Silent Revolution : The International Monetary Fund, 1979-89 / James Boughton.

Format:

Book

Government document

Author/Creator:

Boughton, James.

Series:

Books

Language:

English

Subjects (All):

International Monetary Fund--History.

International Monetary Fund.

International economic relations.

Physical Description:

1 online resource (1142 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2001.

Language Note:

English

Summary:

This volume, fourth in a series of periodic histories of the institution, is as much a history of the world economy during 1979-89 as one of the IMF itself. Boughton discusses the IMF’s surveillance of the international monetary system in the 1980s; the Fund’s role in the international debt crisis of the 1980s, and IMF lending in support of structural adjustment in low-income countries during that period. The volume concludes with a general history of the institution, including the quota system, the SDR, membership, and other institutional matters.

Contents:

Intro

Contents

Foreword

Preface

List of Abbreviations

1. The Silent Revolution

Revolution or Evolution?

Leadership at the IMF

At the Precipice of the 1980s

Evolution and Revolution in the 1980s

At the Brink of the 1990s

Appendix: Chronology, 1979-89

References

I. Revolutions in the International Monetary System

2. On the Map: Making Surveillance Work

Implementing Article IV: The Principles of Surveillance

Assessing Exchange Rate Levels and Policies

Establishing Effective Procedures

Reducing Exchange Restrictions

Appendix: Principles and Procedures of Surveillance

3. Seeking Symmetry: Article IV and the Largest Industrial Countries

United States

Japan

Germany

France

United Kingdom

4. Policy Cooperation: The Fund and the Group of Seven

In His Personal Capacity": 1982-84

Cooperation and Coordination: 1985-87

Life After the Louvre: 1987-89

5. Keeping Score: The World Economic Outlook

Evolution of the WEO Exercise

Key Policy Issues in the WEO

Forecasting Process

Modeling the World Economy

Evaluation

II. Revolutions in Managing International Debt

6. Crisis and Strategy

Overview

Managing the Debt Crisis: A Summary of Part II

7. The Mexican Crisis: No Mountain Too High?

Smoldering Embers, 1979-81

Mounting Concerns: The 1981-82 Consultations

The Crisis Erupts: August 1982

Negotiating the Program: August-November 1982

Commitment from Commercial Banks: November-December 1982

Approval of the EFF Program: December 1982

Completing the Package: January-March 1983

8. The Crisis Erupts

Prelude: Crisis in Eastern Europe

In Concert: Crisis in Latin America

9. Containing the Crisis, 1983-85

Mexico

Brazil.

Argentina

Debt Strategy Through 1985

10. Growth, the Elusive Goal: 1985-87

The Baker Plan

Enhanced Surveillance

Stand-By Arrangement with Mexico

Brazil: From the Cruzado Plan to Default

Argentina: After the Austral Plan

11. Debt Denouement, 1987-89

Toward Debt Relief: Turning the Titanic

Pre-Brady Debt Relief: Two Case Studies

The Brady Plan

Debt Reduction Programs in the Fund

Adjustment Without Relief: Argentina and Brazil

Appendix: Fund Policy on Financing Assurances and Arrears

12. Case by Case: A Retrospective on the Debt Strategy

Was the Debt Crisis One of Solvency and Not Liquidity?

Did the IMF Serve the Interests of Banks and Not Its Member Countries?

Did the IMF Recognize the Need for Debt Relief?

Was the Debt Strategy Consistent with the IMF's Mandate?

Was There Enough Coordination with the World Bank?

Was the Adjustment Strategy Appropriate for Latin America?

Should the IMF Have Been Willing to Write Down Its Claims?

Conclusions

III. Revolutions in Structural Adjustment

13. Lending for Adjustment and Growth

How Much Conditionality?

Program Design Issues

Growth-Oriented Adjustment?

Evaluating the Success of Fund Programs

Appendix: Conditionality Guidelines

14. The IMF and the Poor: Soft Loans, Hard Adjustment

Closing Down the Trust Fund

Structural Adjustment Facility

Enhanced Structural Adjustment Facility

Protecting the Poor

15. Extended and Specialized Lending

Extended Fund Facility

Compensatory and Contingency Financing

Other Lending Arrangements

Appendix I: The CFF Cereals Window

Appendix II: Emergency Assistance for Natural Disasters

16. Digging a Hole, Filling It In: Payments Arrears to the Fund

Overview.

Digging the Hole: Loans That Went Bad

Filling It In: Development of the Arrears Strategy

Appendix: Rules and Decisions on Arrears to the Fund

IV. Evolution of the Institution

17. Fund Finances: Balancing Demand and Supply

Quotas and the Size of the Fund

Access Policies

Borrowing by the Fund

Sharing the Burden: Who Pays for the Fund?

Appendix I: An Alternative Balance Sheet Presentation

Appendix II: IMF Quotas, 1979-89

Appendix III: Formulas for the Eighth General Review of Quotas

Appendix IV: Policies on Enlarged Access

18. Evolution of the SDR: Paper Gold or Paper Tiger?

Background

Limited Role of the SDR

Proposals for a Substitution Account

SDR Allocations

Valuing the SDR

SDR Interest Rate

Appendix: Principal Changes in the Valuation of the SDR

19. Toward Universal Membership

China

Hungary

Poland

20. Managing the Fund in a Changing World

Collaboration

Governance

Appendix: Concordat on Fund-Bank Collaboration

Index

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

Y

Z

Figures

Tables

List of Illustrations

Jacques de Larosiere, Managing Director June 1978-January 1987

Meeting of the Executive Board, 1982

Michel Camdessus, Managing Director January 1987-February 2000

William Dale, Deputy Managing Director March 1974-June 1984

Richard Erb, Deputy Managing Director June 1984-August 1994

Uncertainty reigns in Mexico after the government nationalizes private banks

Cartoon: "Talk to the IMF," by Dan Wasserman 326

William R. Rhodes, Jesus Silva-Herzog, Jacques de Larosiere, and Jose Angel Gurria on the occasion of debt restructuring agreement for Mexico, March 1985.

Cartoon: "Does Mr. de Larosiere Work Here?" by Landru

Headline News: IMF mission to Brazil, November 1987, cover of Correio Brasiliense

Anti-IMF grafttti on the Brandenburg Gate, Berlin, 1988 Annual Meetings

Painting: "No More Funds," by Ernesto Bertani

Signing ceremony for SDR allocation, January 2, 1979, and the SDR document

IMF mission to China, March 1980

U.S. President Ronald Reagan addressing the Bank-Fund Annual Meetings, October 1987.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9786613846822

9781462336111

1462336116

9781455292158

145529215X

9781283534376

1283534371

9781455243648

1455243647

OCLC:

793204177