1969), pp. 436–88: 367

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  • Argy, Victor. “The Role of Money in Economic Activity: Some Results for 17 Developed Countries,” Staff Papers, Vol. 17 (1970), pp. 527–62: 367 See also Polak, J. J., and Victor Argy

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  • Armington, Paul S. “Adjustment of Trade Balances: Some Experiments with a Model of Trade Among Many Countries,” Staff Papers, Vol. 17 (1970), pp. 488–526: 537

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  • Armington, Paul S. “The Geographic Pattern of Trade and the Effects of Price Changes,” Staff Papers, Vol. 16 (1969), pp. 179–201: 537

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  • Armington, Paul S. “A Theory of Demand for Products Distinguished by Place of Production,” Staff Papers, Vol. 16 (1969), pp. 159–78: 537

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  • Artus, Jacques R. “The Behavior of Export Prices for Manufactures,” Staff Papers, Vol. 21 (1974), pp. 583–604: 445

  • Artus, Jacques R. “The Effect of Revaluation on the Foreign Travel Balance of Germany,” Staff Papers, Vol. 17 (1970), pp. 602–19: 463

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  • Artus, Jacques R. “The 1967 Devaluation of the Pound Sterling,” Staff Papers, Vol. 22 (1975), pp. 595–640: 445

  • Artus, Jacques R., and Rudolf R. Rhomberg. “A Multilateral Exchange Rate Model,” Staff Papers, Vol. 20 (1973), pp. 591–611: 537

  • Bank for International Settlements. Annual Reports: 497

  • Bell, Geoffrey. The Euro-Dollar Market and the International Financial System (London, 1973): 498

  • Bernstein, Edward M. “The Adequacy of United States Gold Reserves,” American Economic Review (Papers and Proceedings of the Seventy-Third Annual Meeting of the American Economic Association), Vol. 51 (1961), pp. 439–46: 20

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  • Bernstein, Edward M. “The Dollar Is the Problem of the International Monetary System,” Quarterly Review and Investment Survey, Model, Roland & Co. (New York), Second Quarter, 1971, pp. 1–12: 246

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  • Bernstein, Edward M. “Further Evolution of the International Monetary System,” Moorgate and Wall Street (London), Summer 1965, pp. 51–70: 54

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  • Bernstein, Edward M. “International Effects of U.S. Economic Policy,” in Employment, Growth and Price Levels, U.S. Congress, Joint Economic Committee (Study Paper No. 16), 86th Cong., 2nd sess. (Washington, 1960): 20

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  • Bernstein, Edward M. “A Practical Program for International Monetary Reserves,” Quarterly Review and Investment Survey, Model, Roland & Co. (New York), Fourth Quarter, 1963, pp. 1–8: 53

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  • Bernstein, Edward M. “Statement: The Problem of International Monetary Reserves,” in International Payments Imbalances and Need for Strengthening International Financial Arrangements, U.S. Congress, Joint Economic Committee, Hearings Before the Subcommittee on International Exchange and Payments, 87th Cong., 1st sess., May 16-June 21, 1961 (Washington, 1961), pp. 107–37: 20

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  • Bernstein, Edward M. “The U.S. Balance of Payments and International Liquidity” (June 18, 1965), “Changes in the International Monetary System” (October 27, 1964), “Two Reports on International Liquidity” (August 19, 1964), and “The Underdeveloped Countries and Monetary Reserves” (March 24, 1965), in Guidelines for International Monetary Reform, U.S. Congress, Joint Economic Committee, Hearings Before the Subcommittee on International Exchange and Payments, 89th Cong., 1st sess. (Washington, 1965), Part 2, Supplement, pp. 230–81: 54

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  • Bhagwat, Avinash, and Yusuke Onitsuka. “Export-Import Responses to Devaluation: Experience of the Nonindustrial Countries in the 1960s,” Staff Papers, Vol. 21 (1974), pp. 414–62: 445

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  • Bhatia, Rattan J. “Factors Influencing Changes in Money Supply in BCEAO Countries,” Staff Papers, Vol. 18 (1971), pp. 389–98: 367

  • Bhatia, Rattan J., Gyorgy Szapary, and Brian Quinn. “Stabilization Program in Sierra Leone,” Staff Papers, Vol. 16 (1969), pp. 504–28: 366

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  • Boissonneault, Lorette. See Polak, J. J., and Lorette Boissonneault

  • Bürgenstock Papers: see Approaches to Greater Flexibility of Exchange Rates

  • Chandavarkar, Anand G. “Some Aspects of Interest Rate Policies in Less Developed Economies: The Experience of Selected Asian Countries,” Staff Papers, Vol. 18 (1971), pp. 48–112: 367

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  • CIAP. See International Monetary Reform and Latin America

  • Day, A. C. L. “Memorandum of Evidence,” in Principal Memoranda of Evidence, [Radcliffe] Committee on the Working of the Monetary System, Vol. 3 (London, 1960): 20

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  • Day, A. C. L. “The World’s Payments System,” in International Payments Imbalances and Need for Strengthening International Financial Arrangements, U.S. Congress, Joint Economic Committee, Hearings Before the Subcommittee on International Exchange and Payments, 87th Cong., 1st sess., May 16-June 21, 1961 (Washington, 1961), pp. 325–30: 20

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  • Deming, Frederick L. Remarks at the Third International Investment Symposium, U.S. Treasury Department, Press Release, July 14, 1966: 97

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  • Deppler, Michael C. “Some Evidence on the Effects of Exchange Rate Changes on Trade,” Staff Papers, Vol. 21 (1974), pp. 605–36: 445

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  • de Grauwe, Paul. “The Development of the Euro-Currency Market,” Finance and Development, September 1975, pp. 14–16: 499

  • de Vries, Margaret G. “Exchange Depreciation in Developing Countries,” Staff Papers, Vol. 15 (1968), pp. 560–78: 305

  • de Vries, Margaret G. “Multiple Exchange Rates: Expectations and Experiences,” Staff Papers, Vol. 12 (1965), pp. 282–313: 359

  • Elson, R. Anthony. See Teigeiro, José D., and R. Anthony Elson

  • Expert Group on International Monetary Issues (Unctad). International Monetary Issues and the Developing Countries (New York, 1965, UN document TD/B/32 and TD/B/C.3/6): 83, 197

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  • Fleming, J. Marcus. “Effects of Various Types of Fund Reserve Creation on Fund Liquidity,” Staff Papers, Vol. 12 (1965), pp. 163–88: 51

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  • Fleming, J. Marcus. “The Fund and International Liquidity,” Staff Papers, Vol. 11 (1964), pp. 177–215: 34

  • Fleming, J. Marcus. Guidelines for Balance-of-Payments Adjustment Under the Par-Value System, Essays in International Finance, No. 67 (Princeton, 1968); reprinted in his Essays in International Economics (London and Cambridge, Massachusetts, 1971), pp. 268–95: 501

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  • Fleming, J. Marcus. “International Liquidity: Ends and Means,” Staff Papers, Vol. 8 (1960–61), pp. 439–63: 23

  • Fleming, J. Marcus. “The SDR: Some Problems and Possibilities,” Staff Papers, Vol. 18 (1971), pp. 25–47: 246

  • Fleming, J. Marcus. “Use and Acceptance of Reserve Claims,” Staff Papers, Vol. 13 (1966), pp. 443–52: 94

  • Fowler, Henry H. Speech to Virginia State Bar Association, July 10, 1965, U.S. Treasury Department, Press Release, July 11, 1965, and International Financial News Survey, Vol. 17 (1965), p. 251: 63

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  • Giscard d’Estaing, Valéry. “La politique monétaire internationale de la France,” in Exposés de M. Valéry Giscard d’Estaing, Ministre des Finances et des Affaires Economiques, sur les problèmes monétaires internationaux (Paris, 1965), in Les problèmes monétaires internationaux (Paris, 1965), and in Problèmes Economiques, August 1965: 54

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  • Gold, Joseph. “The Amendments,” in History, 1945–1965, Vol. II, Chap. 27: 166

  • Gold, Joseph. Floating Currencies, Gold, and SDRs: Some Recent Legal Developments, IMF Pamphlet Series, No. 19 (Washington, 1976): 533

  • Gold, Joseph. The Fund’s Concepts of Convertibility, IMF Pamphlet Series, No. 14 (Washington, 1971): 168

  • Gold, Joseph. “Legal Technique in the Creation of a New International Reserve Asset: Special Drawing Rights and the Amendment of the Articles of Agreement of the International Monetary Fund,” Case Western Reserve Journal of International Law, Vol. 1 (Cleveland, 1969), pp. 105–23: 152

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  • Gold, Joseph. “The Next Stage in the Development of International Monetary Law: The Deliberate Control of Liquidity,” American Journal of International Law, Vol. 62 (Washington, 1968), pp. 365–402: 161, 166

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  • Gold, Joseph. The Reform of the Fund, IMF Pamphlet Series, No. 12 (Washington, 1969): 166, 253

  • Gold, Joseph. Special Drawing Rights: Character and Use, IMF Pamphlet Series, No. 13, 2nd ed. (Washington, 1970): 166, 178, 188

  • Gold, Joseph. Special Drawing Rights: The Role of Language, IMF Pamphlet Series, No. 15 (Washington, 1971): 153, 154, 166

  • Gold, Joseph. Stand-By Arrangements The Stand-By Arrangements of the International Monetary Fund: A Commentary on Their Formal, Legal, and Financial Aspects (Washington, 1970): 25, 263, 317, 347, 379

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  • Gold, Joseph. Voting and Decisions Voting and Decisions in the International Monetary Fund: An Essay on the Law and Practice of the Fund (Washington, 1972): 616, 621, 625, 631, 632

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  • Group of Seventy-Seven. The Declaration and Principles of the Action Programme of Lima, adopted by the Group of Seventy-Seven at the Second Ministerial Meeting on November 7, 1971: 618

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  • Group of Ten. Communiqué of the Ministers and Governors of the “Group of Ten.” Issued on September 28, 1965, Summary Proceedings, 1965, p. 281: 72

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  • Group of Ten. Communiqué of Ministers and Governors and Report of Deputies ([Frankfurt], 1966): 96, 98

  • Group of Ten. Communiqué of the Ministers and Central Bank Governors of the Group of Ten, July 18, 1967, International Financial News Survey, Vol. 19 (1967), p. 229: 157

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  • Group of Ten. Communiqué of the Ministers and Central Bank Governors of the Group of Ten, December 18, 1971, International Financial News Survey, Vol. 23 (1971), pp. 417–18: 554

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  • Group of Ten. Ministerial Statement of the Group of Ten and Annex Prepared by Deputies ([Washington], 1964): 36

  • Group of Ten. Report of the Study Group on the Creation of Reserve Assets (Washington, 1965): 59

  • Group of Ten. Statement Issued on October 2, 1963 by the Secretary of the Treasury of the United States on Behalf of the “Group of 10” Members of the Fund, Summary Proceedings, 1963, pp. 285–86: 29

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  • Guenther, Jack D. “ ‘Indexing’ Versus Discretionary Action—Brazil’s Fight Against Inflation,” Finance and Development, September 1975, pp. 25–29: 363

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  • Habermeier, Walter. Operations and Transactions in SDRs: The First Basic Period, IMF Pamphlet Series, No. 17 (Washington, 1973): 244

  • Hirsch, Fred. “SDRs and the Working of the Gold Exchange Standard,” Staff Papers, Vol. 18 (1971), pp. 221–53: 246

  • Hodjera, Zoran. “International Short-Term Capital Movements: A Survey of Theory and Empirical Analysis,” Staff Papers, Vol. 20 (1973), pp. 683–740: 499

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  • History, 1945–65 The International Monetary Fund, 1945–1965: Twenty Years of International Monetary Cooperation (Washington, 1969). Vol. I, Chronicle, by J. Keith Horsefield: 4, 11, 12, 14, 15, 17, 21, 33, 143, 168, 313, 343, 385, 432, 578, 588, 593, 603, 606, 621, 626, 633, 636, 650; Vol. II, Analysis, by Margaret G. de Vries and J. Keith Horsefield with the collaboration of Joseph Gold, Mary H. Gumbart, Gertrud Lovasy, and Emil G. Spitzer and edited by J. Keith Horsefield: 4, 166, 167, 168, 253, 262, 284, 313, 317, 343, 409, 432, 439, 473, 477, 576, 607, 616, 626, 632, 636, 640; Vol. III, Documents, edited by J. Keith Horsefield: 4, 11, 12, 19, 33, 188, 262, 313, 382, 423, 603

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  • An International Development Strategy for the Second United Nations Development Decade (New York, 1970, UN document A/C.2/L.1104/Rev. 1): 245

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  • International Monetary Fund. “The Adequacy of Monetary Reserves,” Staff Papers, Vol. III (1953–54), pp. 181–227, and History, 1945–65, Vol. III, pp. 311–48: 11

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  • International Monetary Fund. Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1961–1972 (Washington, 1961–1972): 1961, 16; 1963, 26, 27; 1964, 34, 35, 41, 46; 1965, 43, 46, 53, 72; 1966, 82, 88, 95; 1967, 139, 204; 1969, 220, 497; 1970, 491, 497; 1971, 419, 497, 520; 1972, 564

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  • International Monetary Fund. Annual Report on Exchange Restrictions, 1972 (Washington, 1972): 575

  • International Monetary Fund. International Financial News Survey: 96, 153, 529, 603 See also references listed by author

  • International Monetary Fund. Establishment of a Facility Based on Special Drawing Rights in the International Monetary Fund and Modifications in the Rules and Practices of the Fund: A Report by the Executive Directors to the Board of Governors Proposing Amendment of the Articles of Agreement (Washington, April 1968): 175, 204

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  • International Monetary Fund. International Reserves and Liquidity (Washington, 1958): 12.

  • International Monetary Fund. Press Release No. 853, August 20, 1971: 533

  • International Monetary Fund. The Problem of Stabilization of Prices of Primary Products: A Joint Staff Study (Part I), International Monetary Fund and International Bank for Reconstruction and Development; Report of the Executive Directors [and] Scope for Action by the Fund (Part II of a Staff Study), International Monetary Fund (Washington, 1969, 2 vols.): 273, 274, 279, 280

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  • International Monetary Fund. A Report to the Board of Governors of the International Monetary Fund Containing the Managing Director’s Proposal on the Allocation of Special Drawing Rights for the First Basic Period (Washington, 1969): 220

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  • International Monetary Fund. The Role of Exchange Rates in the Adjustment of International Payments (Washington, 1970): 484, 512

  • International Monetary Fund. Special Drawing Account: Manual of Procedures [for] Operations and Transactions in Special Drawing Rights (Washington, 1970); and Supplement No. 1, Principles and Procedures for Reconstitution (Washington, 1971); and Revised Supplement No. 1, Principles and Procedures for Reconstitution (Washington, 1973): 231

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  • 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—): 1960, 16; 1961, 16, 21; 1962, 22, 23, 24; 1963, 26, 28, 29, 30, 31; 1964, 38, 39, 40, 41, 42, 255; 1965, 68, 69, 70, 71, 72, 73, 81, 255; 1966, 102, 103, 271, 593; 1967, 159, 173, 270, 271, 272, 273, 594; 1968, 175, 176, 278, 285, 348, 377, 406, 407, 408, 411, 484, 594; 1969, 177, 178, 187, 189, 212, 219, 220, 267, 281, 282, 285, 294, 304, 409, 417, 459, 503, 504, 594; 1970, 245, 267, 282, 416, 426, 491, 514, 515, 578, 601, 625, 631; 1971, 244, 246, 267, 426, 427, 546, 547, 601, 651

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  • International Reserves: Needs and Availability, Papers and Proceedings of a Seminar at the International Monetary Fund (Washington, 1970): 87, 214, 221

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  • International Monetary Reform and Latin America, report to Inter-American Committee on the Alliance for Progress (ciap), 1966: 85, 198

  • Jacobsson, Per. “Fund Report at ECOSOC,” International Financial News Survey, Vol. 13 (1961), pp. 121–27: 21

  • Jacobsson, Per. “The Two Functions of an International Monetary Standard: Stability and Liquidity,” in World Monetary Reform: Plans and Issues, Herbert G. Grubel, ed. (Stanford, 1963), pp. 227–37: 22

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  • Jones, Edgar. “The Fund and the GATT,” Finance and Development, September 1972, pp. 30–33: 607

  • Junz, Helen B., and Rudolf R. Rhomberg, “Price Competitiveness in Export Trade Among Industrial Countries,” American Economic Review (Papers and Proceedings of the Eighty-Fifth Annual Meeting of the American Economic Association), Vol. 63 (1973), pp. 412–18: 445

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  • Khatkhate, Deena R. “Analytic Basis of the Working of Monetary Policy in Less Developed Countries,” Staff Papers, Vol. 19 (1972), pp. 533–58: 368

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  • Machlup, Fritz. Plans for Reform of the International Monetary System, Special Papers in International Economics, No. 3 (Princeton, 1962): 21

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  • Machlup, Fritz. Remaking the International Monetary System: The Rio Agreement and Beyond, Committee for Economic Development, Supplementary Paper No. 24 (Baltimore, 1968): 155

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  • Machlup, Fritz, and Burton G. Malkiel, eds. International Monetary Arrangements—The Problem of Choice: Report on the Deliberations of an International Study Group of 32 Economists (Princeton, 1964): 29, 38

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  • Morgan Guaranty Trust Company, World Financial Markets: 497

  • Le Monde, Paris, February 6 and 13, 1965: 61

  • Onitsuke, Yusuke. See Bhagwat, Avinash, and Yusuke Onitsuke

  • Park, Yung Chul. “Some Current Issues on the Transmission Process of Monetary Policy,” Staff Papers, Vol. 19 (1972), pp. 1–45: 368

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  • Park, Yung Chul. “The Variability of Velocity: An International Comparison,” Staff Papers, Vol. 17 (1970), pp. 620–37: 367

  • Partners in Development, Report of the Commission on International Development (New York, 1969), p. 220: 613

  • Polak, J. J. “Monetary Analysis of Income Formation and Payments Problems,” Staff Papers, Vol. 6 (1957–58), pp. 1–50: 366

  • Polak, J. J.. “The Report of the International Monetary Fund,” American Economic Review (Papers and Proceedings of the Seventy-Seventh Annual Meeting of the American Economic Association), Vol. 55 (1965), pp. 158–65: 61

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  • Polak, J. J.. Some Reflections on the Nature of Special Drawing Rights, IMF Pamphlet Series, No. 16 (Washington, 1971): 178

  • Polak, J. J., and Victor Argy. “Credit Policy and the Balance of Payments,” Staff Papers, Vol. 18 (1971), pp. 1–24: 366

  • Polak, J. J., and Lorette Boissonneault. “Monetary Analysis of Income and Imports and Its Statistical Application,” Staff Papers, Vol. 7 (1959–60), pp. 349–415: 366

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  • Posthuma, S. “The International Monetary System,” Quarterly Review, Banca Nazionale del Lavoro (Rome), September 1963, pp. 239–61: 53

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  • Questions and Answers on the International Monetary Fund (June 10, 1944), History, 1945–64, Vol. III, pp. 136–82: 188

  • Quinn, Brian. See Bhatia, Rattan J., Gyorgy Szapary, and Brian Quinn

  • [Radcliffe] Committee on the Working of the Monetary System, Report (London, Cmnd. 827, 1959), pp. 241 and 247–48: 20

  • Rhomberg, Rudolf R. See Artus, Jacques R., and Rudolf R. Rhomberg; Junz, Helen B., and Rudolf R. Rhomberg

  • Robichek, E. Walter, and Carlos E. Sansón. “The Balance of Payments Performance of Latin America and the Caribbean, 1966–70,” Staff Papers, Vol. 19 (1972), pp. 286–343: 367

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  • Roosa, Robert V. Monetary Reform for the World Economy, The Elihu Root Lectures, 1964–65 (New York, 1965): 54

  • Sakakibara, Eisuke. “The Euro-Currency Market in Perspective,” Finance and Development, September 1975, pp. 11–13: 498

  • Sansón, Carlos E. See Robichek, E. Walter, and Carlos E. Sansón

  • Schweitzer, Pierre-Paul. Speech, Ecosoc, February 24, 1966, International Financial News Survey, Vol. 18 (1966), Supplement, pp. 65–68: 90

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  • Schweitzer, Pierre-Paul. Speech, Federation of German Industries, April 25, 1966, International Financial News Survey, Vol. 18 (1966), Supplement, pp. 141–44: 90, 91

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  • Schweitzer, Pierre-Paul. Speech, Institut d’Etudes Bancaires et Financières, June 2, 1965, International Financial News Survey, Vol. 17 (1965), Supplement, pp. 209–16: 64

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  • Schweitzer, Pierre-Paul. Speech, National Foreign Trade Convention, November 16, 1964, International Financial News Survey, Vol. 16 (1964), pp. 441–45: 45, 46

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  • Schweitzer, Pierre-Paul. Speech, University School of Economies, Bombay University, September 29, 1964, International Financial News Survey, Vol. 16 (1964), Supplement, pp. 361–64: 45

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  • Shonfield, Andrew, ed. International Economic Relations of the Western World, 1959–1971, Vol. 2—International Monetary Relations, by Susan Strange (London, 1976), Chap. 6: 498

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  • Southard, Frank A., Jr. Speech, Jno. E. Owens Memorial Foundation, March 27, 1964, International Financial News Survey, Vol. 16 (1964), Supplement, pp. 113–16: 44

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  • Staff Papers, International Monetary Fund (Washington): see various articles listed by author

  • Stamp, Maxwell. “Changes in the World’s Payments System,” Moorgate and Wall Street (London), Spring 1961, pp. 3–22: 19

  • Stamp, Maxwell. “The Fund and the Future,” Lloyds Bank Review (London), October 1958, pp. 1–20: 19

  • Stamp, Maxwell. “The Stamp Plan—1962 Version,” Moorgate and Wall Street (London), Autumn 1962, pp. 5–17: 19

  • Summary Proceedings: see International Monetary Fund

  • Szapary, Gyorgy. See Bhatia, Rattan J., Gyorgy Szapary, and Brian Quinn

  • Teigeiro, José D., and R. Anthony Elson. “The Export Promotion System and the Growth of Minor Exports in Colombia,” Staff Papers, Vol. 20 (1973), pp. 419–70: 359

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  • Triffin, Robert. “An Agreed International Monetary Standard,” Annals of International Studies, Alumni Association of the Graduate Institute of International Studies (Geneva, 1970), pp. 214–23: 246

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  • Triffin, Robert. “Altman on Triffin: A Rebuttal,” Quarterly Review, Banca Nazionale del Lavoro (Rome), March 1961, pp. 31–50: 22

  • Triffin, Robert. “A Brief for the Defense,” Staff Papers, Vol. 8 (1960–61), pp. 192–94: 22

  • Triffin, Robert. Gold and the Dollar Crisis: The Future of Convertibility (New Haven, 1960): 17

  • Triffin, Robert. “The Return to Convertibility: 1926–1931 and 1958—? or, Convertibility and the Morning After,” Quarterly Review, Banca Nazionale del Lavoro (Rome), March 1959, pp. 3–57: 17

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  • Triffin, Robert. “Statement,” in Employment, Growth and Price Levels, U.S. Congress, Joint Economic Committee, Hearings, 86th Cong., 1st sess., October 26–30, 1959 (Washington, 1959), Part 9A, pp. 2905–54: 17

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  • Triffin, Robert. “Tomorrow’s Convertibility: Aims and Means of International Monetary Policy,” Quarterly Review, Banca Nazionale del Lavoro (Rome), June 1959, pp. 131–200: 17

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  • United Nations. Document A/C.2/270 (1971): 618

  • United Nations. Document A/C.2/L.1104/Rev. 1 (1970): 245

  • United Nations. Document TD/11/RES/19 (1968): 273

  • United Nations. Document TD/143 (1971): 618

  • United Nations. Document TD/B/32 (1965): 83, 197

  • United Nations. Document TD/B/75 (1966): 85

  • United Nations. Document TD/B/C.3/6 (1965): 83, 197

  • United Nations. General Assembly Resolution (International Monetary Reform) 2208 (XXI), December 17, 1966: 84

  • United Nations. A Study of the Capacity of the United Nations Development System (Geneva, 1969), 2 vols.: 605

  • United Nations Conference on Trade and Development (Unctad). Proceedings of the United Nations Conference on Trade and Development, Volume I: Final Act and Report (New York, 1964): 617 See also Expert Group on International Monetary Issues; Group of Seventy-Seven; and United Nations. Documents

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  • U.S. Commission on International Trade and Investment Policy, United States International Economic Policy in an Interdependent World: Report to the President (Washington, 1971): 529, 537

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  • U.S. Congress, Joint Economic Committee. Action Now to Strengthen the U.S. Dollar: Report of the Subcommittee on International Exchange and Payments, 92nd Cong., 1st sess. (Washington, 1971): 528, 537 See also Bernstein, Edward M., Day, A. C. L., and Triffin, Robert

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  • U.S. Department of Commerce. News, May 17, 1971: 527

  • U.S. Department of State. Department of State Bulletin, Vol. 49 (1963) and Vol. 59 (1968): 26, 187

  • The World Bank Since Bretton Woods, by Edward S. Mason and Robert E. Asher (Washington, 1973), Chap. 16: 615

  • World Monetary Reform: Plans and Issues, Herbert G. Grubel, ed. (Stanford, 1963): 21, 22

  • “Zehner-Gruppe und Reform des Weltwàhrungssys-tems,” Auszüge aus Presseartikeln, Deutsche Bundesbank, January 26, 1966, pp. 1–6: 81

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