LEADER 09289oam 22009134 450 001 9910808937603321 005 20240410163014.0 010 $a1-4623-3611-6 010 $a1-4552-9215-X 010 $a1-283-53437-1 010 $a9786613846822 010 $a1-4552-4364-7 035 $a(CKB)2550000000101982 035 $a(EBL)3014652 035 $a(SSID)ssj0000693189 035 $a(PQKBManifestationID)12217803 035 $a(PQKBTitleCode)TC0000693189 035 $a(PQKBWorkID)10650800 035 $a(PQKB)10975307 035 $a(SSID)ssj0001107487 035 $a(PQKBManifestationID)11658614 035 $a(PQKBTitleCode)TC0001107487 035 $a(PQKBWorkID)11100722 035 $a(PQKB)11198484 035 $a(MiAaPQ)EBC3014652 035 $a(Au-PeEL)EBL3014652 035 $a(CaPaEBR)ebr10556768 035 $a(CaONFJC)MIL384682 035 $a(OCoLC)793204177 035 $a(IMF)H4AEE 035 $a(EXLCZ)992550000000101982 100 $a20020129d2001 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSilent Revolution : $eThe International Monetary Fund, 1979-89 /$fJames Boughton 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2001. 215 $a1 online resource (1142 p.) 300 $aDescription based upon print version of record. 311 $a1-55775-971-5 320 $aIncludes bibliographical references and index. 327 $aIntro -- 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 -- References -- 3. Seeking Symmetry: Article IV and the Largest Industrial Countries -- United States -- Japan -- Germany -- France -- United Kingdom -- References -- 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 -- References -- 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 -- References -- II. Revolutions in Managing International Debt -- 6. Crisis and Strategy -- Overview -- Managing the Debt Crisis: A Summary of Part II -- References -- 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 -- References -- 8. The Crisis Erupts -- Prelude: Crisis in Eastern Europe -- In Concert: Crisis in Latin America -- References -- 9. Containing the Crisis, 1983-85 -- Mexico -- Brazil. 327 $aArgentina -- Debt Strategy Through 1985 -- References -- 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 -- References -- 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 -- References -- 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 -- References -- 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 -- References -- 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 -- References -- 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 -- References -- 16. Digging a Hole, Filling It In: Payments Arrears to the Fund -- Overview. 327 $aDigging the Hole: Loans That Went Bad -- Filling It In: Development of the Arrears Strategy -- Appendix: Rules and Decisions on Arrears to the Fund -- References -- 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 -- References -- 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 -- References -- 19. Toward Universal Membership -- China -- Hungary -- Poland -- References -- 20. Managing the Fund in a Changing World -- Collaboration -- Governance -- Appendix: Concordat on Fund-Bank Collaboration -- References -- 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. 327 $aCartoon: "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. 330 3 $aThis volume, fourth in a series of periodic histories of the institution, is as much a history of the world economy during 1979-89 as one of the IMF itself. Boughton discusses the IMF?s surveillance of the international monetary system in the 1980s; the Fund?s role in the international debt crisis of the 1980s, and IMF lending in support of structural adjustment in low-income countries during that period. The volume concludes with a general history of the institution, including the quota system, the SDR, membership, and other institutional matters. 410 0$aBooks 606 $aInternational economic relations 606 $aMacroeconomics$2imf 606 $aBanks and Banking$2imf 606 $aForeign Exchange$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aBanking$2imf 606 $aFinancial crises$2imf 606 $aCentral banks$2imf 606 $aCurrency crises$2imf 606 $aBanks and banking, Central$2imf 615 0$aInternational economic relations. 615 7$aMacroeconomics 615 7$aBanks and Banking 615 7$aForeign Exchange 615 7$aCentral Banks and Their Policies 615 7$aEconomic & financial crises & disasters 615 7$aBanking 615 7$aFinancial crises 615 7$aCentral banks 615 7$aCurrency crises 615 7$aBanks and banking, Central 676 $a332.1/52 700 $aBoughton$b James$0147156 801 0$bDcWaIMF 906 $aBOOK 912 $a9910808937603321 996 $aSilent Revolution$94068910 997 $aUNINA