Europe > Switzerland
Abstract
This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The paper examines the composition and origin of physical stocks of gold, their flows, and their market destination and also reviews the operation of bullion and paper gold markets.
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
This paper presents Selected Decisions and Selected Documents’ Eigth Issue of the IMF. This volume is the Eighth Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Directors and the Board of Governors of the IMF to which frequent reference is made in the current activities of the IMF. In addition, the volume contains certain documents relating to the IMF and the United Nations. This issue contains most of the decisions that were published in earlier issues, however not decisions that have ceased to be effective or that are referred to less frequently than in the past. With few exceptions, the decisions in this volume are general in application and relate to obligations, policies, or procedures under the Articles of Agreement. Subject to these few exceptions, decisions that affect individual members are not included. Decisions of the IMF that are included in the By-Laws and the Rules and Regulations are general in application but are not reproduced in this volume.
Abstract
This volume is the Seventh Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Directors and the Board of Governors of the IMF to which frequent reference is made in the current activities of the Fund. In addition, the volume contains certain documents relating to the IMF and the United Nations. This issue contains most of the decisions that were published in earlier issues but not decisions that have ceased to be effective or that are referred to less frequently than in the past. A substantial part of this volume is devoted to decisions taken by the IMF since the last issue. With few exceptions, the decisions in this volume are general in application and relate to obligations, policies, or procedures under the Articles of Agreement. Subject to the few exceptions referred to, decisions that affect individual members are not included. Decisions of the Fund that are included in the By-Laws and the Rules and Regulations are general in application but are not reproduced in this volume.
Abstract
This volume, entitled Selected Decisions of the IMF and Selected Documents, follows the Fifth Issue of Selected Decisions of the Executive Directors and Selected Documents. The change in title has been made because of the inclusion of more Resolutions of the Board of Governors of the Fund than in the preceding volume. The present volume contains selected decisions and interpretations of the Executive Directors and resolutions of the Board of Governors of the IMF adopted prior to September 30, 1972, as well as certain selected documents of the Fund and of the United Nations to which frequent reference is made. With few exceptions, the decisions are of a general nature and relate to certain obligations, policies, and procedures under the Articles of Agreement. This issue contains most of the decisions that were published in earlier issues (September 1962, September 1963, January 1965, April 1970, and July 1971), and general decisions taken since then.
Abstract
This paper presents Selected Decisions and Selected Documents’ Fourth Issue of the IMF. In order to ensure the uniform application of the relevant Articles of Agreement as they apply to determinations of member's net official holdings of gold and US dollars for the purposes of Article III, Section 3(&)(ii), the IMF adopts or reaffirms several principles of interpretation for the indicated provisions of the IMF Agreement. Each member shall furnish to the IMF the data necessary to determine its net official holdings of gold and United States dollars. The IMF does not intend to apply the rules set forth in II to its holdings of members' currencies having fluctuating rates when there is no practical interest for the IMF or members to do so. In order to avoid misunderstanding, it may be useful to point out that these rules do not constitute a formula for dealing with the currencies of countries in which current transactions are conducted at multiple rates.
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.