Mr. van der Mensbrugghe, economist in the IMF Institute, is a graduate of the University of Louvain. He was formerly on the staff of the Royal Institute for International Affairs, Brussels. He has published “Les Unions Economiques: Realisations et Perspectives” (Brussels, 1950), as well as several articles.
See The Economist, November 23, 1963, pp. 791–92, and January 11, 1964, p 128.
See Eleanor Lansing Dulles, The Bank for International Settlements at Work (New York, 1932), pp. 581–95, and the comments by Miss Dulles, op. cit., pp. 29–31 and 487–89.
Article 4, par. 1.
Robert Triffin, Europe and the Money Muddle (New Haven, Connecticut 1957), p. 291.
Robert Triffin, Gold and the Dollar Crisis (New Haven, Connecticut, 1960) p. 142.
See Jean O. M. van der Mensbrugghe, “Foreign Issues in Europe,” Staff Papers, Vol. XI (1964), pp. 327–35.
See The Economist, January 18, 1964, p. 235. A loan expressed in Swiss francs was also issued in 1963 in London.
For differences between multiple currency loans and loans in European units of account, see Fernand Collin, The Formation of a European Capital Market and Other Lectures (Brussels, 1964), pp. 27–28.
See above, p. 447.
Austrian schillings, Belgian francs, Danish kroner, deutsche mark, French francs, Greek drachmas, Icelandic krónur, Irish pounds, Italian lire, Luxembourg francs, Netherlands guilders, Norwegian kroner, pounds sterling, Portuguese escudos, Swedish kronor, Swiss francs, and Turkish liras.
Par values for all the currencies, except the Swiss franc, of the member countries of the former EPU have been agreed with the Fund. Switzerland is not a member of the Fund. The gold content of the Swiss franc is defined in the Federal Coinage Law of December 17, 1952.
See Arthur Nussbaum, Money in the Law, National and International: A Comparative Study in the Borderline of Law and Economics (Brooklyn, N.Y., 1950), pp. 280–99 and 414–45.
This rule was spelled out only in the fourth issue, but it presumably was in force also in the fifth, sixth, and seventh issues. It is explained by some examples in Collin, op. cit., pp. 63–65.
The official market or, when transactions in securities could not be effected on the official exchange market, the free market.
One month in advance for the first issue; 6 days for the third issue; and 14 days for the fourth, sixth, and seventh issues.
Only the fifth and sixth issues were distributed to financial agencies in the United States. Since the issues were not registered with the Securities and Exchange Commission, these agencies could not offer the bonds publicly.
F. Collin and A. Leeman, “De eerste internationale lening in rekenmunt,” Economisch-Statistische Berichten, June 21, 1961, p. 619.
Loc cit. See also The United States Balance of Payments, Hearings Before the Joint economic Committee of the Congress of the United States (88th Congress, First Session, July 8 and 9, 1963), Part I: Carrent Problems and Policies, p. 143.