Europe > Switzerland
Abstract
This paper examines the role of the IMF’s first and longest-lasting borrowing arrangements, the General Arrangements to Borrow (GAB), from their inception in 1961–62 to their fundamental reform and enlargement in 1983. The General Arrangements were a product of the times. They were designed to help the IMF deal with growing strains in the par value system caused by the underlying balance-of-payments problems of the two major reserve centers, the United States and the United Kingdom. The General Arrangements were strengthened by the association of Switzerland, a nonmember of the IMF, in 1964.
Abstract
Cette brochure porte sur le rôle des premiers accords d'emprunt du FMI, qui ont aussi été ceux de plus longue durée, les accords généraux d'emprunt (AGE), depuis leur introduction en 1961–62 jusqu'à leur réforme fondamentale et leur extension en 1983. Les accords généraux répondaient aux nécessités du moment. Ils avaient pour objectif de permettre au FMI de remédier aux tensions croissantes qui apparaissaient au sein du régime des parités fixes, en raison des difficultés latentes de balance des paiements éprouvées par les deux principaux centres de réserve, à savoir les États-Unis et le Royaume-Uni. Les accords généraux d'emprunt ont été renforcés en 1964 par la participation de la Suisse, qui n'est pas membre du FMI.
Abstract
En este estudio se examina el papel del primer acuerdo de financiamiento celebrado por el FMI, y el de mayor duración, los Acuerdos Generales para la Obtención de Préstamos (AGP), desde sus inicios en 1961-62 hasta su reforma integral y ampliación en 1983. Estos acuerdos fueron un producto de su época. Se diseñaron con el objetivo de ayudar al FMI a sobrellevar las dificultades por las que atravesó el sistema de paridades como resultado de problemas fundamentales de balanza de pagos en los principales centros de reservas, Estados Unidos y el Reino Unido. Estos Acuerdos Generales se vieron reforzados en 1964 mediante la incorporación de Suiza, paÃs que no era miembro del FMI.
Abstract
This paper discusses the promotion of IMF Stand-By Arrangements (SBAs), the drafting of private loan agreements, and order in international finance. The IMF approves a SBA or an extended arrangement for the benefit of a member country of the IMF only if the member presents to the IMF a letter of intent in which it sets forth a program of financial and economic adjustment that is likely to solve a present, or to fend off a possible balance-of-payments or reserve problem. A purchase is made in return for the purchasing member’s currency. An extended arrangement is a variant that is in use for the purposes of a particular policy of the IMF.
Abstract
This paper discusses the power of interpretation conferred upon the IMF by Articles of Agreement. The power of interpretation is an internal one in the sense that at no stage of the interpretative process is there any recourse to an agency external to the IMF itself. Moreover, no special organ of the IMF itself has been created for the purpose of exercising this power. It is exercised by the same organs of the IMF—the Executive Directors and the Board of Governors—that exercise most of the other powers of the institution.
Abstract
This paper examines legal provisions and practices of the IMF that involve nonmember states. It considers certain preliminary topics including: categories of nonmembers, subordinate territories for which members are responsible, and ex-members. It then discusses three ways in which nonmembers are affected either because members are limited in their freedom of action in dealing with nonmembers or because nonmembers have consented to certain obligations or standards that parallel those of the Articles. Withholding of certain benefits from nonmembers is also outlined.