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Western Hemisphere > Cuba

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Cover Les procès d’assurance cubains et les Statuts du Fonds
Les procès d’assurance cubains et les Statuts du Fonds
International Monetary Fund
Keywords:
PAM; article; exchange control regulation; contract; regulation; exchange contract
Cover Cuban insurance Cases and the Articles of the Fund
Cuban insurance Cases and the Articles of the Fund
International Monetary Fund

Abstract

This paper discusses the Cuban insurance cases. The litigation in U.S. courts in which claims have been made under life insurance policies issued by U.S. or Canadian companies to applicants then resident in Cuba is the most extensive body of cases involving Article VIII, Section 2(6) that has come into the courts. The cases suggest that the benefits of Article VIII, Section 2(6), cease to be available to a country once it withdraws from the IMF, even in respect of contracts entered into when the country was a member. This conclusion seems to have been accepted by both courts and counsel in the cases.

Keywords:
PAM; article; exchange control regulation; contract; regulation; exchange contract; defendant company; life insurance contract; exchange resource; Currencies; Exchange restrictions; Insurance; Insurance companies
Cover The Fund and Non-Member States Some Legal Effects
The Fund and Non-Member States Some Legal Effects
International Monetary Fund

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.

Keywords:
PAM; exchange agreement; exchange transaction; fund's practice; countries of Eastern Europe; General arrangement; Currencies; General Agreement on Tariffs and Trade; Exchange restrictions; Gold; Eastern Europe
Cover IMF Staff Papers
IMF Staff papers: Volume 5 No. 1
International Monetary Fund. Research Dept.
This paper discusses impact of purchasing power on deferred payments. The importance of the economic consequences for the economy of the adoption of purchasing power guarantees would, of course, depend on the range within which these guarantees were applied. Any practical proposals are therefore predicated on the assumption that, for the country in question, there is uncertainty about future general price movements. The problem which purchasing power guarantees are intended to solve is shown in its simplest form in the settlement of a private debt. In countries suffering from inflation, the improvement in the lender–borrower relationship would also be strengthened, since, with a purchasing power clause in the contract, the stigma of usury that would attach to any attempt to insist on high nominal rates of interest in order to ensure a proper real return would be avoided. The legal and social sanctions against usury in money terms give rise to a paradox in discussing the use of a purchasing power clause. The analytical discussion seems to show that, if anything, the borrower would gain more than the lender from the use of the clause—simply because interest payments are likely to be larger relative to his net income, and to have their real value stabilized would have a greater stabilizing effect on real income.
Keywords:
SP; sc; price; purchasing power clause; import; exchange tax; sterling area; government expenditure; raw material; Budget planning and preparation; Capital budget; Purchasing power; Exchange taxes; Western Europe; Europe; Africa; Eastern Europe
Cover IMF Staff Papers
IMF Staff Papers: Volume 1, No. 2
International Monetary Fund. Research Dept.
This paper focuses on various aspects of inflation in Latin America. Among short-run factors, World War II considerably affected the balance of payments of Latin American countries and thus indirectly their inflationary situation. Inflation in a greater or less degree has long been characteristic of many Latin American countries. A high propensity to consume implies either a high multiplier or a high propensity to import. In normal times, the latter was more usual, since the supply of consumers' goods in these countries was rather inelastic. In countries where controls over consumption and investment are strict and efficient, there is a tendency for inflation to give rise to substantial holdings of cash, bank deposits, and other relatively liquid assets in excess of those which would voluntarily be held by business and consumers. In countries such as those of Latin America, where controls have not been very effective, this tendency toward excess liquidity is noticeably smaller. Nevertheless, it is still a factor to reckon with, because involuntary hoarding may be the result of the impossibility of obtaining desired commodities or supplies, even though there is no rationing or similar system in operation. In Latin America during the war the inevitable curtailment of imports did in this way bring about a condition of latent inflation.
Keywords:
SP; import; rate; export