DOCSLIB.ORG

[ 1993 ] Part 6 Chapter 9 International Monetary Fund (IMF)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
[ 1993 ] Part 6 Chapter 9 International Monetary Fund (IMF) International Monetary Fund 1287 Chapter IX International Monetary Fund (IMF) The International Monetary Fund (IMF) intensi- year, the Executive Board agreed in April 1993 that fied its efforts to provide policy advice as well as the experience of low-income countries under financial and technical assistance to its increasingly ESAF had been favourable and that the facility diverse membership. During its fiscal year 1993 should be renewed and extended. The terms and (1 May 1992 to 30 April 1993), IMF played a cen- conditions of the enlarged ESAF would be the same tral role in supporting the transformation of the as those of its predecessor, with increased empha- former centrally planned economies into market- sis on protecting programmes through social safety based systems. Arrangements were approved for nets and contingency mechanisms; providing the Russian Federation, each of the Baltic States, timely technical assistance, in cooperation with and many of the members in Central and East- other institutions, to those groups most in need ern Europe whose economies were in transition. of it; and strengthening countries' administrative Both the scope and extent of the Fund's opera- ability to implement reforms. During 1993, dis- tions expanded significantly, and for the first time bursements under SAF amounted to 21.2 million IMF was close to achieving the universality of special drawing rights (SDRs) (about $29.1 million) membership that was a goal since its founding al- and those under ESAF to SDR 227.3 million (about most 50 years earlier. $312.2 million). As at 31 December 1993, IMF had a total mem- The compensatory and contingency financing bership of 178 countries. The Czech Republic and facility (CCFF) assisted members to meet shortfalls Slovakia succeeded to the membership of former in their export receipts and/or excesses in the cost Czechoslovakia, and Tajikistan and Micronesia of their cereal imports. Through a combination were admitted as new members of the Fund (see of additional financing and adjustment, contin- Annex I). gency financing enabled these countries to main- tain the momentum of their adjustment pro- IMF facilities and policies grammes in the face of adverse external shocks, such as declines in export earnings, increase in im- IMF provided financial assistance to its mem- port prices and interest-rate fluctuations. During bers under a variety of facilities and policies to ena- 1993, Moldova and Romania made drawings ble them to regain a viable balance of payments, under CCFF for a total of SDR 90.3 million (about economic growth and exchange-rate stability. $126.1 million). IMF provided resources under the Stand-by arrangements, focusing on specific buffer-stock financing facility to assist members macroeconomic policies such as exchange-rate and in financing contributions to approved interna- interest-rate policies and designed to help coun- tional buffer stocks of commodities. tries overcome short-term balance-of-payments difficulties, typically covered 12 to 18 months but could extend to three years. Extended arrange- Financial assistance ments were available to support medium-term pro- IMF disbursements to its members in 1993 to- grammes of three years, during which time more talled SDR 5.3 billion (about $7.3 billion), the intractable balance-of-payments difficulties, at- same level as 1992. Disbursements under shorter- tributable to structural as well as macroeconomic term stand-by arrangements declined substan- problems, were addressed. tially, from SDR 3.32 billion in 1992 to SDR 1.05 The structural adjustment facility (SAF), billion in 1993. Those under extended arrange- launched in 1986,a provided balance-of-payments ments more than doubled, from SDR 0.91 billion assistance on concessional terms to low-income de- to SDR 1.85 billion, underscoring the members' veloping countries to support medium-term increased need for medium-term IMF resources macroeconomic and structural adjustment pro- to help them overcome structural balance-of- grammes. In December 1987, the Executive Board payments problems. Thus, in recognition of the established the enhanced structural adjustment fa- special needs of its members and as a result of the cility (ESAF),b which was similar to SAF in objec- shift to market-oriented economic systems, IMF tive, eligibility and programme features, but a differed in scope, terms of access and funding YUN 1986, p. 1159. b sources. After extending ESAF for one additional YUN 1987, p. 1252. 1288 Intergovernmental organizations established the systematic transformation facil- primarily an increase in reserve tranche positions ity (STF) in April 1993 to operate through 1994. from SDR 21.9 billion to SDR 30.3 billion. How- In 1993, IMF disbursed SDR 1.4 billion (about $1.9 ever, outstanding borrowing by IMF decreased billion) under STF to 11 countries (Belarus, Cam- from SDR 3.7 billion to SDR 3.4 billion. The ratio bodia, Estonia, Kazakhstan, Kyrgyzstan, Latvia, of IMF's adjusted and uncommitted usable Lithuania, Moldova, Russian Federation, Slovakia resources to its liquid liabilities—the liquidity and Viet Nam). ratio—nearly doubled from 81.6 per cent to 154.9 As at 31 December 1993, IMF had 44 various ar- per cent over the same period. rangements in effect with member countries, with total commitments of SDR 7.7 billion (about $10.6 billion), down from 51 in effect at the end of De- SDR activity cember 1992. There were 16 stand-by arrangements During fiscal 1993, total gross transfers of SDRs (Costa Rica, Czech Republic, Dominican Republic, reached the record level of SDR 34.2 billion, sub- El Salvador, Estonia, Guatemala, Hungary, Jor- stantially higher than the previous peak of SDR dan, Kyrgyzstan, Latvia, Lithuania, Moldova, Pak- 22.6 billion reached in fiscal 1984, when reserve istan, Panama, Poland and Viet Nam); 5 extended asset payments for quota increases under the arrangements (Argentina, Egypt, Jamaica, Peru and Eighth General Review took place. Transfers of Zimbabwe); 3 SAF arrangements (Comoros, Ethio- SDRs among participants and prescribed holders pia and Rwanda); and 20 ESAF arrangements nearly doubled to SDR 11.1 billion, mainly as a re- (Albania, Benin, Bolivia, Burkina Faso, Burundi, sult of the substantial increase in prescribed oper- Equatorial Guinea, Guinea, Honduras, Kenya, Lao ations associated with the use of the same-day SDR People's Democratic Republic, Lesotho, Malawi, loan/repayment mechanism by members paying Mali, Mauritania, Mongolia, Nepal, Sri Lanka, the reserve asset portion of their quota subscrip- Uganda, United Republic of Tanzania and tions and increases. Members sought more SDRs Zimbabwe). (generally to discharge obligations to IMF) than other members were prepared to sell, and IMF was Liquidity unable to arrange for all the requested acquisi- IMF's liquidity position improved considerably tions. Fewer members indebted to IMF were thus with the payments of the quota increases after the able to effect repurchases in SDRs, which declined Ninth General Review of Quotas entered into from SDR 1.8 billion in fiscal 1992 to SDR 0.6 bil- force in November 1992. By the end of April 1993, lion in fiscal 1993. More members drew on the these increases, together with the quotas of new IMF General Resources Account (GRA) to make members, raised total IMF quotas to SDR 144.6 bil- payments for their quota increases. As a result, lion, compared with SDR 91.2 billion at the end IMF's holdings of SDRs in GRA increased sharply of April 1992. The quota increases enabled IMF to SDR 7.93 billion from SDR 0.68 billion at the to make more credit available to its members. (The end of the previous fiscal year. enlarged access policy, which had enabled IMF to provide additional financing from borrowed resources to members whose payments imbalances Policy on arrears were large in relation to their quotas, was termi- The amount of overdue financial obligations to nated in November 1992 when the Ninth General IMF remained high during fiscal year 1993. How- Review of Quotas became effective.) ever, as a result of the sustained implementation As at 30 April 1993, IMF liquid resources of IMF's strengthened cooperative strategy, the amounted to SDR 68 billion (about $95.5 billion), level of arrears declined for the first time in a dec- compared with SDR 37.4 billion (about $52.5 bil- ade from SDR 3.5 billion (about $4.9 billion) at the lion) a year earlier. Total usable resources received end of fiscal year 1992 to SDR 3 billion (about $4.2 by IMF from payments for the increases in quotas billion) at the end of fiscal year 1993. The strength- amounted to SDR 31.1 billion, of which SDR 9.1 ened cooperative strategy consisted of: preventing billion was received in SDRs (payments for the re- new arrears; intensifying collaboration among the serve asset portion of the increases, net of reserve members concerned, IMF and other multilateral tranche purchases in SDRs) and SDR 22 billion was and official bilateral financial institutions to resolve received in currencies considered to be sufficiently existing protracted arrears; and implementing, as strong to be used in IMF transactions. IMF's ad- necessary, remedial and deterrent measures to pre- justed and uncommitted usable resources totalled vent any new arrears from becoming protracted. SDR 52.2 billion, compared with SDR 20.9 billion Most cases of short-term arrears were resolved a year earlier. during fiscal year 1993; almost all of the amount The Fund's liquid liabilities increased substan- that remained outstanding was owed by mem- tially from SDR 25.6 billion as at 30 April 1992 to bers in arrears to IMF by six months or more. By SDR 33.7 billion as at 30 April 1993, representing the end of April 1993, seven members remained International Monetary Fund 1289 ineligible to use IMF's resources because of over- generally longer-term courses at its headquarters due obligations.
Load more

Recommended publications
  • View to Avoid Glare
    WILKES, ARTIS, HEDRICK & LANE CHARTERED CABLE ADDRESS: WILAN TELECOPIER: 202-457-7814 ATTORNEYS AT LAW 1666 STREET, K N. W. 8 BETHESDA METRO CENTER SUITE 1100 BETHESDA, MARYLAND 20814-51320 WRITER'S DIRECT DIAL, 11320 RANDOM HILLS ROAD WASHINGTON,D.C.20006-2866 SUITE 600 FAIRFAX, VIRGINIA 22000-6042 (202) 457-7800 November 13, 1991 BY HAND Madeliene Robinson Acting Director Office of Zoning District Building, Room 11 1350 Pennsylvania Avenue, N.W. Washington, D.C. 20004 - Re: IMF Phase III PUD z.c. Case No. 91-7M Dear Ms. Robinson: Enclosed please find the following documents and exhibits to be filed in the above-referenced matter: 1. Lighting Analysis. 2. Landscape Site Plan Modification. 3. Visitors' Center memorandum and Calendars of Events for 1990 and 1991. 4. Memorandum on meeting with community representatives. Ten copies are provided for the Zoning Commission members and staff. In addition, copies are being delivered by hand to all of the parties and the Office of Planning. Please call me if you have any questions. Sincerely, cc: Office of Planning 1.' { • . I.''l i·i~,~ All Parties \ . \ \ D lONING COMMISSION \ . CASE No. __ '7 l -1 IV\ . ZONING-- COMMISSIONe il, OHiBIT No, _!jfe.District of Columbia CASE-.......___ NO.91-7 __ .,__ EXHIBIT NO.96 The Kling-Lindquist Partnership, Inc. MEMORANDUM MEMO TO: D.C. Zoning Commission FROM: Kenneth E. Yarnell, IALD Lighting Engineer The Kling-Lindquist Partnership DATE: November 8, 1991 REFERENCE: Z.C. Case No. 91-7M Phase III PUD for The International Monetary Fund - Lighting Analysis We were asked to analyze the lighting proposed for the Phase III modifications in response to questions of adequacy of light levels and safety.
    [Show full text]
  • Economic Commission for Latin America Annual Report
    E/3857/Rev.2 E/CN.12/AC.57/15/Rev.2 ECONOMIC COMMISSION FOR LATIN AMERICA ANNUAL REPORT (18 May 1963 - 14 February 1964) ECONOMIC AND SOCIAL COUNCIL OFFICIAL RECORDS : THIRTY-SEVENTH SESSION SUPPLEMENT No. 4 UNITED NATIONS ECONOMIC COMMISSION FOR LATIN AMEBICA ANNUAL REPORT (18 May 1963 - 14 February 1964) ECONOMIC AND SOCIAL COUNCIL OFFICIAL RECORDS : THIRTY-SEVENTH SESSION SUPPLEMENT No. 4 UNITED NATIONS New York, 1964 NOTE Symbols of United Nations documents are composed of capital letters combined with figures. Mention of such a symbol indicates a reference to a United Nations document. E/3857/Rev.2 E/CN.12/AC.57/15/Rev.2 CONTENTS Paragraphs Page Abbreviations V Introduction 1 1 Part I. WORK OF THE COMMISSION SINCE THE TENTH SESSION . 2 - 275 1 General background 2 - 22 1 A. ACTIVITIES OF SUBSIDIARY BODIES • 23 - 66 6 Central American Economic Co-operation Committee . 24 - 66 6 B. OTHER ACTIVITIES ..... 67 - 246 14 Meetings and seminars . 68 - 85 14 Economic Development and Research Division . 86 - 102 18 Social Affairs Division . 103 - 127 22 Industrial Development Division . 128 - 148 26 Trade Policy Division . 149 - 163 30 Joint ECLA/FAO Agriculture Division . i64 - 175 33 Natural Resources and Energy Programme . 176 - 188 35 Transport Programme . 189 - 193 37 Statistical Division . 194 - 207 39 Mexico Office . 208 - 2i4 41 Washington Office • 215 - 216 42 Joint ECLA/BNDE Centre for Economic Development . 217 - 225 42 Technical Assistance . 226 - 235 44 United Nations Special Fund . 236 - 237 45 United Nations Headquarters and regional economic commissions . 238 - 246 46 c. RELATIONS WITH SPECIALIZED AGENCIES AND OTHER ORGANIZATIONS .
    [Show full text]
  • The Final Few Completing the Universal Membership of the Imf James M
    CIGI PAPERS NO. 89 — FEBRUARY 2016 THE FINAL FEW COMPLETING THE UNIVERSAL MEMBERSHIP OF THE IMF JAMES M. BOUGHTON THE FINAL FEW: COMPLETING THE UNIVERSAL MEMBERSHIP OF THE IMF James M. Boughton Copyright © 2016 by the Centre for International Governance Innovation The opinions expressed in this publication are those of the author and do not necessarily reflect the views of the Centre for International Governance Innovation or its Board of Directors. This work is licensed under a Creative Commons Attribution — Non-commercial — No Derivatives License. To view this license, visit (www.creativecommons.org/ licenses/by-nc-nd/3.0/). For re-use or distribution, please include this copyright notice. Centre for International Governance Innovation, CIGI and the CIGI globe are registered trademarks. 67 Erb Street West Waterloo, Ontario N2L 6C2 Canada tel +1 519 885 2444 fax +1 519 885 5450 www.cigionline.org TABLE OF CONTENTS iv About the Global Economy Program iv About the Author 1 Executive Summary 1 Introduction 2 The Role of the Cold War 7 After the Cold War 10 Conclusions 11 Works Cited 12 About CIGI 12 CIGI Masthead CIGI PAPERS NO. 89 — February 2016 ABOUT THE GLOBAL ECONOMY ABOUT THE AUTHOR PROGRAM Addressing limitations in the ways nations tackle shared economic challenges, the Global Economy Program at CIGI strives to inform and guide policy debates through world-leading research and sustained stakeholder engagement. With experts from academia, national agencies, international institutions and the private sector, the Global Economy Program supports research in the following areas: management of severe sovereign debt crises; central banking and international financial regulation; China’s role in the global James M.
    [Show full text]
  • [ 1988 ] Part 7 Chapter 9 International Monetary Fund (IMF)
    International Monetary Fund 945 Chapter IX International Monetary Fund (IMF) The International Monetary Fund (IMF), a forum adjustment. The facilities and policies through in which its member States discuss global mone- which it provided such support differed, depend- tary issues and related economic matters, aims to ing on the nature of the macro-economic and assist them to develop sound policies and so en- structural problems to be addressed and the gender a stable international economic and finan- terms and degree of conditionality attached to cial environment. The Fund provides members them. with advice on economic and financial policies, Stand-by arrangements, typically covering lends money to members that are undertaking eco- periods of one or two years, focus on specific nomic reforms to overcome balance-of-payments macro-economic policies, such as exchange rate difficulties and makes available to them informa- and interest policies, aimed at overcoming tion and technical assistance. balance-of-payments difficulties. Extended ar- Each member contributes to IMF’s pool of rangements, which support medium-term pro- financial resources an amount of money, called a grammes generally running for three years, are quota subscription, roughly proportional to its available to overcome more intractable balance- standing in the world economy. As at December of-payment difficulties, attributable to structural 1988, aggregate quotas, measured in special draw- as well as macro-economic problems. ing rights (SDRs)-the Fund’s unit of account- In September, the Interim Committee of the amounted to SDR 90 billion ($130 billion). The Board of Governors on the International Mone- amount a member has contributed determines its tary System, a 22-member advisory body repre- voting power and how much it can borrow from senting the same constituencies as in the Fund’s the Fund.
    [Show full text]
  • Finance Corporation (IFC) Is a Multilateral Development Institution
    ANNUAL REPORT .1 * 9 * 8 * 9 13331 Public Disclosure Authorized Internai~onal Finaince Corporation (4 S8 W > A tQi !0, Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized AIMS AND OBJECTIVES The International Finance Corporation (IFC) is a multilateral development institution. An affiliate of the World Bank, IFC was established in 1956 to fur- ther economic growth in its developing member countries by promoting productive private invest- ment. Its equity capital is provided by its 133 mem- ber countries-both developed and developing- which collectively determine its policies and activi- ties. IFC's principal tasks are to provide and bring to- gether the financing, technical assistance, and man- agement needed to make good use of investment opportunities in the developing world. IFC provides long-term loans and risk capital without government guarantees to enterprises in the private sector. Its fi- nancial assistance is designed to fit the special re- quirements of its client companies and takes into account their ability to raise funds from other sources on reasonable terms. In all of its activities, IFC works to raise investor confidence and employs its status as an international institution to facilitate the process by which investors and governments ar- rive at mutually satisfactory agreements. IFC also seeks to encourage the flow of private capital, both domestically and internationally, to de- veloping countries through the establishment or ex- pansion of capital markets and financial institutions.
    [Show full text]
  • Executive Boards in International Organizations: Lessons for Strengthening IMF Governance
    BP/08/08 Executive Boards in International Organizations: Lessons for Strengthening IMF Governance Leonardo Martinez-Diaz Global Economy and Development Program The Brookings Institution Address. 700 19th Street, N.W., Washington D.C. 20431, U.S.A. Telephone. +1 202 623 7312 Fax. +1 202 623 9990 Email. [email protected] Website. www.ieo-imf.org 2 © 2008 International Monetary Fund BP/08/08 IEO Background Paper Independent Evaluation Office of the International Monetary Fund Executive Boards in International Organizations: Lessons for Strengthening IMF Governance Prepared by Leonardo Martinez-Diaz Political Economy Fellow The Brookings Institution Revised May 2008 Abstract To identify ways to strengthen the IMF’s Executive Board in its various functions, this paper compares and contrasts that governing body with the executive boards of eleven other intergovernmental organizations (IGOs). The paper identifies four key roles that IGO executive boards are expected to play—those of political counterweight, performance police, democratic forum, and strategic thinker—and assesses how well the boards of the eleven organizations are equipped to play these roles. The exercise allows us to identify three “models” of governance, each with different strengths and weaknesses. The paper concludes that the twin crises of relevance and legitimacy that the IMF is currently facing are closely related to the Fund’s adherence to a particular model of governance. This model gives major shareholders close control via the Executive Board over the use of the financial resources they provide, but this control is maintained at the expense of the Board’s capacity to act as strategic thinker, performance police, and democratic forum.
    [Show full text]
  • 1980 UN Yearbook
    International Civil Aviation Organization 1313 Alexandre Kafka (Brazil) José Gabriel-Pena (Dominican Republic) Brazil. Colombia. Dominican Republic. Ecua- dor, Guyana, Haiti, Panama, Suriname, Trin- idad and Tobago Morteza Abdollahi (Iran) Omar Kabbaj (Morocco) Afghanistan, Algeria, Ghana, ha”. Morocco, Oman, Tunisia Zhang Zicun (China) Tal Qianding (China) Chins Juan Carlos Iarezza (Argentina) Raul Salazar (Peru) Argentina, Bolivia, Chile. Paraguay, Peru. Uru- guay Samuel Nana-Sinkam (United Republic of Abderrahmane Alfidja (Niger) Benin, Cape Verde. Central African Republic. Cameroon) Chad, Comoros, Congo, Djibouti, Equatorial Guinea, Gabon, Guinea-Bissau, Ivory Coast, Madagascar, Mali. Mauritania, Mau- ritius, Niger. Sac Tome and Principe, Sene- gal, Togo, United Republic of Cameroon, Upper Volta, Zaire NOTE: Democratic Kampuchea, Egypt, Rwanda and South Africa did not participate In the 1980 regular election of Executive Directors. Annex III. PRINCIPAL OFFICERS AND OFFICES OF THE INTERNATIONAL MONETARY FUND (As at 31 December 1980) PRINCIPAL OFFICERS Managing Director: J. de Larosière. Director, Legal Department: George Nicoletopoulos. Deputy Managing Director: William B. Dale. Director, Middle Eastern Department: A. Shakour Shaalan. Counsellor: Walter O. Habermeier.a Director, Research Department: William C. Hood. Economic Counsellor: William C. Hood.a Secretary, Secretary's Department: Leo Van Houtven. Counsellor: L. A. Whittome.a Treasurer. Treasurer’s Department: Walter O. Habermeier. Director: Adjustment Studies: Charles F. Schwartz. Director, Western Hemisphere Department: E. Walter Robichek. Director, Administration Department: Roland Tenconl. Director, Office of External Relations: Azizali F. Mohammed. Director, African Department: J. B. Zulu. Director, Bureau of Language Services: Bernardo T. Rutgers. Director. Asian Department: Tun Thin. Director, Bureau of Statistics: Werner Dannemann. Director, Central Banking Department: P.
    [Show full text]
  • Relations Between Brazil and Philippines: an Overview Ministry of External Relations
    RELATIONS BETWEEN BRAZIL AND PHILIPPINES: AN OVERVIEW MINISTRY OF EXTERNAL RELATIONS Foreign Minister Ambassador Celso Amorim Secretary General Ambassador Antonio de Aguiar Patriota ALEXANDRE DE GUSMÃO FOUNDATION President Ambassador Jeronimo Moscardo The Alexandre de Gusmão Foundation (Funag) was established in 1971. It is a public foundation linked to the Ministry of External Relations whose goal is to provide civil society with information concerning the international scenario and aspects of the Brazilian diplomatic agenda. The Foundations mission is to foster awareness of the domestic public opinion with regard to international relations issues and Brazilian foreign policy. Ministry of External Relations Esplanada dos Ministérios, Bloco H Anexo II, Térreo 70170-900 Brasília, DF Telephones: (61) 3411-6033/6034/6847 Fax: (61) 3411-9125 Site: www.funag.gov.br JOSÉ CARLOS BRANDI A LEIXO Relations between Brazil and Philippines: an overview Translated by Susan Casement Sergio Ferrez and José Carlos Brandi Aleixo Brasília, 2010 Copyright © by José Carlos Brandi Aleixo Fundação Alexandre de Gusmão Ministério das Relações Exteriores Esplanada dos Ministérios, Bloco H Anexo II, Térreo 70170-900 Brasília DF Telefones: (61) 3411-6033/6034 Fax: (61) 3411-9125 Site: www.funag.gov.br E-mail: [email protected] Capa: Antonio Saura - Cabeza - 1986 Técnica mixta sobre cartón - 26,8 x 22,9 cm Equipe Técnica: Maria Marta Cezar Lopes Cíntia Rejane Sousa Araújo Gonçalves Erika Silva Nascimento Fernanda Leal Wanderley Henrique da Silveira Sardinha Pinto Filho Juliana Corrêa de Freitas Translated from the Original: Relações entre Brasil e Filipinas: uma visão abrangente by Susan Casement, Sergio Ferrez and the Author. Revised by: Sergio Ferrez, Teresita Barsana and the Author.
    [Show full text]
  • Sustaining the International Economic System: Issues for U.S
    ESSAYS IN INTERNATIONAL FINANCE No. 121, June 1977 SUSTAINING THE INTERNATIONAL " ECONOMIC SYSTEM: ISSUES FOR U.S. POLICY MARINA v. N. WHITMAN INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS PRINCETON UNIVERSITY Princeton, New Jersey This is the one hundred and twenty-first number in the series ESSAYS IN INTERNATIONAL FINANCE, published from time to time by the International Finance Section of the Department of Economics of Princeton University. The author, Marina v. N. Whitman,is Distinguished Pub- lic Service Professor of Economics at the University of Pitts- burgh. She has served as a member of the Price Commission and of the Council of Economic Advisers. In addition to articles in various professional journals, she is the author of GOVERNMENT RISK SHARING IN FOREIGN INVESTMENT (1965) and of two Studies and one Special Paper in the series pub- lished by the International Finance Section. The Section sponsors the essays in this series but takes no further responsibility for the opiniono expressed in them. The writers are free to develop their topics as they wish. PETER B. ICENEN, Director International Finance Section ESSAYS IN INTERNATIONAL FINANCE No. 121, June 1977 SUSTAINING THE INTERNATIONAL ECONOMIC SYSTEM: ISSUES FOR U.S. POLICY MARINA v. N. WHITMAN INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS PRINCETON UNIVERSITY Princeton, New Jersey Copyright © 1977, by International Finance Section Department of Economics, Princeton University Library of Congress Cataloging in Publication Data Whitman, Marina von Neumann. Sustaining the international economic system. (Essays in international finance; no. 121 ISSN 0071-142X) Includes bibliographical references. 1. International economic relations. 2. United States—Foreign economic relations.
    [Show full text]
  • J17 June 2017 CURRICULUM VITAE Name: Thomas Dunaway Willett
    J17 June 2017 CURRICULUM VITAE Name: Thomas Dunaway Willett Office: Department of Economics Claremont McKenna College 500 E. Ninth Street Claremont, CA 91711 Department of Economics School of Politics and Economics Claremont Graduate University 160 East Tenth Street Claremont, CA 91711 E-mail: [email protected] PROFESSIONAL POSITIONS Horton Professor of Economics, Claremont Graduate University and Claremont McKenna College, September 1977; Chair, Graduate Faculty in Economics, 1979 – 1991, Co-chair, 1991 – 1994. Director, The Claremont Institute for Economic Policy Studies, Claremont Colleges, Claremont, CA, January 1983 – present. Dean, School of Politics and Economics, Claremont Graduate University, 2006 – 2008. Chaired External Professor of Economics and Public Policy, National Chung-Hsing University 2007 – 2013. Co-Director, The Freeman Foundation Program in Asian Political Economy at the Claremont Colleges, 2002 – 2007. Visiting Scholar, Research Department, International Monetary Fund, 2001. Director, July 1990 to December 1991, The Lowe Institute of Political Economy, Claremont McKenna College; Associate Director, December 1991 – August 1996. Adjunct Scholar, American Enterprise Institute for Public Policy Research, 1977-1987. Director of Research and Senior Advisor for International Economic Affairs; Director of International Monetary Research, U.S. Treasury, July 1975 – August 1977. Adjunct Lecturer, School of Advanced International Studies, Johns Hopkins University, 1976. Deputy Assistant Secretary of the Treasury for International Affairs - Research, December 1972 – July 1975. Professor, Associate Professor of Economics and Public Affairs, Graduate School of Business and Public Administration, Cornell University, 1970 – 1972. Senior Consultant to the Deputy Assistant Secretary for Research, Office of the Assistant Secretary for International Affairs, Department of the Treasury, 1970 – 1972. Adjunct Associate Professor of International Economics, Fletcher School of Law and Diplomacy, Fall semester, 1970.
    [Show full text]
  • [ 1983 ] Part 2 Chapter 9 the International Monetary Fund
    International Monetary Fund 1277 Chapter IX International Monetary Fund (IMF) Financial assistance by the International Monetary Drawings under the compensatory financing fa- Fund (IMF) to its member countries rose sharply cility, designed to compensate for temporary short- in 1983 in response to the continuing deterioration falls in export earnings of member countries or for in world trade and payments positions and to the excessive increases in cereal import costs and en- increasing difficulties experienced by developing tailing less restrictive conditionality, rose by 8 per countries in servicing their external debt. Total cent in 1983 to SDR 2.8 billion. Purchases under purchases-measured in special drawing rights the buffer stock financing facility, which assists (SDRS), the unit of account of IMF—amounted to members in making contributions to Fund- a record SDR 12.6 billion in 1983, or 69.4 per cent approved international buffer stocks, rose to above the 1982 peak of SDR 7.4 billion, with all around SDR 352 million in 1983. drawings representing financial assistance by IMF In contrast to the rise in total drawings, repur- to its developing member countries. The total did chases (repayments by IMF members) grew only not include reserve tranche drawings, which were slightly in 1983 to SDR 2 billion, from SDR 1.8 bil- not regarded as uses of IMF credit but rather as lion in 1982. This small increase resulted in an in- drawings by members on reserve assets deposited crease in net purchases of more than 82 per cent by them with IMF. Reserve tranche drawings, which to a record SDR 10.6 billion, compared with the are subject neither to conditionality nor to repur- previous record of SDR 5.9 billion in 1982.
    [Show full text]
  • The Life and Crimes of an Exemplary Man
    1 Éric Toussaint The life and crimes of an exemplary man Jacques de Groote, Executive Director at the IMF and World Bank for 20 years The Life and Crimes of an Exemplary Man By Eric Toussaint CADTM Copyright: CADTM Translated from French by CADTM Original version in French published in November 2013 by Al Dante, Marseille (France). Original title: Procès d'un homme exemplaire ISBN: 978-2-84761-782-5, see http://cadtm.org/Proces-d-un-homme-exemplaire CADTM (Comité pour l’Annulation de la Dette du Tiers Monde) 345, avenue de l’Observatoire 4000 Liège Belgium www.cadtm.org 2 THE AUTHORS Eric Toussaint is a historian with a doctoral degree in political science from the universities of Paris VIII and Liège. He is the President of CADTM Belgium (www.cadtm.org). He has written many essays on geopolitics including The World Bank: A Critical Primer, Pluto Press, London, 2008, and A Glance in the Rear View Mirror. Neoliberal Ideology from its Origins to the Present, Haymarket Books, Chicago, 2012. He has also written several works with Damien Millet, including Debt, the IMF, and the World Bank: Sixty Questions, Sixty Answers, Monthly Review Press, New York, 2010, http://cadtm.org/Debt-the-IMF-and-the-World-Bank See also Eric Toussaint, doctoral thesis in political science, presented in 2004 at the Universities of Liège and Paris VIII: “Enjeux politiques de l’action de la Banque mondiale et du Fonds monétaire international envers le tiers-monde” (“Political aspects of the World Bank and the International Monetary Fund actions toward the Third World”), http://cadtm.org/Enjeux-politiques-de-l-action-de Aminata Traoré is a Malian politician and writer.
    [Show full text]