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International Monetary Fund. External Relations Dept.

Clarke, Stephen V.O., Central Bank Cooperation 1924-31 , New York, N.Y., U.S.A., Federal Reserve Bank of New York, 1967, 234 pp., $2.00. ONE of the more striking developments of international financial policy during the 1960’s has been the revival of cooperative financial action—and joint support operations—between national monetary authorities. The main agents for, if not always the initiators of, such international cooperative action have been the central banks of the industrial countries. Central bank cooperation has now become an important stabilizing

Alexander G. C. Mountford

whole.” The Governor for Denmark, Mr. Erik Hoff-meyer, however, while recognizing the useful properties of the new reserve asset, reminded his listeners that the frequent occurrence of short-term disturbances meant that the three types of reserve asset (gold, reserve currencies, and SDR’s) would not always possess the same relative attractiveness. Accordingly, he stressed the need, during the early period of the SDR system, for continued central bank cooperation of the type that had been demonstrated in the swap system and the gold pool. The feature of the

International Monetary Fund. External Relations Dept.
This paper discusses the project financed by the World Bank for controlling the flow of the Chao Phya River in Thailand. Chao Phya is the lifestream of the Thai people. However, this river, and its principal tributaries are, in their natural state, capricious rivers. In the early 1950s, the World Bank began assisting the Thai government in a series of projects designed to break this ancient tyranny of the rivers’ violent changes. The paper describes how the river is being tamed for irrigation and navigation, and how they are providing electric power and other benefits.
Mr. Peter Stella, Seiichi Shimizu, Mr. Simon T Gray, Mr. Ulrich H Klueh, and Alexandre Chailloux
The paper reviews the policy response of major central banks during the 2007–08 financial market turbulence and suggests that there is scope for convergence among central bank operational frameworks through the adoption of those elements that proved most instrumental in calming markets. These include (i) rapid liquidity provision to a broad range of counterparties; (ii) a congruence of collateral policies with market developments; (iii) an ability to increase the average maturity of liquidity provision; and (iv) central bank cooperation to facilitate the use of cross-border collateral. Flexible use of open market operations was needed to avoid the stigma associated with traditional standing facilities, and allowed central banks to maintain at least basic market functioning. Having a flexible framework, however, requires careful consideration of the desirable limits to market intervention.
International Monetary Fund. External Relations Dept.
Margaret G. de Vries

This paper discusses the project financed by the World Bank for controlling the flow of the Chao Phya River in Thailand. Chao Phya is the lifestream of the Thai people. However, this river, and its principal tributaries are, in their natural state, capricious rivers. In the early 1950s, the World Bank began assisting the Thai government in a series of projects designed to break this ancient tyranny of the rivers’ violent changes. The paper describes how the river is being tamed for irrigation and navigation, and how they are providing electric power and other benefits.

K. S. Sundara Rajan

This paper discusses the project financed by the World Bank for controlling the flow of the Chao Phya River in Thailand. Chao Phya is the lifestream of the Thai people. However, this river, and its principal tributaries are, in their natural state, capricious rivers. In the early 1950s, the World Bank began assisting the Thai government in a series of projects designed to break this ancient tyranny of the rivers’ violent changes. The paper describes how the river is being tamed for irrigation and navigation, and how they are providing electric power and other benefits.