A Abalkhail, Mohammed, 890, 898Abdallah, Ahmed, 614, 666, 794nAbramovich, Jaysuño, 786Access policies

before 1980, 876–79borrowing to finance enlarged access,

886–94enlarged access, 879–84, 917–22exceptional circumstances clause, 708,

878two-tier system, 882

Adams, Charles, 154n, 251n, 259n, 573Adams, Claire Hughes, 259nAdditionality, 648, 684–85Advisory Committees. See also

commercial banksand concerted lending, 406–08de Larosière’s presentation to, in

November 1982, 306–08establishment of, 298and MYRA for Ecuador, 412proposal to replace with a “superbank,”

426nAfghanistan

payment arrears to IMF, 822nSoviet Union troop withdrawal, 60

Africaeconomic crisis of the 1980s, 273regional exchange rates, 76remaining nonmember countries join

IMF, 966slowdown of economic growth in the

late 1980s, 47structural economic reform, 590–602

Aggarwal, R., 935nAghevli, Bijan B., 30, 87, 113n, 154nAhmad, S. Ehtisham U., 699nAinley, Michael, 894, 899nAl-Ateeqy, Abdul Rahman Salim, 246n

Al-Eyd, Kadhim, 660–61Al-Quraishi, Abdul Aziz, 888, 890, 898Alemann, Roberto T., 329–30, 335Alexander, Sydney S., 559Alfidja, Abderrahmane, 1033Alfonsín, Raúl, 56, 387–92, 394, 398,

401, 471, 473, 520–21Algeria, 733Ali, Ali Abdel Gadir, 779nAllen, Mark, 41, 416, 451nAllen, Polly Reynolds, 935nAllende, Salvador, 3n, 345Altman, Oscar L., 860nAmara-Bangali, Joe, 794American Bankers Association, 365Amin Dada, Idi, 51, 679Amuzegar, Jahangir, 689, 731, 1033Andersson, Krister, 154nAndriamirado, Sennen, 691nAndrosch, Hannes, 1029Angelopoulos, Angelos, 480nAngeloz, Eduardo, 525nAngola, 61, 91n, 966Anjaria, Shailendra J., 1007n, 1008nAnnual Meetings. See also Board of

Governors1973 (Nairobi), 187n, 5951979 (Belgrade), 97, 190, 560–562, 599,

940n, 977, 1009–10, 1022–24, 10281980 (Washington), 1024–261981 (Washington), 328–29, 349n,

591n, 10261982 (Toronto), 9, 55, 195, 281,

300–02, 327, 331–32, 352, 592,895n, 1022, 1030

1983 (Washington), 199, 376–771984 (Washington), 392–931985 (Seoul), 57, 115, 209, 371–72,

417, 419–20, 422, 426n, 548, 609,782, 787, 883–84, 989, 1022

1067

Index

1986 (Washington), 446, 456, 661, 6811987 (Washington), 223, 471, 479n,

482n, 504, 571, 738, 10011988 (Berlin), 37, 61, 491–92, 512,

523, 524, 549, 658, 810, 1002, 10221989 (Washington), 27–28, 992conduct of, 996, 1021–22relation to BIS, 1014relation to United Nations, 1009

Annual Report. See Executive BoardAnson, John, 893n, 945Antigua and Barbuda, 966Apartheid, 590–95APEC. See Asia-Pacific Economic

CooperationAquino, Benigno S., Jr., 624Aquino, Corazon, 57, 508, 629Arab Monetary Fund, 728nArcher, David J., 47nArgentina

adjustment to remain solvent, 539nAlfonsín election, 56Austral Plan, 397–401, 461–75, 550in “Baker 15,” 419nand concordat on IMF-World Bank

collaboration, 1003–05, 1055–61CFF credit, 726nCFF drawing, 467–68concerted lending, 408containing the debt crisis in 1983–85,

385–97fiscal criteria for credit arrangements,

585debt crisis, 272, 327–36debt relief, 499, 520–26debt service, 543depreciation of the austral, 525devaluation of peso, 330–31, 335n,

336disagreement between IMF and World

Bank concerning policy conditionsfor loans, 1002–05

Falklands (Malvinas) War, 54, 330–31GDP forecasts, 540nindebtedness to IMF, 546inflation during the 1980s, 392–93, 462introduction of peso argentino, 336negotiations with the IMF in

December 1983–June 1984, 388–92Paris Club rescheduling, 394, 397, 465,

467, 469–70performance criteria, 589Plan Primavera, 520–24

prohibition against making paymentsto British banks, 331–32, 385–86

rebuilding credibility with IMF in1984, 392–97

shock program, 399–400stalemate with banks in 1983, 385–87stand-by arrangements, 374n, 394–97,

463–75, 526, 787nWorld Bank lending, 548

Arias Sanchez, Oscar, 501, 503, 505, 507Aricanli, Tosun, 276nArmington, Paul S., 255Arora, Vivek, 312nArrears. See Payment arrearsArticle IV. See also Surveillance

agreement of 1976, 88implementing, 71–74principles and procedures of

surveillance, 123–31Article IV consultations. See also

Surveillance; Surveillance ofindustrial countries

ad hoc consultation decision of 1977,104–05

ad hoc consultation decision of 1979,128–30

conducting, 89–92confidentiality of staff appraisal reports,

101–02decision of 1987 to allow for separate

consultations, 130decision of 1988 to eliminate annual

procedural reviews, 130–31frequency of, 93–97handling countries with economic

problems, 102–08Information Notice System, 106–08with the largest industrial countries,

136–37performance standards for countries,

99–100Romania’s postponing of consultations,

324supplemental consultation decision of

1979, 105–06supplemental consultations, 108–19as surveillance tool, 41

Article VIII, currency convertibilitystatus, 121–23

Article XIV, transitional exchangearrangements, 89, 121–22

Articles of Agreement. See also Article IVconsultations

I N D E X

1068

First Amendment, xiii–xivreducing exchange restrictions, 120–23Second Amendment, xiii–xiv, 17,

67–68, 121Artis, Michael J., 261Artus, Jacques R., 82, 83, 107n, 138n,

232n, 255, 681–82Aruba, Article IV consultations, 94nArusha Declaration, 599nArusha Initiative, 53, 600n, 1009nAsia

emergence as economic power in the1980s, 28

escape from debt crisis of the 1980s, 273Asia-Pacific Economic Cooperation, 28,

61Aspe Armella, Pedro, 291n, 441n, 512Atala, César G., 786Atkinson, A.B., 32Attali, Jacques, 7, 194n, 198nAuboin, Roger, 1013nAugmentation, 493, 496, 513Aulagnon, Thierry, 945Austral Plan, 397–401, 461–75Australia, 1016n

buffer-stock drawing, 743crash of stock market in 1987, 41lending to IMF, 892

Austria, 892“Authorities” of a country. See Monetary

authorities

BBacha, Edmar L., 547Bagci, Pinar, 615Bagehot, Walter, 292nBahrain, 936nBailey, Norman A., 283n, 291nBaker, James A., III. See also Baker Plan

appeal to strengthen coordinationbetween IMF and the World Bank,1001

comments concerning Noriega, 799ncomments on use of Trust Fund reflows,

646cooperative economic agreement with

Japan in 1986, 217–18criticism of Germany for raising

interest rates, 221–22discussions with Chung on exchange

rate and trade liberalization, 117discussions with Managing Director

concerning U.S. fiscal deficit, 146–48

involvement in ministerial meeting atthe Plaza Hotel in 1985, 207n

negotiations in 1986 concerningMexico’s stand-by arrangements, 440

negotiations with Brazil for debt reliefin 1987, 527

opposition to debt relief, 480opposition to quota increase, 870proposal for a CFF contingency

mechanism, 738proposal for index of commodity price

indicators, 223proposal to depreciate the U.S. dollar,

206recommendations for reform of

conditionality procedures, 571replacement of Regan as Secretary of

the Treasury, 145, 203resignation as Secretary of the Treasury,

428n, 491support for creation of G-7 finance

minister’s group, 211support of exchange rate policy

coordination, 203–04, 207“Baker 15” countries

identification of, 419lending arrangements with IMF,

402–03Baker-Miyazawa agreement, 38, 57, 163Baker Plan

coordination between IMF and theWorld Bank, 1001–02

development of, 43, 57, 417–20effects of, 427–29implementation of, 424–27purpose of, 548, 609reactions to, 420–24

Balcerowicz, Leszek, 988, 991–92Baldridge, Malcolm, 117Balladur, Eduard, 180n, 219Banco Ambrosiano, liquidation of, 55Banco del Estado (Chile), 354Bangladesh

cereals import drawing, 732nCFF credit, 726nEFF arrangement, 659–60program implementation, 569nSAF loan, 659–62stand-by arrangement, 660

Bank for International Settlementsattempt to secure loans to the IMF in

1983, 849–50Brazil’s failure to repay loan, 376

Index

1069

bridge loan to Mexico in 1982, 43,294–96

bridge loan to Mexico in 1986, 442–43,446–47

Hungary’s participation, 324–25interest rate reduction discussions, 209loan to Bank of England in 1977, 295nloan to Brazil during debt crisis, 339loans to Hungary, 325loan to the IMF, 891–92negotiations with Mexico during debt

crisis, 293–94prescribed holder of SDRs, 934relationship with IMF, 1013–14role of G-10, 187n

Bank-Fund Annual Meetings. See AnnualMeetings

Bank of America, 449Bank of Central African States, 579nBank of England, 256n, 294, 295n, 331,

385Bank of Italy, 210–11Bank of Japan, 294

reduction of discount rate, 217reluctance to pledge money to Mexico,

315–16swap lines with U.S., 138

Bank of Mexico, 284–85, 289, 451Bank of Spain, 295, 892nBanks. See Commercial banks; individual

bank by nameBanque de France

Camdessus as head of, 9de Larosière as head of, 7

Banzer, Hugo, 484Barber, William J., 346nBarre, Mohamed Siad, 795nBarre, Raymond, 178Barrionuevo, José M., 261Bartha, Ferenc, 985Basel-Nyborg Agreement, 39, 48, 58, 87Bassett, Sheila, 259nBatista, Fulgencio, 758Bayne, Nicholas, 165n, 191n, 245nBayoumi, Tamim, 37n, 222, 251nBCEAO. See Central Bank of West

African StatesBEAC. See Bank of Central African

StatesBedregal, Guillermo, 486–87Bélanger, Gerard, 984–85Belgian Congo. See ZaïreBelgium, 78

handling by the SurveillanceCommittee, 103

loan to SFF Subsidy Account, 644Belgrade, Yugoslavia. See Annual

Meetings (1979)Belize, 966Benin, 579nBennett, Paul, 40nBérégovoy, Pierre, 180n, 203, 492Bergsten, C. Fred, 419n, 996n, 1028nBerlin, Germany. See Annual Meetings

(1988)Berlin Wall, 48, 61Bernstein, Boris, 687nBernstein, Edward M., 963nBetancur, Belisario, 413Beza, Sterie T. “Ted,” 139, 288n, 289–90,

299–301, 304–05, 365, 367, 473, 503Bhatia, Rattan J., 78, 79n, 567Bhutan, 966Bhutto, Benazir, 59, 658Bicyclic consultation procedure, 95–97Bierman, Werner, 600nBignone, Reynaldo Benito Antonio, 330Biko, Stephen, 590Bilson, John, 81nBIS. See Bank for International

SettlementsBlack Monday (1987), 450Black Tuesday (1982), 301Blair House meetings, 199, 200Blanchard, Francis, 699Blanco, Salvador Jorge, 691–92Blejer, Mario I., 559n, 696n, 700n, 988nBlommestein, H.J., 186nBlumenthal, Erwin, 805–06Blumenthal, Michael, 943nBlundell-Wignall, Adrian, 257nBoard of Governors, 1021–27. See also

Annual Meetings; ParlestineLiberation Organization

Bobay, Frédéric, 1015nBodkin, Ronald G., 254nBokassa, Jean-Bédel, 52Bolivia

in “Baker 15,” 419nbuffer-stock drawing, 743buying back debt, 488–90CFF drawings, 484n, 488debt relief, 484–90, 552debt service, 543denial of scheduled drawing, 558nEFF arrangement, 489

I N D E X

1070

ESAF arrangements, 489New Economic Policy, 485Paris Club rescheduling, 487stand-by arrangement, 503n, 545SAF loan, 488

Bond, Marian E., 102Bonds

for debt relief, 482, 490–91, 527Bonn Summits. See Group of Seven

Boorman, John T., 665n, 678nBoote, Anthony R., 32, 982n, 983Bordo, Michael D., 273nBorpujari, Jitendra G., 696Borrowed resources suspense accounts,

889Bosnia and Herzegovina, 822nBotchwey, Kwesi, 673, 677Boughton, James M., 24n, 30, 35n, 42,

67, 68n, 70n, 81n, 138n, 152, 192n,223n, 227, 249n, 301n, 319n, 515n,538n, 546n, 579n, 602n, 687n, 735,742n, 926n, 963n, 996n, 1033n

Bracher, Fernao Carlos Botelho, 454,458n

Brachet, Christian, 328–30, 335, 386“Bracket creep” in U.S. income taxes,

173nBradfield, Michael, 296nBradley, Bill, 480, 527Brady, Nicholas F., 60, 491–93, 872Brady Plan

completion of first programs, 60Costa Rica’s arrangement, 499–508IMF support of, 547implementation of Plan, 32, 43,

494–98introduction of, 32, 43Mexico’s arrangement, 510–15negotiations for Plan from November

1988–March 1989, 492–93Philippines’ arrangement, 508–10Venezuela’s arrangement, 515–19

Brainard, Lawrence J., 321nBrandt Commission, 730, 948Branson, William H., 224n, 779nBrash, Donald T., 47nBrau, Eduard, 1010nBrazil

access limits, 883adjustment to remain solvent, 539nArticle IV consultations, 336, 338,

459–60, 530–31in “Baker 15,” 419n

Bresser Plan, 459–61buffer-stock drawing, 743ncoffee prices, 24collapse of economic program in 1985,

381–84concerted lending, 408ncontaining the debt crisis in 1983–85,

372–84Cruzado Plan, 453–58debt crisis of the 1980s, 272, 336–45debt relief, 499, 526–31debt service, 543Decree 2045 on wage increases, 373devaluation of the cruzeiro, 338, 342EFF arrangement, 55, 338–45,

372–381, 384, 453enhanced contacts, 456–57fiscal criteria for credit arrangements,

585fiscal policy, 550GDP forecasts, 540indebtedness to IMF, 546inflation during the 1980s, 341,

373–74, 382, 462moratorium on payment of loan

interest, 458–61Paris Club rescheduling, 377, 379, 383,

455–60, 529, 1013resources, 539stand-by arrangements, 529–30, 558,

712nthe Summer Plan, 530World Bank lending, 548

Bread riots, 690Brekk, Odd Per, 699nBresser Pereira, Luiz Carlos, 341n, 459,

479n, 527–29, 549nBresser Plan, 459–61Bretton Woods Commission, criticism of

IMF’s debt strategy, 545Bretton Woods Committee, 492, 493nBretton Woods conference of 1944,

xi–xii, 1, 963, 991n, 1005n, 1013,1032

coinage of “Bretton Woods twins,” 995and competitive devaluations, 84proposals for a “new Bretton Woods”

conference in the 1980s, 198,203–04

quota formula, 860–64Bretton Woods exchange rate system, 1,

16, 74augmentation, 493

Index

1071

collapse of system, 1, xiiconference, xicriticism of IMF’s debt strategy, 545Mitterrand’s call for a new Bretton

Woods conference, 198quota formula, 860–61revaluing exchange rates, 84U.S. support for a new Bretton Woods

conference, 203–04Broad, Robin, 418n, 622n, 623n, 695nBrodersohn, Mario, 469Brofoss, Erik, 1033Brown, Richard P.C., 779n, 781nBrundtland, Gro Harlem, 689nBruno, Michael, 13n, 214nBryant, Ralph C., 254n“buffer-stock drawing.” See Buffer Stock

Financing FacilityBubble economy (Japan), 163Bubbles, 36nBuffer Stock Financing Facility

arrangements with Bolivia, 484nborrowing limit, 876–77establishment of, 45, 742lending arrangements, 742–44

Buira, Ariel, 16, 247, 282, 288, 294, 297,300, 512, 589, 728n

Buiter, Willem, 35Bulgaria, 741nBulow, Jeremy, 490Bureau of Computing Services, 1019Bureau of Statistics, 1017Bureau of the Economic Policy

Committee, 192nBurkina Faso, 579nBurnham, L.F.S., 772–73Burundi, 652Bush, George

and Brady Plan agreement for CostaRica, 508

coining of “voodoo economics” phrase,27n

Bush, Mary, 144, 145–46, 581Butcher, Willard, 297, 519n

CC–20. See Committee of TwentyCaballero, Ricardo J., 84nCáceres, Carlos, 353–55Calamitsis, Evangelos A., 599, 677Callaghan, James, 51Callaghy, Thomas M., 805n, 807nCalvo, Guillermo A., 328n, 542n

CambodiaArticle IV consultations, 95nand elections of Executive Directors,

1043exchange arrangements, 75npayment arrears to IMF, 758–59quota, 859n, 869Vietnamese occupation, 51, 61

Camdessus, Micheladdress to IBD annual meeting, 60Article IV consultations with Japan, 155comments on adjustment programs, 687comments on “silent revolution,” 1, 3comments on the Brady Plan, 496economic policy recommendations to

France, 179nexchange of jobs with de Larosière,

218–19as IMF Managing Director, 5, 9–11, 58,

1043–44involvement in ministerial meeting at

the Plaza Hotel in 1985, 207nnegotiations concerning Argentina’s

debt crisis, 467–69, 473–75, 521–22,1003

negotiations concerning Brazil’s debtcrisis, 458–60, 527

negotiations with Costa Rica, 503, 505,507

negotiations with Mexico, 511–12,514–15

negotiations with Uganda, 682–83negotiations with Venezuela, 516–17,

694opinion on U.S. fiscal deficit, 148opposition to sale of IMF gold to

finance ESAF Trust, 668participation in G-7 Louvre meeting of

1987, 218–21payment arrears to IMF, 822nrecommendation for exchange rate

target zones, 200role in rescheduling Mexico’s official

credits in 1983, 360supplemental consultation with Korea,

118support for creation of the ESAF,

664–65support for debt relief, 482–83, 491–92support for exchange rate intervention,

191, 192, 221support for IMF’s surveillance activities,

663–64

I N D E X

1072

Cameroon, 579nCamp David Accords, 13Campbell, Horace, 600nCampenhout, André van, 1040Canada

Article VIII status, 120nchairing international support group for

Guyana, 822exchange rate, 80n, 247inclusion in G-7 finance minister’s

group, 211n, 220Mulroney election, 56Canto, Victor A., 27n

Cape Verde, Article IV consultations,95n

Capital flight, 273nCapital markets, growth during the

1980s, 39–41Caranicas, Costa P., 287, 568, 576, 793Cardoso, Eliana, 341nCaribbean

Quito Declaration, 479regional exchange rates, 76

Carli, Guido, 1033Cartagena Consensus, 479Carter, Jimmy

defense of U.S. currency’s value, 33establishment of diplomatic relations

with the PRC, 976inflation-reduction policy, 140–41price and wage standards, 138shift in support for Pinochet’s regime,

346nsupport for quota increase, 858

Carter, Nigel, 286nCaskey, John P., 312nCassell, Frank, 514, 518, 531, 818, 872,

874Castillo, Carlos Manuel, 499nCastro, Fidel, 758Cauas, Jorge, 346Cavallo, Domingo, 332CCFF. See Compensatory and

Contingency Financing FacilityCeausescu, Nicolae, 61, 321–24Central African Republic

in CFA franc zone, 579noverthrow of Bokassa, 52payment arrears to IMF, 822n

Central Bank of West African States,579n

Central Banking Department, 1018Central Banking Service, 1017, 1018

Central banksnegotiations with Mexico during debt

crisis, 293–95opposition to coordinated interest rate

reduction, 210Cereals window, 732–33, 741, 748–53CFA franc zone, 76, 78–79, 579CFF. See Compensatory Financing

FacilityCGE. See General-equilibrium modelChad, 579n, 745Chang, Tse Chun, 91, 158, 162Chen Xiyu, 973–75Chenery, Hollis, 612n, 998nChernobyl accident, 58Chernomyrdin, Viktor, 9“Chicago boys,” 346, 350Chigaga, G.G., 790nChile

in “Baker 15,” 419nconcerted lending arrangements, 407debt crisis, 272, 345–56debt relief, 482ndebt-service payments, 91–92, 543EFF arrangement, 546, 607n, 721failure of exchange rate anchor to

reduce inflation, 86nGDP forecasts, 540nParis Club rescheduling, 360nstand-by arrangement, 404, 407, 557,

607n, 742China. See also Taiwan Province of China

agreements to forego concessionalborrowing, 646–48, 651, 665

consequences of IMF membership, 45,980

economic policy reform, 976emergence as economic power in the

1980s, 30escape from debt crisis of the 1980s, 273membership history, 967–80quota increases, 852, 854, 859, 979repayment of gold-tranche drawings,

977–78Tiananmen Square demonstrations, 60Trust Fund eligibility, 646on Executive Board, 963, 972, 979,

1042CHIPS system, 301, 343, 387Chirac, Jacques, 180nChristian Democratic Union (Germany),

171Chung, In-Yong, 117, 118

Index

1073

Citibank, 337–338, 449, 459, 465, 544Clarín (Argentina), 390n, 399n, 465nClark, John, 493nClark, Kenneth N., 1045Classical revolution, 25–28Clausen, A.W. (Tom), 395, 424–25, 522nClément, Jean A.P., 585nCline, William R., 428n, 490n, 493n, 538CMEA. See Council for Mutual

Economic AssistanceCoard, Bernard, 719–20Coats, Warren L., 925n, 926n, 936nCocoa

exports from Côte d’Ivoire, 579–80,583–84

International Cocoa Agreement, 743nCoe, David, 154nCoffee

exports from Côte d’Ivoire, 579–80,583–84

price fluctuations during the 1980s, 24Cohen, Daniel, 539nCohen, Richard, 283n, 291nColeman, Leighton, 375nCollyns, Charles, 493nColombia

in “Baker 15,” 419nenhanced surveillance, 413–14shadow program, 404

COMECON. See Council for MutualEconomic Assistance

Commercial banks. See also AdvisoryCommittees, individual banks byname

de minimis principle, 310nand Growth Contingency Financing

Facility, 452impact of IMF’s approval of programs

in principle, 409–10negotiations with Argentina, 331–34,

385–87, 391, 395, 398n, 399, 467,469–70, 520–27

negotiations with Bolivia, 487–89negotiations with Brazil, 337–40,

343–44, 374–78, 380, 383, 453–54,458–61, 528–29

negotiations with Chile, 354–56negotiations with Costa Rica, 500–509negotiations with heavily indebted

countries for debt relief, 478–83negotiations with Mexico, 296–99,

309–11, 315–16, 360–61, 362–70,437–53, 490–91, 512–16

negotiations with Poland, 321negotiations with Romania, 323negotiations with the Philippines,

624–25negotiations with Venezuela, 404n, 518reactions to the Baker Plan, 420–21,

424–26recovery from debt crisis, 415–16relationship with the IMF, 275

Committee of Twentyfinal report of 1974, 67recommendation for par value system

of exchange rates, 17replacement by the Interim

Committee, 1027review of oil price increase during

1974, 229valuation of SDR by reference to a

basket of currencies, 950Commodity Credit Corporation (U.S.),

292, 330Commodity price indicators, 223Commodity prices, decline during the

mid-1980s, 24Common Agricultural Policy (EC), 176Common Fund for Commodities

(UNCTAD), 742nCompensatory and Contingency

Financing Facility. See alsoCompensatory Financing Facility

establishment of, 59, 724, 740–41reasons for reluctance of countries to

request contingency provisions,741–42

Compensatory Financing Facility. See alsoCompensatory and ContingencyFinancing Facility

borrowing limit, 876borrowing through, xvcalculating shortfalls, 727ncereals window, 732–33, 741, 748–53covering contingencies in 1988,

737–42establishment of, 723expansion of, 19financing food imports in 1981, 730–33floating access, 725, 876, 881liberalization of, 51, 725–29and oil price declines, 736–37proposal of concessional terms, 640ntightening conditionality in 1983,

733–37Compromise of 1975, 193n

I N D E X

1074

Conable, Barber, 441–42, 446, 514,523–24, 1003

Concepción, J.J. Alfredo, 398, 464Concerted lending agreements

advantages of, 546Advisory Committees, 406criticism of, 541–43disadvantages of, 406–08IMF’s role, 43, 311–14, 405–09, 482

Concordat on Fund-Bank collaboration,1003–05, 1055–61

Conditionalityas an issue for the Structural

Adjustment Facility, 649–650on ESAF loans, 666evaluating the success of adjustment

programs, 614–29exchange rate adjustment, 572–85goal of, 557growth-oriented adjustment, 608–14guidelines, 630–33increased lending between 1979–84,

563–65new guidelines for CFF, 733–37performance criteria, 602–07and pressure to lend, 560–63program design issues, 569–72prolonged users of IMF resources,

618–29quotas and, 188structural conditionality, 588–602theoretical basis, 559

Congo, Democratic Republic of. See ZaïreCongo, Republic of, 579nConrado, Silvio E., 230nConsultations. See Article IV consultationsContingency clauses, 606–08Cooke Committee, 59Cooper, Richard N., 27n, 186nCoorey, Sharmini, 154nCopper

exports from Zaïre, 804–05exports from Zambia, 787, 789

Corbo, Vittorio, 84n, 113n, 346n, 482,510, 550

Corden, W. Max, 37n, 480n, 481nCoricelli, Fabrizio, 988nCornia, Giavanni Andrea, 695Corrigan, E. Gerald, 514Costa Rica

in “Baker 15,” 419nBrady Plan arrangement, 499–508concerted lending agreement, 407

debt reduction, 499lending arrangements with IMF, 404Paris Club rescheduling, 507, 360nstand-by arrangement, 545

Côte d’Ivoireacess limits, 883approval in principle of stand-by

arrangements, 410in “Baker 15,” 419nbuffer-stock drawing, 743nin CFA franc zone, 579nexchange rate adjustment, 79, 579–85EFF arrangement, 580multiyear rescheduling agreement

(MYRA), 416Paris Club rescheduling, 410, 1012stand-by arrangements, 404–05,

581–84Council (IMF), 1027–28Council for Mutual Economic Assistance,

322, 576n, 965, 981–82Crawling-peg policy, 328, 347Craxi, Bettino, 211Credit tranche

use of term, xiv–xvCritical mass, 310nCrockett, Andrew D., 204n, 205n, 210n,

214n, 235n, 430ncomments concerning pressure on

Germany and Japan to ease restraintof aggregate demand, 241

as editor of the WEO, 228invitation to the G-5 deputies’

meetings, 215, 217, 221recommendations for changes in

surveillance principles, 72suggestion for estimated equilibrium

rate, 212nsupport of study to develop an

econometric model, 257nCross, Sam Y., 97, 230n, 301, 566n, 719n,

727n, 1028Cross-conditionality, 648, 650Cruzado Plan, 453–58Cuba, 758, 813n, 1011Cumby, Robert E., 926nCurrency convertibility, Article VIII

status, 121–23Current account balances. See External

current account balancesCzechoslovakia

Velvet Revolution, 61withdrawal from IMF, 813n, 965

Index

1075

DDaane, J. Dewey, 99, 204nDafalla, El-Gizouli, 782–83Dale, William B.

as Deputy Managing Director, 56,288n, 1033, 1044

negotiations concerning Argentina’sdebt crisis, 386, 389

negotiations concerning Brazil’s debtcrisis, 336, 343–44, 377

negotiations concerning Indianprogram, 713

negotiations concerning Mexico’s debtcrisis, 289, 311

recommendations for emergencyfinancial assistance, 747

support for devaluation of the leone,567

Dallara, Charles H.arrears strategy recommendations, 817Baker initiative comments, 422Brady Plan comments, 497burden sharing comments, 908comments on IMF treatment of

Gramm-Rudman targets, 242comments on restriction of aid to

Liberia, 776conditionality guidelines

recommendations, 613enhanced surveillance

recommendations, 413negotiations concerning Argentina, 474negotiations concerning Korea, 116,

118negotiations concerning Panama, 800objection to “debt overhang cases”

reference, 544nopposition to quota increase, 908, 1001policy framework paper proposal,

650–51recommendations for CFF program,

738–39recommendations for SAF plans, 647support for coordination in approving

PFPs, 1001support for use of indicators, 212surveillance procedure comments, 74,

99, 205Daniels, Joseph P., 188nDanus, Luis Francisco, 351Darman, Richard G., 145, 206n, 207Dawson, Frank Griffith, 277nDawson, Thomas C., II, 135, 584, 872

de Boissieu, Christian, 35nde Castro, Sergio, 346, 347, 350de Clercq, Willy, 1029n, 1030De Dios, Emmanuel S., 623nde Fontenay, Patrick, 181n, 983–84de Groote, Jacques

CFF program recommendations, 738comments on Argentina’s debt crisis,

334comments on Mexico’s debt crisis, 449debt crisis strategy comments, 275–76nEFF program concerns, 314as Executive Director, 1040inflation control comments, 241negotiations concerning Hungary, 983negotiations concerning Zaïre, 806nproposal on PLO, 1023nSDR allocations recommendation, 938target zone comments, 212

de la Cuadra, Sergio, 350–52de la Madrid, Miguel

election of, 286, 302inauguration of, 55, 309–10meeting with de Larosière in 1984, 369meeting with Volcker in 1986, 439support for trade liberalization, 361

de Larosière, Jacques, 203naddress to fourth annual International

Monetary Conference, 306adjustment program comments, 687attempt to secure loans from the BIS in

1983, 849–50coining of “critical mass,” 310ncomments on arrangements with

Argentina, 522ncomments on arrangements with Sierra

Leone, 568–69comments on U.S. monetary and fiscal

policies, 240nCompromise of 1975, 193nconcern over frequency of Article IV

consultations, 94, 95–96consultations with Colombia in 1985,

413de la Madrid meeting in 1984, 369debt crisis comments, 267–68debt relief debate, 481discussions with bankers concerning

the Baker Plan, 420–21, 425–26efforts to control U.S. fiscal deficit, 142exchange of jobs with Camdessus,

218–19exchange rate policies, 81

I N D E X

1076

gold sale recommendation, 641Goria meeting, 220Herzog meeting during the Mexican

debt crisis, 290–91as IMF Managing Director, 5–9, 56inflation control comments, 244invitation to participate in G-5

ministerial meetings, 194involvement in ministerial meeting at

the Plaza Hotel in 1985, 207nmeetings with creditor banks during

debt crisis, 309–11, 333, 340, 343negotiating Mexico’s first multiyear

rescheduling agreement, 364–67, 370negotiations concerning Argentina’s

debt crisis, 387, 390, 393–96, 396,398–99, 465–66

negotiations concerning Brazil’s debtcrisis, 375–78, 380, 383–84, 453–54,456–57

negotiations concerning Mexico’sstand-by arrangements in 1986,439–47

negotiations concerning South Africa’sstructural reform, 593

negotiations concerning Tanzania’sstructural reform, 599

negotiations to ensure stable system ofexchange rates, 191n

negotiations to obtain loans for theIMF, 887–91

negotiations with Bolivia, 486negotiations with Chile during debt

crisis, 356negotiations with Mexico during debt

crisis, 300–302, 304–05negotiations with the Philippines in

1985, 627–28offer of emergency assistance to Mexico

following earthquakes of 1985, 371opinion concerning role of EMS, 77opinion on Germany’s economic policy,

167opposition to IMF-provided emergency

financial assistance, 748partial freeze on new IMF lending, 850,

869presentation to Advisory Committee in

November 1982, 306–08presentation to G-5 ministerial

meeting in Toronto, 195promotion of Mexico’s trade

liberalization, 361

proposal for role of IMF inimplementing objective indicatorsprocess, 214–15

questions concerning exchange ratepolicies, 208

recommendation for increased lendingto developing countries, 562–63

recommendation to strength the yen,161–62

resignation of, 1043standard of performance proposals, 97, 98suggestions to Japan concerning fiscal

policy, 156support for a new food facility, 730–31support for a substitution account,

939–43support for Brazilian adjustment

program, 339support of WEO, 229, 230nWehbe meeting, 327, 332

de Lattre, André, 425n, 780De Masi, Paula R., 251nde Maulde, Bruno

call for publication of SupplementaryNote 7, 145

comments concerning Japan’s fiscalpolicy, 154, 159

comments concerning surveillanceprocess, 315

comments on U.S. fiscal policy, 144support of objective indicators to assess

economic performance of countries,205

De minimis principle, 310nde Vries, Margaret Garritsen, xii, 67n,

68n, 71n, 80n, 101, 121n, 180n, 188,191n, 205n, 228n, 255n, 283n, 295n,413n, 531, 558n, 559, 593n, 595n,620n, 642n, 643n, 673n, 689n, 705,708n, 725n, 726, 728n, 743n, 858n,860n, 864n, 877n, 878n, 884n, 886n,894n, 903n, 906n, 924n, 928n, 937n,947n, 951n, 955, 956, 965n, 1017n,1019n, 1029n, 1032n, 1034n, 1044

as IMF Historian, xi, 16de Vries, Rimmer, 272n, 298nde Vries, Tom, 287, 393, 720, 793, 948Debt

external debt limits, 587–88external debt management policies,

631–33performance standards for countries,

97–101

Index

1077

recycling process, 271strategy of the 1980s, 42–43, 50

Debt conversion bonds, 527Debt crisis of the 1980s. See also Debt

reliefadjustment strategy for Latin America,

549–50in Argentina, 327–36the Austral Plan of 1985, 397–401the Baker Plan, 417–29banks’ policy changes of the mid-1980s,

415–16beginning of, 55, 268–69in Bolivia, 484–90in Brazil, 336–45case-by case strategy, 538–53causes of, 269in Chile, 345–56contagion between countries 40,

272–73, 322–23, 408containing the crisis in Argentina

between 1983–85, 385–97containing the crisis in Brazil between

1983–85, 372–84containing the crisis in Mexico

between 1983–85, 359–72coordination between IMF and the

World Bank, 547–49countries involved in, 274criticism of IMF’s strategy, 541–43,

545–47debt strategy, 42, 275–78, 401–14developing countries not involved in

crisis, 273development of enhanced surveillance

procedures in 1985, 429–36Eastern European crisis, 320–25elimination of payment arrears policy,

477–78external shocks from mid-1979 to mid-

1982, 319–20financing assurances policy, 477–78,

531–36in Hungary, 324–25as impetus for use of medium-term

scenarios for heavily indebtedcountries, 91–92

Latin American crisis, 325–56managing the crisis, 278–80Mexican crisis, 42–43, 55, 268–269,

281–17, 325–27overview, 30–33, 40, 42, 267–74payment arrears policy, 531–36

in Poland, 320–21in Romania, 321–24writing-down debt by IMF, 551–52

Debt-equity swaps, 482Debt Group (IMF), 483, 489Debt relief

for Argentina, 520–26for Bolivia, 484–90the Brady Plan, 491–98for Brazil, 526–31IMF programs, 498–520IMF approach before 1989, 543–45London terms, 31for Mexico, 490–91Naples terms, 31–32negotiations for, 478–83pre-Brady debt relief, 484–91proposals to the G-7 in 1988, 686–87Toronto terms, 31, 59, 481n, 492, 687writing-down debt by IMF, 551–52

Debtors’ cartel, 479Deficits. See Fiscal policyDeif, Nazih, 1033Delfim Netto, Antonio, 339–42, 373,

376–81Dell, Sidney, 188n, 557nDelors, Jacques, 179n, 180n, 199Delors Committee, 60Democratic Justice Party (Korea), 116–17Democratic Kampuchea. See CambodiaDemocratic Republic of Congo. See ZaïreDeng Xiaoping, 976Denmark, 103, 892,1016nDeppler, Michael C., 256, 259nDeputy Managing Directors. See also

individual Directors by namereferred to as “management,” xiii

Deshmukh, S.D., 642nDesruelle, Dominique, 34n, 107nDestler, I.M., 149, 203nDeutsche Bundesbank, 111, 138, 167,

203nDeutsche mark, revaluation of, 169, 171Developing countries. See also Debt crisis

of the 1980s; Enhanced StructuralAdjustment Facility; Group ofTwenty-Four; Heavily indebtedcountries; Structural AdjustmentFacility; Trust Fund; individualcountries by name

adjustment programs, 687–700Article VIII status, 122–23becoming members of IMF, 966

I N D E X

1078

borrowing from the IMF during the1970s, 17–20

debt crisis of the 1980s, 30–33econometric models, 259–60economic conditions in the late 1980s,

33formation of the G-24, 188formation of the G-77, 187IMF approach to exchange rate policy

evaluation, 86–87impact of coffee price fluctuations, 24impact of exchange rate volatility, 213oil shocks, 319policy concerning South Africa, 593slowdown of economic growth in the

late 1980s, 47support for economic growth in 1987,

612–13WEO projections of debt burdens,

234–35Development Assistance Committee

(OECD), 684nDee, Dewey, 622Dillon, K. Burke, 360n, 368n, 457,

1010n, 1012nDini, Lamberto, 199, 243, 896, 898, 1033Disaster relief. See Emergency disaster

reliefDiwan, Romesh, 779nDiz, Adolfo, 327Dobson, Wendy, 186n, 210n, 220nDodsworth, John R., 822nDoe, Samuel K., 775, 776n, 777Dominguez, Kathryn M., 151n, 192n,

203n, 208Dominica, emergency disaster relief,

745–46Dominican Republic

Article VIII status, 120nbuffer-stock drawing, 743emergency disaster relief, 745–46protests over IMF programs, 691–92

Donoso, Alvaro, 153, 539nDooley, Michael P., 481n, 490n, 499, 541,

544Dornbusch, Rudiger, 35n, 540Dornelles, Francisco Neves, 382–84Drabble, Bernard J., 243, 731, 746, 906,

1042Droughts. See Emergency disaster reliefDuarte, José Napoleon, 729nDuisenberg, W.F., 43nDunaway, Steven, 32

Duncan, Alex, 598Dunkel, Arthur, 1006Duvalier, Jean-Claude, 57

EEAC. See East African CommunityEAR. See Policy on Enlarged Access to

the Fund’s ResourcesEarthquakes. See Emergency disaster reliefEast Africa, structural economic reform,

595–602East African Community, 598East Germany. See German Democratic

RepublicEast India Company, 710nEastern Caribbean dollar, 76, 78Eastern Europe

debt crisis of the 1980s, 320–25Eaton, Jonathan, 313nEBRD. See European Bank for

Reconstruction and DevelopmentEC. See European CommunityECB. See European Central BankEcheverría, Luis, 282ECM. See External contingency

mechanismÉcole Nationale d’Administration, 5Econometric modeling, 236, 254–60Economic and Social Council (UN), 977,

1009Economic Declaration, 173Economic Outlook, 227–28, 230, 261Economic Policy Committee (OECD),

187n, 192nECOSOC. See Economic and Social

CouncilEcuador

in “Baker 15,” 419nCFF drawings, 737debt crisis, 272IMF’s approval in principle of stand-by

arrangements, 410Paris Club rescheduling, 1012multiyear rescheduling agreement

(MYRA), 412, 416Edison, Hali J., 192nEdo, Michael, 682–83Edwards, Alexandra Cox, 346nEdwards, Sebastian, 86n, 271n, 286n,

346n, 350n, 539n, 545, 550, 615,696n

EEC. See European Economic CommunityEFF. See Extended Fund Facility

Index

1079

Egyptemergency disaster relief, 744and elections of Executive Directors,

1043payment arrears to IMF, 758protests over IMF programs, 690–91sanctions by the Organization of Arab

Petroleum Exporting Countries, 13Eichengreen, Barry, 86n, 276n, 538,

1005n, 1015nEichler, Gabriel, 321nEken, Sena, 1008nEl Kogali, El Tayeb, 791El Salvador

Article VIII status, 120nCFF drawings, 729n

Elson, R. Anthony, 518EMA. See European Monetary

AgreementEmergency disaster relief, 744–47, 753–54Emergency financial assistance, 747–48Emminger, Otmar, 80n, 167Employment

comparison of growth in the U.S. andEurope during the 1980s, 32

EMS. See European Monetary SystemENA. See École Nationale

d’AdministrationEnhanced contacts, 456–57Enhanced monitoring, 433Enhanced Structural Adjustment Facility

additionality, 648, 684–85balance sheet, 671, 910–11concessional loans to low-income

countries from 1977–89, 674–76conditionality of loans, 666contribution commitments, 670coordination with other agencies, 700criticism of, 45establishment of, 59, 638evaluating effectiveness of assistance,

684–87financing in 1987–88, 667–71financing from Japan, 155n“grant-equivalent” value on below-

market loans, 669ninterest rate charged on loans, 673noperations in 1988–89, 672–84planning and design of facility in 1987,

663–66Reserve Account, 668–69risks from countries in protracted

arrears, 819–20

Enhanced surveillanceassessment of record, 436for Colombia, 413–14confidentiality of staff appraisal reports,

101–02development of procedures in 1985,

429–36introduction of, 88n, 368, 547for Mexico’s rescheduling agreement,

368, 411multiyear rescheduling agreements,

411–14prototype for, 286nfor Uruguay, 436for Venezuela, 412–13, 432for Yugoslavia, 432–35

Enlarged Access Policy, 28, 53, 362n,707, 708n, 879–94, 917–22

Enoch, Charles, 474, 495–96, 509, 582–83EPC. See Economic Policy CommitteeEPU. See European Payments UnionEquatorial Guinea, 579nErb, Richard D.

comments on debt relief, 482comments on global economic

performance assessment, 100–101comments on inflation control, 244comments on Japan’s fiscal policy, 157,

158comments on multilateral surveillance,

201comments on supply-side economics,

142comments on U.S. fiscal deficit, 143discussions with bankers concerning

the Baker Plan, 425as IMF Deputy Managing Director, 56,

1033, 1044negotiations concerning Argentina’s

debt crisis, 398, 400, 467negotiations with Costa Rica, 503,

507–08negotiations with Ghana, 677negotiations with India, 713–15

Ericsson, Neil R., 521nErikson, Erik, 710nEritrea, 966nERM. See Exchange rate mechanismERP. See European Recovery ProgramErshad, Hussain Mohammed, 660, 662nESAF. See Enhanced Structural

Adjustment FacilityESAF Trust, 665–70

I N D E X

1080

Escobar Cerda, Luis, 407nETR. See Exchange and Trade Relations

DepartmentEuro, impact on surveillance, 77Europe, employment growth during the

1980s, 32European Bank for Reconstruction and

Development, de Larosière aspresident, 7

European Central Bank, impact onsurveillance, 77

European CommunityCommon Agricultural Policy, 1016creation of ECU as common currency

unit, 51economic integration of, 78relationship with IMF, 1015–17

European Economic CommunityCamdessus as chair of Monetary

Committee, 9establishment of, 1008n, 1015STABEX, 728n

European Monetary Agreement, 39, 1015European Monetary Cooperation Fund,

39, 1015European Monetary System

exchange rate policies, 39, 76–78, 87,167n, 182–83

formation of, 38, 51, 167, 1015France’s participation, 178realigning rates, 52, 168stabilization of exchange rates, 48exchange rate mechanism, 76, 190n

European Payments Union, 38–39, 1015European Recovery Program, 1015European Union, economic unification

during the late 1980s, 48“Eurosclerosis,” 32Evans, Huw, 857nEvans, Owen, 40, 76, 78n, 519Evers, Willem G.L., 769nExchange and Trade Relations

Department, 87, 481, 711Exchange rate policies. See also

Surveillance; Surveillance ofindustrial countries

in adjustment programs, 572–85assessments of the international

monetary system, 80–84“beggar thy neighbor” policies, 84coordination during the 1980s, 38–39,

202–20Côte d’Ivoire, 79, 579–85

crawling-peg policy, 328, 347devaluation of currency, 84–85EMS reforms, 76–78, 87fixed rate policy, 16–17floating exchange rate system, xiv,

33–36, 74–76, 80, 83–84, 87, 247–250 following the Louvre accord, 221–22for France in the 1970s, 178Franco-American agreement of 1975,

188general practices from 1977 Executive

Board decision, 88, 125intervention arguments, 191–92, 198intervention study, 151n, 197–98for Japan, 160–163Louvre meeting agreement on U.S.

dollar, 152in Mexico during 1985, 369–70negotiations to ensure stable

international system, 191par value system, 17pegging arrangements, 74–75, 77n,

247, 328, 347, 573political issues, 85portfolio-balance approach, 82nprinciples and procedures of

surveillance, 71–74, 123–31prior corrective action requirements,

605–06real exchange rate rule, 107n, 110n,

573–78, 603reducing exchange restrictions, 120–23requirements of effective surveillance,

49during the 1970s, 14stabilization guidelines, 80, 82sterilized intervention, 192, 197surveillance by IMF during the 1970s,

16–17surveillance by IMF during the 1980s,

41–42target zone recommendations, 83, 200,

205–06for the U.K., 182–83underlying-balance approach to

equilibrium, 82U.S. policies during the 1980s, 149–53use of fixed rates for stimulating trade,

86variety in exchange arrangements,

74–80Versailles summit conference of 1982,

193–94

Index

1081

weaknesses identified in the G-10 andG-24 deputies’ reports of 1986, 211

for Yugoslavia, 574–78Exchange rates

approach to stability in developingcountries, 86

equilibrium rate estimates, 83fluctuations among major currencies,

34–36impact of volatility, 83–84impact on businesses, government and

consumers, 85influence of PPP, 81margin of error in measuring

equilibrium level, 85mechanism of, 39, 76medium-term norms, 80policy role, 84–88resistance to use as instrument of

adjustment, 85–86unstable U.S. currency value in the

early 1980s, 33–34WEO discussions, 247–50WEO forecasting, 251–54

Exchange Stabilization Fund, 293, 295n,339

Executive BoardAnnual Report, 101–02, 228n, 230, 815Chairman’s record of meetings, xviii–xixconcern regarding conditionality, 43–44conduct of Article IV consultations,

89–92consultations with member countries,

69discussion of Article IV consultations

with the largest industrial countries,137

management of, 1043–44members of, 1033–40minutes from meetings, xviiiperformance standards for countries,

97–101responsibilities of, 1031–32review of the implementation of

surveillance, 200structure of, 1040–43use of term, xiii

Exit bonds, 482Export cover, 424Export-Import Bank, 330, 378Exports. See also Buffer Stock Financing

Facilitycalculating shortfalls, 727n

trade variability as a determinant ofquotas, 863

Extended Fund Facility. See alsoSupplementary Financing Facility

borrowing limit, 877collaboration with the World Bank,

716–20conditionality, 652decrease in number of approved

arrangements, 721establishment of, 43, 45, 545–46, 705expansion of, 19interest rate charged on loans, 673nlength of arrangements, 706–07liberalization of, 52purpose of, 639, 705repayment period, 707–08revitalization of, 722–23support of structural reforms, 708–09value of lending arrangements, 706

External Audit committee, 813External balance, assessment of, 137–38External contingency mechanism, 738External current account balances

determining countries’ surpluses, 231nmedium-term scenarios, 232–35, 237during the 1980s, 36–38shift during the 1970s, 15

External Relations Department, 1019

FFabius, Laurent, 180nFabra, Paul, 600nFalklands (Malvinas) War, 330–31FAO. See Food and Agriculture

OrganizationFaria, Angelo G.A., 473nFaria, Hugo Presgrave de A., 455FECOM. See European Monetary

Cooperation FundFederal Republic of Germany. See

GermanyFederal Reserve Board

“Gang of Four,” 210ngeneral-equilibrium world economy

model, 257Multi-Country Model, 257request from IMF for econometric

model simulations, 236swap lines with Mexico, 285, 289

Federal Reserve Systemaction during Mexico’s debt crisis of

1982, 43

I N D E X

1082

new operating procedures in 1979, 52inflation control, 21opinions on U.S. fiscal deficit, 143

Feeney, William R., 976nFeinberg, Richard E., 547Fekete, Janos, 325, 981–83Feldman, Ernesto V., 468, 474Feldman, Robert Alan, 223, 251nFeldstein, Martin, 27n, 152n, 311nFeldt, Kjell-Olof, 111, 113Fenton, Paul R., 251nFernandez, Jose B., 625, 627Fernandez, Raquel, 313nFerrán, Joaquín, 388, 393, 397–98, 401,

464, 526Ferreira da Nóbrega, Mailson, 529Ffrench-Davis, Ricardo, 353nFICORCA scheme (Mexico), 360–61, 450Filardo, Leonor, 513–514, 518–19, 800Filosa, Renato, 177, 496Finaish, Mohamed, 241, 305, 593, 747n,

795, 1023, 1040Finch, C. David, 98n, 104, 150, 181n,

644, 711n, 765n, 1046–47Finland, 112n, 892Fiscal Affairs Department, 1017Fiscal drag, 173Fiscal policy

in France, 177–80in Germany, 165–77in Japan, 155–60macroeconomic policy goals in the

early 1980s, 239–40standards for, 585–86in the United Kingdom, 180–83in the United States, 140–49WEO discussions, 238–243

Fischer, Stanley, 596n, 611, 1003, 1044nFixed exchange rate system, 16–17, 102,

247–50Fleming, J. Marcus, 243nFlickenschild, Hans, 485–87, 489Floating access, 725, 876, 881Floating exchange rate system

classification of arrangements, 74–76impact of volatility, 83–84performance from 1978–85, 33–36quantified norms for, 80ratification of, xivstabilization guidelines, 80, 82and surveillance, 70, 76underlying-balance approach to

equilibrium, 82

use by developing countries, 87WEO discussion, 247–50

Flood, Robert P., 36nFolkerts-Landau, David, 78nFood and Agriculture Organization,

730–31Food facility, 730–31Foot, Michael, 444Forecasting

econometric modeling, 236, 254–60evaluation of, 260–61WEO process, 251–54

Fossedal, Gregory A., 223nFrance

devaluation of the franc, 178, 180disagreement with U.S. over economic

policy, 190–91“Franc fort” policy, 180guarantee for the convertibility of the

CFA franc, 579IMF credit 1947, 557impact of trade policies on exchange

rate, 92quota, 874stabilization of the franc against the

deutsche mark, 191nsupport for exchange rate intervention,

191–94support for exchange rate target zones,

205surveillance of, 177–80swap line with Mexico, 295n

François, Christian A., 583–84Frankel, Jeffrey A., 35n, 151n, 192n,

203n, 208, 223nFree Democrats (Germany), 169Free Trade Agreement, 59Frenkel, Jacob A., 37, 91n, 214n, 236n,

255n, 544n, 559n, 1034nas Director of Research and Economic

Counsellor, 38, 221, 481, 1046participation in Article IV consultation

with Japan, 155Friedman, Milton, 12n, 13Fujino, Hirotake, 164, 213, 231nFunabashi, Yoichi, 173, 206n, 207n,

209n, 210n, 216n, 218n, 219n, 249n

Funaro, Dilson Domingos, 384, 453–54,458–59

The Fund. See International MonetaryFund

Furstenberg, Reinhard W., 926n

Index

1083

GG-5. See Group of FiveG-7. See Group of SevenG-9. See Group of NineG-10. See Group of TenG-24. See Group of Twenty-FourG-77. See Group of 77GAAP. See Generally Accepted

Accounting PrinciplesGAB. See General Arrangements to

BorrowGabon, 579nGabriel-Peña, José, 230nGajdeczka, Przemyslaw, 552nGalbis, Vicente, 121n, 350Galimany, Guillermo Endara, 801Galvêas, Ernane, 339–42, 373, 376, 380,

382Gambia, SAF loan, 655nGandhi, Indira, 710, 716Gandhi, Mohandas K., 710nGaravoglia, Guido, 197nGarber, Peter M., 36nGarcía, Alan, 57, 479, 785–86García, Gustavo, 177García del Solar, Lucio, 392García Vásquez, Enrique, 388, 393, 396,

398Gardner, Richard N., 1005nGATT. See General Agreement on Tariffs

and TradeGeneral Agreement on Tariffs and Trade,

92, 361, 1005–08General Arrangements to Borrow

establishment of, 884expansion of, 55, 895–97function of, 894–95organization of, 187

General Department, balance sheet for,852–53, 910–11

General-equilibrium (CGE) models, 176General Resources Account

credits, xivincome, expenses, and reserves, 901suggestions for financing ESAF Trust,

668Generally Accepted Accounting

Principles, 814nGerman Democratic Republic (East

Germany)downfall of government, 48merging with Federal Republic of

Germany, 165n

Germanyaccess limits, views on, 884nBaker’s criticism for raising interest

rates, 221–22becomes member of IMF, 965current account, 37exchange rate, 80n, 169, 171, 202, 247macroeconomic policy, 173, 188, 216,

217, 233, 241opposition to exchange rate target

zones, 206population growth, 175nproposal on CFF, 727quota, 874quota increase, views on, 866surveillance of, 165–77

Gerson, Philip R., 586nGerster, Richard, 689nGhana

cereals import drawing, 732nCFF drawings, 676EFF arrangement, 677–78, 700, 721ESAF loan, 673, 676–79, 700stand-by arrangement, 676–77

Gia, Nguyen Duy, 769Gianviti, François, 467, 496n, 1047–48Gierek, Edward, 987Giscard d’Estaing, Valery

de Larosière as Director of Treasuryduring Presidency, 5

defeat by Mitterrand, 54, 178participation in G-5 meetings, 187n

Global Economic Prospects, 230nGold

Brazil’s exports, 375nfinancing of Trust Fund, 638Kemp’s proposal to return the U.S. to a

gold standard, 223nopposition to sale of IMF stock to

finance ESAF Trust, 667–68price peak, 52sales by IMF in 1970s, 19, 53, 641South Africa’s exports, 591–92, 594

Gold, Joseph, xvn, 90n, 187n, 327n, 766,854n, 864n, 884n, 924n, 950n, 963n,970n, 981, 989n, 991n, 998n, 1005n,1006n

retirement of, 1045Gold Pool, collapse in 1968, 42Gold tranche

China’s repayment, 977–78use of term, xiv–xv

Goldsbrough, David, 319n, 320n, 614n

I N D E X

1084

Goldstein, Morris, 30n, 37, 38n, 82, 83,91n, 205n, 210n, 214n, 235n, 255n,430n, 482, 510, 615, 1034n

Gomulka, Wladyslaw, 987Gondwe, Goodall E., 678n, 776n, 791Gonzáles del Solar, Julio, 333, 385–87González, Gustavo R., 801Goode, Richard B., 1046Goos, Bernd, 213, 495–96, 581, 586Goreux, Louis, 580, 730n, 751nGoria, Giovanni, 220Gotur, Padma, 84n, 662n, 699nGotuzzo, Lorenzo, 346GRA. See General Resources AccountGraham, Carol, 700nGramm-Rudman-Hollings Act, 57,

146–49, 242Granger, Clive, 254nGrant, James, 699Great Britain. See United KingdomGreece, 78n, 122nGreenidge, Carl B., 773Greider, William, 34nGrenada

EFF arrangement, 717–20IMF Executive Directors’ concern

regarding financing arrangements, 43U.S. invasion, 56, 720

Grinspun, Bernardo, 388–94, 397–98Grobar, Lisa Morris, 84nGromyko, Andrei, 988nGros, Daniel, 573Grós, Remi, 296nGrosche, Guenter, 152, 251n, 393, 431,

472, 514, 519, 736, 800–801, 1052–53Group of Five. See also Industrial

countriescreation of G-7 finance minister’s

group, 211formation of, 187ninitiative to sustain depreciation, 152interest rate reduction as focus of

London summit, 209–10invitation for IMF staff to participate

in ministerial meeting, 216limitations of meetings, 193ministerial meetings, 173, 195–97, 199,

202–03, 207–08, 217–18regularity of meetings, 187role of IMF in meetings, 193–94support of objective indicators, 213Tokyo summit conference of 1986, 211,

213

Group of Nine, policy concerning SouthAfrica, 593

Group of Seven. See also Industrialcountries

accord concerning interest rates inU.S., 190

creation of finance minister’s group, 211debt-relief proposals, 687deputies’ meeting in 1982, 191–93economic performance assessment, 100finance ministers’ meeting in 1983,

197–98formation of, 187ninflation control policy shift, 190intervention study, 151n, 197–98Louvre meeting of 1987, 220meetings following stock market crash

of 1987, 222reaction to oil price increases, 190regularity of meetings, 187response to G-10 and G-24 deputies’

reports, 211slowdown in economic growth during

1986, 216support of objective indicators, 222summit meeting of 1975 (Rambuillet),

188summit meeting of 1976 (San Juan), 188summit meeting of 1977 (London), 188summit meeting of 1978 (Bonn), 12,

164–66, 173, 188, 245, 858summit meeting of 1979 (Tokyo), 190,

245summit meeting of 1980 (Venice), 190summit meeting of 1981 (Ottawa), 190summit meeting of 1982 (Versailles),

54, 193–94summit meeting of 1983

(Williamsburg), 56, 197–200summit meeting of 1984 (London),

200–201, 366nsummit meeting of 1985 (Bonn), 173,

204summit meeting of 1986 (Tokyo), 58,

214summit meeting of 1987 (Venice), 58,

221, 664, 686nsummit meeting of 1988 (Toronto), 31,

59, 224, 480–81, 687Group of 77

formation of, 187proposal to invite PLO to Annual

Meetings, 1023–24

Index

1085

Group of Ten. See also Industrialcountries

call for IMF to strengthen surveillance,235

deputies’ report on the internationalmonetary system, 199–200, 204,205–06, 211

endorsement of enhanced surveillance,429

exchange rate target zone proposals,83n

fixed exchange rate policy, 16–17formation of, 186–87negotiations between central banks and

Mexico during debt crisis, 293–95membership, 187nrole in OECD, 187nrole of, 965–66Smithsonian ministerial meeting of

1971, 255support of objective indicators, 213turmoil in currencies during the 1970s,

42Group of Twenty-Four. See also

Developing countriescall for IMF to strengthen surveillance,

235deputies’ report on the international

monetary system, 205–06, 211endorsement of enhanced surveillance,

429–30exchange rate target zone proposals,

83nformation of, 188interest in stabilizing exchange rates,

198nproposal to link SDR allocations to

development finance, 948recommendations for reform of

conditionality, 570request for a CFF contingency

mechanism, 737–38support for economic growth of

developing countries in 1987,612–13

support of target zones, 212–13Growth Contingency Financing Facility

of commercial banks, 452Guatemala

Article VIII status, 120nrestructuring sovereign bonds, 277nTrust Fund eligibility, 643n

Guenther, Jack D., 272n

Guerrero, Isabel, 696n, 700nGuetta, Aldo, 204n, 288nGuitián, Manuel, 78n, 167, 181n, 283n,

297, 298, 557, 612Gulde, Anne-Marie, 699nGunson, Phil, 799nGupta, Sanjeev, 688Gurría Treviño, José Angel, 290, 301,

310, 316, 360, 366–367, 371, 443Guth, Wilfried, 309, 364–66Gutt, Camille, 1033Guyana

buffer-stock drawing, 743normalization of relations with IMF,

821–22payment arrears to IMF, 770–74

Guzman, Jorge P., 360n, 1010n, 1012nGwin, Catherine, 711nGyohten, Toyoo, 187n, 191n, 198n,

202n, 203n, 207n, 209, 216n, 218n,285n, 286n, 290n, 439n, 446n, 494n

HHaas, Richard D., 257n, 585nHaberer, Jean-Yves, 309Habermeier, Walter O., 761, 1049Hadjimichael, Michael T., 614n, 655nHaggard, Stephan, 3n, 688nHahn, Frank, 25Haiti

Article VIII status, 120nbecomes member of IMF, 991noverthrow of Duvalier, 57payment of arrrears to IMF, 822nprogram implementation, 569nprolonged borrowing, 618

Hajnal, Peter I., 188n, 191n, 195n, 199,201, 210n, 213n, 220, 366n, 664,687n

Hall, Robert Ernest, 13nHansen, Mary Elizabeth, 597Haque, Nadeem U., 259, 612n, 614nHarberger, Arnold C., 350nHarrod, R.F., 995n, 1043nHavel, Václav, 48, 61Hawke, Robert, 28Healey, Denis, 1029Heavily indebted countries

“Baker 15” countries, 402–03, 419case-by case debt strategy, 538–53lending arrangements with IMF, 402–05negotiations for debt relief, 478–83reduction of lending to, 415

I N D E X

1086

Heavily Indebted Poor Countries, 32Helleiner, Gerald K., 188n, 551, 694,

699nHeller, Peter S., 585n, 688, 698Henning, C. Randall, 149, 165n, 203nHernández-Catá, Ernesto, 228Heymann, Daniel, 401nHickman, Bert G., 256nHicks, Ronald P., 699nHilliard, Brian, 935HIPC. See Heavily Indebted Poor

CountriesHirao, Teruo, 157, 162Hitti, Said H., 657nHoelscher, David, 346n, 350nHolder, William E., 497nHole, Peter C., 992Hollensen, Frede, 104Honduras

Article VIII status, 120npayment arrears to IMF, 764, 802–04,

822nHonecker, Erich, 48Hong Kong, crash of stock market in

1987, 37Hongru, Liu, 648Hood, William C., 82n, 253n, 1046Hook, A.W., 980Horiguchi, Yusuke, 102n, 154nHorsefield, J. Keith, xi, xvin, 1, 69n,

120n, 516n, 558, 724n, 726, 744,758, 768n, 860n, 863n, 864n, 875n,877n, 894n, 963n, 965n, 968n, 970,1005n, 1008, 1015, 1018n, 1019n,1032n, 1034n, 1043n

Houben, Aerdt C.F.J., 626nHouphouët-Boigny, Felix, 579, 583–84Howe, Geoffrey, 183n, 197, 210n, 330n,

561, 565, 867, 898, 1030Hsiung, James C., 976nHsu, Peh Yuan, 971–72Hu, Grace, 779nHuizinga, Harry, 312nHume, David, 559Hummer, William B., 480nHungary

becomes member of IMF, 45, 91n,983–84

consequences of IMF membership, 45debt crisis, 324–25initiation of discussions with IMF,

981–82New Economic Mechanism, 981–82

provisional government of, 980stand-by arrangements, 984–86underreporting of debts, 985–86

Huntrods, Guy, 375, 379, 385Hussain, M. Nureldin, 779n

IIATA. See International Air Transport

AssociationIBRD. See World BankIceland, 104–05, 1016nICM. See Internal contingency mechanismICO. See International Coffee

OrganizationIDA. See International Development

AssociationIDB. See Inter-American Development

BankIDRC. See International Development

Research CentreIFC. See International Finance

CorporationIFIs. See International financial

institutionsIglesias, Enrique V., 514IIE. See Institute for International

EconomicsIIF. See Institute for International FinanceILO. See International Labor

OrganizationIMF. See International Monetary FundIMF Institute, 1017IMFC. See International Monetary and

Financial CommitteeIncomes policies, 243–44Indebtedness to IMF, measurement of, xvIndexation. See Wage indexationIndia

access limits, views on, 883–84agreements to forego concessional

drawings, 646–48, 651, 665CFF credit, 726ncommitment to buy Mirage fighter jets

from France, 714devaluation of the rupee, 715EFF arrangements, 54, 709–16emergency disaster relief, 745escape from debt crisis of the 1980s,

273IMF Executive Directors’ concern

regarding financing arrangements,43–44

stand-by arrangement, 712n

Index

1087

Indicators. See Objective indicatorsIndonesia

buffer-stock drawing, 743CFF drawings, 737economic growth during the 1980s, 30escape from debt crisis of the 1980s,

273stand-by arrangement, 712nwithdrawal from IMF, 813n

Industrial countries. See also Group ofFive; Group of Seven; Group of Ten;Surveillance of industrial countries;individual countries by name

attempt by the IMF to obtain loans,891–94

end of inflation, 21–25external imbalances during the 1980s,

36–38IMF approach to exchange rate policy

evaluation, 86limitations of internal surveillance, 186output growth during the 1970s, 12pressure for trade liberalization in

Korea, 118recessions, 30, 46–48, 320

Inflationin Argentina, 392–93, 462in Brazil, 341, 373–74, 382, 462end of, 21–25effects on fiscal policy, 374, 382n,

585–86as focus of 1979 Belgrade meeting, 190in Yugoslavia, 577–78impact of oil prices, 245–47incomes policies, 243–44inertial, 341monetary correction and, 374during the 1970s, 12–14, 139, 140during the 1980s, 141–43and use of exchange rate as instrument

of adjustment, 85–86wage indexation, 373, 380–81, 392–93WEO analysis of control policies,

243–45Inflationary stagnation. See StagflationInformation Notice System, 56, 106–08Institute for International Economics, 38Institute for International Finance, 406,

949Integrated Programme for Commodities

(UNCTAD), 742nInter-American Development Bank, 330,

389, 419, 548

Interbank clearing system, 301, 343, 387Interest rates

as focus of G-5 London summit,209–10

as focus of G-7 Ottawa summit, 190impact of fluctuating exchange rates,

34, 36impact of U.S. fiscal deficit, 144–46rise in U.S. short-term rates between

1979 and 1981, 319during the 1980s, 21–22, 30, 319setting the SDR rate, 955–57, 959–60

Intergovernmental Group of Twenty-Fouron International Monetary Affairs.See Group of Twenty-Four

Interim Committeeactivities during the 1980s, 51–52, 55,

59agreement on Second Amendment, 17discussion of the Baker Plan, 417–18establishment of, 1027first regular session, 229global economic performance

assessment, 101operation of, 1028–31procedures for handling countries with

economic problems, 102–03Regan’s proposal for a new Bretton

Woods conference, 203–04INTERLINK model, 257nInternal balance, assessment of, 137–38Internal contingency mechanism, 738International Air Transport Association,

936nInternational Bank for Reconstruction

and Development. See World BankInternational Cocoa Agreement, 743nInternational Coffee Organization, 24, 584International debt crisis. See Debt crisis of

the 1980sInternational Development Association,

637, 646, 649, 1000International Development Research

Centre, 680nInternational Finance Corporation, 442nInternational financial institutions

role in debt reduction, 551–52International Financial Statistics, 256nInternational Labor Organization, 698,

699International Monetary and Financial

Committee, 1027International Monetary Conference, 365

I N D E X

1088

International Monetary Fund. See alsoQuotas; Surveillance; World EconomicOutlook; specific lending facilities

access policies, 875–84activities during the 1980s, 51–61adjustment programs, 687–700adjustment strategy for Latin America,

549–50Annual Report, 228n, 230approach to debt relief before 1989,

543–45approval of programs in principle,

409–10Articles of Agreement, xiii–xivBoard of Governors, 1021–27borrowing, 884–99, 921–22case-by case debt strategy, 538–53charges to borrowers, 904–06concerted lending tactic, 43, 405–09Concordat on Fund-World Bank

collaboration, 1003–05, 1055–61consolidated balance sheet, 910–11contingency clauses, 606–08coordination with other agencies,

699–700coordination with the World Bank,

547–49, 698–00, 716–20, 995–1005Council, 1027–28credit eligibility for “IDA-only”

countries, 646, 649crisis of arrears during the 1980s,

44–45, 57criticism of debt strategy, 545–47criticism of focus on macroeconomics,

694–97the Debt Group, 483, 499debt strategy of the 1980s, 42–43,

275–78, 401–14views on devaluation of currency,

84–85developing and implementing a policy

framework, 697–700emergency assistance in financial crises,

747–48emergency disaster relief, 744–47,

753–54end of gold sales program, 641evaluating the success of adjustment

programs, 614–29exchange rate flexibility, 85Executive Board, 1031–44Executive Directors’ concern regarding

financing arrangements, 43–44

external debt limits, 587–88external debt management policies,

631–33financial facilities during the 1980s, 46financing assurances policy, 477–78,

531–36General Department, 850–53General Resources Account, 901global membership, 963–92goal of conditionality, 557governance of, 1018–55growth-oriented adjustment proposals,

608–14guidelines for stabilizing exchange

rates, 80, 82headquarters building, 1019–20importance of the SDR during the

1970s, 20–21increase in quotas during the 1980s,

44–45increased lending in 1979–84, 563–65“Informal Documents,” 228ninstitutional change during the 1980s,

44–46Interim Committee, 1027–31leadership during the 1980s, 4–11lending arrangements with heavily

indebted middle-income countries,402–05

lending to developing countries duringthe 1970s, 17–20

lending subject to high conditionality,560–61

losses in operations, 899management of, xiiimonetary character of, 43organization chart, 1020payment arrears policy, 531–536,

907–910performance standards for countries,

97–101, 602–07political pressures affecting policies

concerning developing countries,688–94

prior corrective action requirements,605–06

program design issues, 569–72prolonged users of resources, 618–29protests against, 376, 518, 689–94purpose of, 186, 608quality of lending during the 1980s,

43–44rate of charge, 899–900

Index

1089

reconsideration of role during the1980s, 4

relationship with commercial banks,275–76

relationship with GATT, 1005–08relationship with the BIS, 1013–14relationship with the Paris Club,

1010–13relationship with United Nations,

1008–10remuneration to creditors, 900, 902–04Research Department, 83, 87, 228resource use guidelines, 630–33role in G-5 meetings, 193–94role in implementing objective

indicators process, 214–16, 223role in international monetary system

at end of the 1980s, 48–50size of the Fund, 851staff, 1044–55Staff Studies for the World Economic

Outlook, 231strategy concerning commercial banks

during the debt crisis of the 1980s,541–43

strategy concerning the Baker Plan,421–24

structural conditionality, 588–602surveillance of exchange rate policies,

16–17, 41–42, 56, 58targeting net income, 906–07technical assistance to member

countries, 1017–18units of, 850web site, xvin“World Economic and Market

Developments,” 83nwriting-down debt, 551–52

International monetary systemexternal imbalances during the 1980s,

36–38guidelines for stabilizing exchange

rates, 80, 82open capital markets, 39–41policy coordination, 38–39unstable exchange rates during the

early 1980s, 33–36International Natural Rubber Agreement,

743–44International Sugar Agreement, 743International Tin Agreement, 484nInternational Trade Organization, 1005Iqbal, Zubair, 1007n

Iranban of oil exports by the U.S., 13blocking of government assets by U.S.,

120nquota, 854, 859n, 869, 875suspension of Article IV consultations,

95nwar with Iraq, 53

Iraqattempt by IMF to obtain loans, 891nparticipation in the SDR Department,

933npayment arrears to IMF, 822nquota, 859suspension of Article IV consultations,

95nwar with Iran, 53

Ireland, 892Isard, Peter, 14, 81n, 926nIslamic Republic of Iran. See IranIsmael, Julius, 734Israel, 295nItaly. See also Bank of Italy

becomes member of IMF, 965borrowing from the IMF during the

1970s, 18, 560in G-7 finance minister’s group, 210,

211n, 220liquidation of Banco Ambrosiano, 55participation in exchange rate

intervention, 210–11stabilization of the lira against the

deutsche mark, 191nIvory Coast. See Côte d’Ivoire

JJacobson, Harold Karan, 972n, 976n,

977nJacobsson, Per, 987Jalal, Mahsoun B., 98Jamaica

access limits, 883in “Baker 15,” 419nborrowing from IMF, 404buffer-stock drawing, 743concerted lending agreement, 407CFF drawings, 52EFF arrangement, 52IMF financing in 1979, 52IMF interaction with commercial

banks, 275prolonged borrowing, 618

Jamal, Amir H., 599, 1024–26

I N D E X

1090

James, Harold, xxii, 67n, 68n, 77n, 180n,255n, 673n, 963n, 965n, 967n, 987n,988n, 1015n

James, Marzenna, 963nJamshidi, Ahmad, 258nJapan. See also Bank of Japan

access limits, views on, 884nbecomes member of IMF, 965bubble economy, 163concerns about publication of medium-

term scenarios, 231–32contributions to the ESAF Trust, 669cooperative economic agreement with

U.S. in 1986, 217–18current account imbalances during the

1980s, 37, 71Economic Planning Agency, 257emergence as economic power in the

1980s, 28exchange rate, 35, 80n, 81n, 84,

160–63, 202, 247, 248, 416fiscal policy, 155–60, 233inflation control, 244liberalization of trade and finance,

163–64loan to IMF, 894becomes member of IMF, 965Miyazawa Plan, 480–81opposition to distribution of Fund

quotas, 873–74quota, 874reluctance to pledge new money to

Mexico, 315–16support for exchange rate intervention,

198nsurveillance of, 154–64trade imbalance, 37–38, 154Jaruzelski, Wojciech, 986, 988–89

Jayawardena, A.S., 593Jayewardene, J.R., 709Jenkins, Roy, 77nJi Pengfei, 972Jobs. See EmploymentJohnson, G.G., 87, 572n, 573nJohnson, Harry G., 559nJohnson, Omotunde, 696Joines, Douglas H., 27nJoint Procedures Committee, 1024, 1026Jolly, Richard, 695Jones, Christine W., 684nJordan

cereals import drawing, 732nTrust Fund eligibility, 643n

Jorgensen, Erika, 277nJoshi, Vijay, 709, 711nJoyce, Robert K., 714Juárez, Benito, 276nJul, Ana Maria, 379Junz, Helen, 576Jurgensen, Philippe, 192n, 197Jurgensen Report, 151n, 197

KKaaret, David, 313nKadar, Janos, 983Kafka, Alexandre

Brady Plan objections, 497coining of “enhanced contacts” term,

431ncomments on Brazil’s debt crisis, 531comments on creditor financing to

heavily-indebted countries, 260–61comments on the Executive Board,

1032as Executive Director, 1040and Kafka Committee, 1051negotiations concerning Brazil, 339,

373negotiations concerning Mexico, 445negotiations concerning Panama, 800,

802performance criteria comments, 571

Kafka Committee, 1051Kalter, Eliot, 515nKamhawi, Walid, 1023Kamin, Steven B., 521nKanbur, S.M. Ravi, 697nKanesa-Thasan, S., 657nKaplan, Jacob J., 1015nKapur, Devesh, 282n, 595, 596n, 744n,

891n, 980, 996nKapur, Ishan, 673n, 679Karcz, Zbigniew, 986, 988Karl-I-Bond, Nguza, 805nKarlstroem, Bo, 598Kashiwagi, Yusuke, 309, 426n, 493nKast, Miguel, 351Kaul, P.N., 1018Kaunda, Kenneth D., 692, 693, 787, 789–91Kelleher, Jeanette, 40nKeller, Peter M., 654n, 686, 1010nKelly, Margaret, 1007nKelsey, Jane, 47nKemp, Jack, 223nKenen, Peter B., 84n, 107n, 480, 538,

940, 943n, 1005n

Index

1091

Kennedy Round, 1005Kenya

cereals import drawing, 732nformation of East African Community

(EAC) 598nstructural economic reform, 595–97

Kenyatta, Jomo, 595Keyes, Joseph G., 682, 790nKeynes, John Maynard, 963, 995n, 1032Keynesian macroeconomics, 12n, 238,

242, 257Khan, Mohsin S., 30n, 87, 91n, 255n, 259,

482, 510, 550, 559n, 612n, 614, 615Kharmawan, Byanti, 77n, 98, 567, 593n,

609, 1040Khomeini, Ayatollah Ruhollah, 51Kiggundu, Suleiman I., 681nKiguel, Miguel A., 684nKiingi, Semyano, 642n, 1033nKilborn, Peter T., 210nKillick, Tony, 549n, 595n, 602n, 614n,

694, 700, 721Kim, Samuel S., 976nKindleberger, Charles P., 272nKiribati, 79, 651n, 966Kirmani, Naheed, 1007nKiyonga, C.W.C.B., 681n, 683Klein, F.-E., 296nKlein, Lawrence, 480nKnight, Malcolm D., 82, 83, 107n, 138n,

232n, 259, 615, 658Knöbl, Adalbert, 102, 592Knox, David, 542nKoenig, Linda M., 350–51Kohl, Helmut

defeat of Schmidt, 171election of, 55opposition to Schmidt’s economic

policy, 169and price stabilization, 25reelection of, 174

Kojima, Kiyoshi, 27nKoo, Yee-Chun, 968Koopmans, Tjalling C., 1046Korea

adjustment program of 1980, 114bilateral trade imbalances with the

U.S., 115–19cereals import drawing, 732nemergence as economic power in the

1980s, 28, 30escape from debt crisis of the 1980s,

273

exchange rate, 114–15, 119indebtedness to IMF, 877nPark assassination, 52program implementation, 569nquota, 859, 875stand-by arrangements, 114–15, 712nsupplemental consultation with,

113–19the “three lows,” 117

Korea, North, 967Kostic, Petar, 1023Kouri, Pentti, 82nKraft, Joseph, 283n, 286n, 290n, 291n,

304nKronberg, Germany, G-5 ministerial

meeting of 1982, 196Krueger, Anne O., 3n, 550n, 996nKrugman, Paul, 81n, 152n, 312nKugler, Jacek, 479nKuhn, Michael G., 360n, 552n, 1010n,

1012nKumar, Manmohan S., 259nKung, Hsiang-Hsi, 968Kuwait

attempt by the IMF to obtain loans,891

debt forgiveness for Sudan, 409participation, 52, 933nquota, 859

Kyriazidis, Nikos, 613

LLabor markets, structural indicators,

222–23Lachman, Desmond, 470, 473, 522LaFalce, John, 480Laffer, Arthur B., 27nLaffer curve, 27Laker, John F., 1008nLambsdorff, Otto, 169Lamfalussy, Alexandre, 228nLampert, Hope, 338nLang, Richard, 621Langoni, Carlos, 338, 339–40, 375Lankester, Timothy P., 183, 212, 472, 871Lanyi, Anthony, 257nLarrain, Mauricio, 354nLarsen, Flemming, 251nLaske, F. Gerhard

as IMF Treasurer, 1049comments on Sweden’s economic

policy, 111comments on Japan’s fiscal policy, 158

I N D E X

1092

comments on U.S. fiscal policy, 144,150, 171

comments on Yugoslavia’s exchangerate policy, 576–77

Lateef, K. Sarwar, 67, 70n, 515n, 602n,996n

Latin Americaadjustment strategy, 549–50Cartagena Consensus, 479debt crisis of the 1980s, 325–56debtors’ cartel, 479IMF interaction with commercial

banks, 276negotiations for debt relief, 479Paris Club rescheduling, 552Quito Declaration, 479rescheduling agreements, 552slowdown of economic growth in the

late 1980s, 47Latin American Economic System, 818Lavín, Joaquín I., 3nLawson, Nigel, 199n, 202n, 209n, 210n,

218n, 219n, 494, 686–87, 820n, 882nattendance at G-5 meeting of 1985, 203Lawson Doctrine, 37, 181, 348–49opposition to Baker’s call for a new

Bretton Woods, 204proposal for index of commodity price

indicators, 223resignation over the ERM, 183n

Lawson Doctrine, 37, 181, 348–49Laxton, Douglas, 258nLaya, Jaime, 625LDCMOD, 259–60League of Nations, 228nLebanon, 859Lebègue, Daniel, 207Leddy, Thomas, 665nLeeds, Roger S., 291nLeFort, Gabriel J.A., 200Lehrman, Lewis E., 27nLeijonhuvud, Axel, 12nLending windows, xvn, 19, 46Leonard, Luke, 241, 610nLeslie, Peter, 277Letelier, Orlando, 346nLeutwiler, Fritz, 293–94, 301, 309, 325,

365, 372nLewis, John P., 282n, 891n, 980, 996nLewis, Paul, 866nLiberia

exchange rate policy, 79–80becomes member of IMF, 991n

payment arrears to IMF, 764, 774–77,818, 822n

program implementation, 569nSFF Subsidy Account, 643n

LIBOR. See London interbank offer rateLibrary Group, 187Libya

Article XIV consultation, 95nexchange rate policy, 936nquota, 859U.S. exchange restrictions, 120n

Liebenow, J. Gus, 776nLieftinck, Pieter, 1033, 1039–40Linde, Armando, 505, 507Lindert, Peter H., 276nLindgren, Carl-Johan, 283nLindner, Deborah J., 119nLippman, Thomas W., 691nLipschitz, Leslie, 102, 176nLipson, Charles, 313nLiquidity ratio, 851nLissakers, Karin, 286n, 298n, 311n, 313n,

418n, 541, 805nLittle, I.M.D., 709, 711nLittler, Geoffrey, 207, 882nLiuksila, Claire, 699nLloyds Bank, 337Lloyds International, 385Locomotive strategy, 12, 166, 167, 169,

245Lomax, David F., 298nLomé conventions, 1016nLon Nol, 758–759London Club, 686nLondon interbank offer rate, 286, 311n,

368, 391, 446, 470, 487n, 516London terms for debt relief, 31Lopes, Paulo S., 699nLópez-Portillo, José, 282, 286, 289, 292,

300, 302Loser, Claudio, 360, 364, 365, 451–52,

511, 515nLouvre Accord, 38, 58, 88, 217–20, 250Lucas, Robert E., Jr., 254Lucas critique, 254, 257Lüders, Rolf, 352–53, 355Lundström, Hans, 95–96Lutolf, Franz, 309, 426nLuxembourg, 76n, 78, 644, 1016

MMacDonald, Ronald, 107nMacEachen, Allan J., 1030

Index

1093

Macedo, Jorge B. de, 779nMachinea, José Luis, 399n, 401n, 465–66,

468n, 473, 521nMackenzie, G.A., 586nMacroeconomics

criticism of IMF focus, 694–97inflation-ending policies, 25Keynesian, 12n, 238, 242, 257monetarist, 12npolicy goals in the early 1980s, 239–40

Madagascar, 673Madrid Declaration, 101Magied, Awad Abdel, 782–83Major, John, 183nMakalou, Oumar B., 600nMalawi

access limits, 883buffer-stock drawing, 743ncereals import drawing, 732nESAF loan, 672

Malaysia, 30, 37Maldives, 854n, 859n, 868nMalhotra, R.N., 144, 260, 710, 734Mali, 579nMalik, Moazzam, 700Malta, 95nMalvinas (Falklands) War, 330–31Managing Director. See also individual

Directors by nameelection of, 1043–44formal summing up of Article IV

consultations, 89–90, 127–8participation in G-5 ministerial

meetings, 193, 194, 196, 199referred to as “management,” xiii

Mancera, Miguel, 284–85, 296n, 299,310, 511–12

Mansingh, Surjit, 710Mansur, Ahsan S., 585nMao Zedong, 968, 972n, 973Mapa, Placido L., Jr., 972Marcos, Ferdinand, 3n, 621, 623–24,

628–29Marjai, Jozsef, 983Márquez-Ruarte, Jorge, 113nMarris, Stephen, 249nMarshall Plan, 1015Martha, Rutsel Silvestre J., 820Martínez de Hoz, José, 328Massé, Marcel, 213Masson, Paul R., 37, 257n, 258, 559nMathieson, Donald J., 78nMatsunaga, Masanao, 168

Matthöffer, Hans, 166, 167, 942Mauritius

buffer-stock drawing, 743nprogram implementation, 569nTrust Fund eligibility, 643n

Mauroy, Pierre, 25, 180nMayekawa, Haruo, 294Mayer, H.W., 39Mayobre, Eduardo, 188nMazowiecki, Tadeusz, 60, 991–92McCormack, Dara, 506McCracken, Paul, 12, 188n, 238nMcCracken Report, 12, 238nMcDonald, Calvin, 684nMcDonald, Donogh, 102nMcGillicuddy, John, 297, 377McGuire, Martin C., 3nMcGuirk, Anne Kenny, 255McLenaghan, John B., 79nMCM. See Multi-Country ModelMcNamar, Richard T., 145n, 292, 297,

300–02, 331, 390, 1025Meade, James E., 215nMedium-term norms, defined, 80Meese, Richard A., 35n, 36nMeller, Patricio, 352n, 539nMendelsohn, M.S., 272nMendés-France, Pierre, 1033Menem, Carlos Saúl, 525–26Meredith, Guy, 258nMERM. See Multilateral Exchange Rate

ModelMerten, Ulrich, 488, 507Mexico. See also Bank of Mexico

access limits, 883adjustment program of 1984, 361–62adjustment to remain solvent, 539nArticle IV consultations in 1981–82,

42, 284–89Article VIII status, 120nin “Baker 15,” 419nborrowing 1979–81, 282–83Brady Plan arrangement, 510–15, 518bridge loan from the BIS, 294–96cereals import drawing, 733CFF drawings, 290, 305commercial bank package of 1984,

362–64commercial bank package of 1982,

296–99, 306–17concerted lending, 311–14, 406, 408containing the debt crisis in 1983–85,

359–72

I N D E X

1094

contingency clause, 607crash of stock market in 1987, 40,

450–51debt crisis of 1982, 42–43, 55, 268–69,

281–17, 325–27debt relief, 499, 490–91, 545debt service, 543devaluation of the peso in 1982, 284earthquakes of 1985, 371EFF arrangements, 55, 283, 289–90,

299–306, 314–315, 515, 546, 550,723

emergency disaster relief, 747exceptional access, 879failure of exchange rate anchor to

reduce inflation, 86nFICORCA scheme, 360–61financial assistance from August to

December 1982, 293fiscal criteria for credit arrangements,

585–86GDP forecasts, 540inauguration of de la Madrid, 55inauguration of Salinas, 59indebtedness to IMF, 546leadership changes in 1982, 284Paris Club rescheduling, 297, 332n,

359–60, 442–43, 445–46rescheduling agreement (MYRA),

364–69, 411, 416rescheduling agreements, 359–61,

369–72resources, 539stand-by arrangements, 374n, 437–53,

712n, 742, 787nas subject of Executive Board meeting

in January 1979, 16swap lines with U.S., 285, 289, 293trade liberalization, 361watershed in IMF’s policy toward

creditors, 275withdrawal of support for the peso in

1987, 451World Bank lending, 548

Middle East, slowdown of economicgrowth in the late 1980s, 47

MIGA. See Multilateral InvestmentGuarantee Agency

Mikesell, Raymond F., 855n, 860n, 963n,979n

Miller, G. William, 97, 100, 942, 1028nMiller, Marcus H., 35, 38n, 200Miller, Morris, 548n

Minami, Warren N., 1019Minilink, 257nMINIMOD, 242n, 256–58Mirowski, Philip, 27nMitterrand, François

call for new Bretton Woods conference,198

comments on exchange rateintervention, 194n, 198

debt-relief proposal, 686–87economic crisis of 1982–83, 178and economic expansion, 25election of, 54promotion of Camdessus, 11proposal to set aside SDR allocations,

949reshuffling of cabinet in 1984, 180nsupport for IMF resources to be directed

to low-income countries, 664Mitterrand Plan, 481nMiyazawa, Kiichi, 217–18, 480n, 873Miyazawa Plan, 480–81Mobutu Sese Seko, 804–07, 810Model-based forecasting, 236, 254–60Moggridge, Donald, 963, 1032n, 1043nMohammed, Azizali, 181n, 557n, 1019Moi, Daniel arap, 596Momoh, Joseph Saidu, 793nMonetarist macroeconomics, 12nMonetary authorities, use of term, xiiiMonitoring zones, 99Monory, René, 560–61, 1029–30Monti, Mario, 13nMontiel, Peter J., 30, 87, 259, 550, 573n,

612n, 615Mookerjee, Subimal, 600nMorales, Juan Antonio, 484n, 485nMorgan Guaranty Bank, arrangement

with Mexico, 490–91Morgenthau, Henry, Jr., 963nMorinaga, Teiichiro, 156Morocco

in “Baker 15,” 419ncereals import drawing, 732nlending arrangements with IMF, 404protests over IMF programs, 691

Morse, Jeremy, 309, 395, 426n, 1043Mortimer, Robert A., 1009nMozambique

becomes member of IMF, 91n, 966,1011

Paris Club rescheduling, 654nMsuya, C.D., 600–601

Index

1095

Mtei, E.I.M., 201, 241, 594, 598, 611,647–650, 776–77, 1033

Mugabe, Robert G., 52Muirhead, Bruce, 1033Mukherjee, Pranab, 714n, 716Muldoon, Robert D., 1023–24, 1026Mulema, Ponsiano, 681Mulford, David C.

comments on U.S. deficit, 143involvement in ministerial meeting at

the Plaza Hotel in 1985, 206–07negotiations concerning Argentina,

390, 399negotiations concerning Brazil, 456, 527nnegotiations concerning Korea, 117negotiations concerning Mexico, 439recommendations for the Baker Plan,

418–19, 492view on objective indicators, 213

Mulroney, Brian, 56, 664Multi-Country Model, 257Multilateral Exchange Rate Model, 107n,

255–56Multilateral Investment Guarantee

Agency, 506MULTIMOD, 258–60Multiyear rescheduling agreements

Brazil’s negotiations in 1985, 383and enhanced surveillance, 411–14for Ecuador, 412for Mexico, 364–69for Uruguay, 436for Venezuela, 432for Yugoslavia, 432–33

Mundell, Robert A., 27nMuns, Joaquín, 98, 568, 978nMunzberg, Reinhard H., 665nMuseveni, Yoweri, 57, 679–83Musokotwane, Kebby S.K., 789Mussa, Michael, 34n, 926nMYRA. See Multiyear rescheduling

agreementsMyrdal, Gunnar, 3n

NNAB. See New Arrangements to BorrowNAFTA. See North American Free Trade

AgreementNagashima, Akira, 568Naím, Moisés, 516n, 996nNakano, Yoshiaki, 341nNakasone, Yasuhiro, 158Nana-Sinkam, Samuel, 568, 1041

Namibia, 61, 966Napky, Analía, 804Naples terms for debt relief, 31–32Naranjo Villalobos, Fernando, 501, 503,

505, 507Narasimham, M., 711n, 714–15Narvekar, Prabhakar R., 155, 157, 159,

1049Nascimento, Jean-Claude, 622nNashashibi, Karim, 688, 779nNasser, Gamal Abdel, 758National security, imposition of exchange

restrictions, 120nNations, Richard, 624Natural disasters. See Emergency disaster

reliefNdulu, Benno, 600nNedde, Ellen, 154nNehru, Jawaharlal, 710nNeiss, Hubert, 117, 118, 626–27Nelson, Joan M., 499n, 700nNepal, 933nNetherlands, 1016Netherlands Antilles, Article IV

consultations, 94nNeves, Tancredo, 382–84New Arrangements to Borrow, 748New Zealand

becomes member of IMF, 991n, 1016nmonetary policy, 47Nicaragua

buffer-stock drawing, 743civil war, 501n, 802ndebt relief, 552emergency disaster relief, 745exchange rate, 108npayment arrears to IMF, 759, 761Nicoletopoulos, George, 568n, 906n,

978–79, 1045Niekarcz, Stanislaw, 990Niger, 579nNigeria

in “Baker 15,” 419nbuffer-stock drawing, 743restructuring sovereign bonds, 277nstand-by arrangements, 404, 742

Nimatallah, Yusuf A., 177, 213, 445, 593,648, 816–17, 872

al-Nimeiri, Gaafar Muhhamad, 693,781n, 782

Nixon, Richard M.first visit to China, 971meeting with Ceausescu, 322

I N D E X

1096

Nkrumah, Kwame, 673nNominal instruments, 25Non-Aligned Movement, 710Noriega, Manuel, 120n, 799–801Norman, Peter, 176n, 365nNorth American Free Trade Agreement,

1008Norway, 112n, 892Nowak, Michael, 673nNowzad, Bahram, 271n, 1010nNsouli, Saleh M., 79n, 691Nyberg, Peter, 76, 78nNyerere, Julius, 598–601

OOba, Tomomitsu, 206, 207Objective indicators, 99, 204–05, 212–16,

222, 236–37Obote, Milton, 679ODA. See Official development

assistanceOECD. See Organization for Economic

Cooperation and DevelopmentOfficer, Lawrence, 854nOfficial development assistance, 684–85Ohira, Masayoshi, 25Ohta, Takeshi, 294Oil-exporting countries

attempt by the IMF to obtain loans,890–91

balance of payment imbalances, 97–98Mexico from 1979–81, 282–83objection to blame for state of the

world economy, 246Oil Facility Subsidy Account

establishment of, 45, 638termination of, 56

Oil pricesdecline during the 1980s, 24increase during the 1970s, 13–14, 51,

229, 245shift in external current account

balances, 15WEO discussions, 245–47

Oil shocksin 1973–74, 12–13, 42in 1979–80, 21, 42, 51, 141, 319, 727IMF support for coordinated action,

246Oksenberg, Michel, 972n, 976n, 977nOliveros, Gumersindo, 1010n, 1012nOlson, Mancur, Jr., 3nOman, 859n

Omnibus Trade and Competitiveness Actof 1988 (U.S.), 119n

OPEC. See Organization of PetroleumExporting Countries

Open capital markets, growth during the1980s, 39–41

Organization for Economic Cooperationand Development

Bureau of the Economic PolicyCommittee, 192n

consideration for inclusion in G-5meetings, 193n

Development Assistance Committee,684n

Economic Outlook, 227–28, 230, 261general-equilibrium world economy

model, 257INTERLINK model, 257nRegan’s proposal for a new Bretton

Woods conference, 203–04request from IMF for econometric

model simulations, 236role of G-10 countries, 187nstudy of output growth slowdown, 12

Organization of African Unity, 566Organization of Arab Petroleum

Exporting Countries, 13Organization of Eastern Caribbean States,

720Organization of Petroleum Exporting

Countries, 13, 245, 736Orsmond, David W.H., 586nOrtiz, Guillermo, 370, 429, 441n, 445,

449–50, 585, 589, 613Ortíz Mena, Antonio, 395Ostry, Jonathan D., 573nOtani, Ichiro, 259Ouattara, Alassane, 584, 677, 681, 1048Overby, Andrew N., 1033“Overshooting” model, 35nOvi, Jorgen, 472, 474–75, 496Ownership, 616

PPacto de Solidaridad Económica

(Mexico), 451–52Pakistan

EFF arrangement, 656–57escape from debt crisis of the 1980s,

273outstanding drawings, 619nSAF loan, 655–59Trust Fund eligibility, 647

Index

1097

Palestine Liberation Organization, 891,1014, 1023–27

Palme, Olof, 110–11PAMSCAD. See Program to Mitigate the

Social Costs of AdjustmentPanama

Article VIII status, 120nexchange rate policy, 79–80freezing of assets by U.S., 120npayment arrears to IMF, 764, 799–802,

821nPandolfi, Maria, 942, 1029Pang, Eul-Soo, 461nPapua New Guinea, 643nPar value system

Article IV obligations, 124collapse of, 190Committee of Twenty

recommendation, 17elements of, 74negotiation at G-10 ministerial

meeting of 1971, 255Paraguay

overthrow of Stroessner, 60stand-by arrangement, 558Trust Fund eligibility, 643n

Paris Clubagreement to reduce debt of low-

income countries in 1988, 31consideration of rescheduling requests

from countries with SAF loans, 58,654, 686

expansion of policies for debt relief topoorest countries, 59

relationship with IMF, 1010–13Park, Yung Chul, 259Park Chung-Hee, 52, 113Partido Revolucionario Institucional

(Mexico), 291n, 510Pastore, Affonso, 376–80Pastore, José María Dagnino, 330, 332Patel, I.G., 543, 904nPaul, Ron, 27nPauly, Louis W., 67n, 191nPayment arrears to IMF

Afghanistan, 822nadjustment in rates of charge and

remuneration, 829–31, 908–10balancing the books, 811–12Bosnia and Herzegovina, 822nburden sharing, 812–13, 829–31, 907–10Cambodia, 758–59compulsory withdrawal, 843–44

cooperative approach, 832–37countries with arrears to IMF in

1978–89, 763Cuba, 758, 1011declarations of noncooperation, 837–43developing a comprehensive strategy,

815–23development of problem, 757–66draft letters, 841–43Egypt, 758Executive Board decisions on, 826–29Guyana, 770–74Honduras, 764, 802–04IMF policy, 531–36, 603, 907–10intensified collaborative approach, 821,

833–35Iraq, 822nLiberia, 769, 774–77, 818, 822nNicaragua, 759, 761Panama, 764, 799–802, 821nPeru, 546, 783–86political influences, 765–66preventive actions, 833protracted arrears, 546provisioning, 813–15reasons for arrears problem, 764–65remedial measures, 835–36rules for, 759–61, 823–26, 829–45sanctions, 761–62shadow programs, 819–22Sierra Leone, 764, 792–95, 822nSomalia, 764–65, 795–98, 822nspecial charges, 811–12Special Contingent Account, 814–15,

831–32strategy development, 811–23Sudan, 764, 777–83, 818, 822nsuspension of voting rights, 844–45Third Amendment rules, 843–45Vietnam, 57, 766–70, 822nZaïre, 804–10Zambia, 787–91

Paz Estenssoro, Victor, 484–85, 486nPegging arrangements, 74–75, 77n, 247,

328, 347, 573Pemex, 283Penn Square Bank, 55People’s Republic of Angola. See AngolaPeople’s Republic of China. See ChinaPeople’s Republic of Kampuchea. See

CambodiaPeople’s Republic of Mozambique. See

Mozambique

I N D E X

1098

People’s Revolutionary Government(Grenada), 718

Pérez, Carlos Andrés, 432, 516–17, 519,694

Pérez, Pedro, 213Pérez de Cuéllar, Javier, 593Performance criteria, 602–07Performance indicators. See Objective

indicatorsPerformance standard proposals, 97–101Perón, Martínez de Isabel, 327, 387, 392Peronist Party (Argentina), 471Perraudin, William, 615Peru

in “Baker 15,” 419ndebt crisis, 272debt service, 543economic growth experiment of 1987,

612EFF arrangement, 546lending arrangements with IMF,

404–05payment arrears to IMF, 546, 764,

783–86, 822nParis Club rescheduling, 360nstand-by arrangement, 557, 558

Petersen, Arne B., 1007nPetricioli, Gustavo, 440–43, 448, 452Petrodollars, 271, 298PFPs. See Policy Framework PapersPhilippines

Aquino election, 57in “Baker 15,” 419nbuffer-stock drawing, 743Brady Plan arrangement, 508–10, 518CCFF drawings, 509n, 741central bank scandal, 625debt crisis, 273debt relief, 499debt restructuring, 619–29devaluation of the peso, 626Dewey Dee affair, 622economic growth during the 1980s, 30EFF arrangement, 723exports, 621–22, 628–29Paris Club rescheduling, 509, 627stand-by arrangements, 405, 621–22,

627, 629Phillips, Alfredo, 294, 297, 301Pickering, George W.K., 158Pieske, Eckard, 166, 609Pinochet, Augusto, 3n, 59, 345–46,

350–52, 355

Piñón-Farah, Marco A., 277nPINs. See Press Information Notices;

Public Information NoticesPlan Primavera (Argentina), 520–24Planinc, Milka, 433Planned economies, surveillance of, 91Platten, Donald, 297Plaza Hotel (New York)

G-5 ministerial meeting in 1985, 38,57, 152, 173, 207–08

meeting on Brazil in 1982, 340Pleskovic, Boris, 578nPLO. See Palestine Liberation

OrganizationPloix, Hélène, 177, 251n, 497, 571, 581,

583, 640n, 817Pöhl, Karl Otto, 111, 167, 207n, 209,

219n, 223n, 422nPol Pot, 51, 758–59Polak, Jacques J., 473n, 557n, 567n,

606n, 614n, 626n, 652n, 741n, 884n,926n, 996n

comments on Baker Plan, 425–26comments on CFF, 724comments on conditionality

procedures, 572comments on French macroeconomic

policy, 178ncomments on Indian, 711comments on Mexico, 370, 444comments on pegging of rates, 77ncomments on surveillance of planned

economies, 91comments on United States, 144, 146,

151contributions to monetary approach to

balance of payments, 559development of partial-equilibrium

empirical models, 255neconomic movement comments, 238nas Executive Director, 1034, 1039negotiations for debt relief in 1984,

480nobjection to stand-by arrangement with

Uruguay, 408recommendation for Luxembourg

consultation, 76nrefusal to support Argentina’s CFF

drawing, 396retirement of, 1045support for a substitution account,

939–43support for Japan’s fiscal policy, 158

Index

1099

Surveillance Committee arguments,103

Polandamnesty to Solidarity members, 989becomes member of IMF, 45, 91n, 967,

988–91“big bang” program, 992consequences of IMF membership, 45debt crisis, 269, 320–21and elections of Executive Directors,

989–91, 1043end of Communism, 991–92martial law, 54, 986–87, 989Paris Club rescheduling, 321, 1011“Round Table” talks, 60suspension of membership discussions,

54withdrawal from IMF, 813n, 964–65, 987

Policy Framework Papers, 651–55, 700,822, 1001

Porter, Michael G., 82nPortes, Richard, 276nPortfolio-balance approach, 82nPortugal, 57, 78n, 1016n

Article VIII status, 122nprogram implementation, 569nSDR participation, 933n

Porzecanski, Arturo C., 298nPosthumus, G.A., 472, 474Poverty, influences on IMF’s policies

concerning developing countries,688–97

Pozo, Susan, 954nPPP. See Purchasing power parityPrader, Johann, 531, 817PRC. See ChinaPrebisch, Raúl, 28n, 389–90Preferential Trade Area for Eastern and

Southern African States, 54, 1008Presgrave de A. Faria, Hugo, 384nPress Information Notices, 102nPreston, Lewis, 309, 337, 365, 426nPRI. See Partido Revolucionario

InstitucionalPrice, Lionel D.D., 953Private saving. See Saving ratesProgram to Mitigate the Social Costs of

Adjustment (Ghana), 679Project LINK

general-equilibrium world economymodel, 257

request from IMF for econometricmodel simulations, 236

Protectionism, 37, 164, 176, 177, 188,688

Prowse, A.R.G., 179n, 396, 713–14Proxmire, William, 143PTA. See Preferential Trade AreaPublic choice theory, 618Public Information Notices, 102nPujol, Joaquín, 316, 360, 361, 369–71,

438, 448Punta del Este declaration, 59Purchases, use of term, xv–xviPurchasing power parity, 14, 81, 85Putnam, Robert D., 165n, 191n, 245n

QQatar, 859, 933nQianding, Dai, 159–160Qianding, Tai, 593–94Quinn, Brian, 301Quirk, Peter J., 40, 85n, 87, 573nQuito Declaration, 479Quotas

access policies, 875–84Bretton Woods formula, 860–64difficulties in gaining approval for

increases, 854–55, 857distribution of, 856, 912–15effect on voting power, 854nEighth General Review, 859–69formulas for the Eighth General

Review, 915–17function of, xiv, 854–55general reviews of, 854increase in, 44–45, 851–54Ninth General Review, 870–75principle of, xivrequired payment of increases in SDRs,

864Seventh General Review, 858–59stages of reviews, 857–58trade variability as a determinant, 863

RRahman, Ziaur, 660Rajcoomar, S., 557nRakowski, Mieczyslaw, 991Ram, N., 713nRasminsky, Louis, 1033Rawlings, Jerry John, 673, 677Razin, Assaf, 215nReagan, Ronald

comments on role of IMF in theinternational financial system, 849

I N D E X

1100

contributions approved for the ESAFTrust, 667n

election of, 25, 53invasion of Grenada, 720meeting with Brazilian President-Elect

Neves, 382and ministerial meeting at the Plaza

Hotel in 1985, 207nprice stabilization, 25state visit to Brasilia, 339nsupport for creation of G-7 finance

minister’s group, 211and visit by Volcker to Mexico, 439n

Reagan administration. See also UnitedStates

attitude concerning fiscal deficit,141–47

blocking of publication of report onfiscal policy, 145–46

financing for ESAF, 667npolicy concerning South Africa, 591opposition to burden sharing, 908opposition to exchange market

intervention, 34, 150, 191–94, 200opposition to exchange rate target

zones, 205–06opposition to incomes policies, 243–44opposition to lending to Grenada,

719–20opposition to sale of IMF gold to

finance ESAF Trust, 667–68support for a new Bretton Woods

conference, 203–04supply-side economics, 32, 141–42, 588support for new Bretton Woods

conference, 196, 212support for strong dollar, 85views on conditionality, 565–66views on Poland’s application for

membership, 988–90views on quota increases, 862, 866–69views on SDR allocations, 945–46

Real exchange rate rules, 107n, 110n,573–78, 603

Recent Economic Developmentsfor the largest industrial countries, 137preparation of, 89publishing of, 102

Recession, 24–25, 47, 320in Germany, 169in the United States, 141–43

RED. See Recent Economic DevelopmentsReed, John, 426n

Regan, Donald T., 196, 198, 200, 866,989n

authorization for negotiations withMexico during debt crisis, 292

call for meeting of the G-5 ministers in1985, 202

description of agreement withArgentina in 1984, 390n

financing agreement with thePhilippines, 625

meeting with Managing Directorconcerning U.S. fiscal deficit, 142,144–45

negotiations with Mexico during debtcrisis, 302

replacement by Baker, 145, 203suggestion to enlarge the GAB, 895

Regional exchange rates, 76Reichmann, Thomas, 373, 379, 381, 455,

457, 459, 529–30Reid, Jay H., 1045Reno, William, 792nRepublic of China. See Taiwan Province

of ChinaRepurchases, use of term, xv–xviResearch Department

econometric modeling, 256–60equilibrium rate estimates, 83forecasting process, 253–54monitoring reports for the Baker Plan,

427–28responsibility for the production of the

WEO, 228review of economic performance in

developing countries, 87Reserve Account, 668–69Reserve diversification account, 939Reserve tranche

remuneration, 903U.S. drawing down, 138use of term, xv

Rhodes, William, 428nnegotiations concerning Argentina,

334, 387, 389, 470negotiations concerning Brazil, 387,

389, 428n, 446, 470negotiations concerning Mexico, 298,

304, 308–10, 364, 366, 446Rhodesia. See ZimbabweRhomberg, Rudolf R., 255, 927, 935Ricardian equivalence, 27Richardson, Gordon, 294, 305, 309, 374,

385, 1014

Index

1101

Riechel, Klaus-Walter, 79nRikanovic, Svetozar, 434Ripley, Duncan M., 256Robichek, E. Walter

comments on Chilean debt crisis, 349comments on conditionality, 557nwork on Mexico, 283, 297, 298, 300negotiations during Argentina’s debt

crisis, 332retirement of, 1045warning of need for more intensive

monitoring of Latin Americancountries, 94

Robinson, James D., III, 480Robinson, Joan, 84nROC. See Taiwan Province of ChinaRodrik, Dani, 3n, 84n, 276nRogoff, Kenneth, 35n, 490Rohatyn, Felix, 480Rojas-Suárez, Liliana, 354n, 452nRomania

becomes member of IMF, 91n, 965CFF drawings, 322debt crisis, 321–24Paris Club rescheduling, 323overthrow of Ceausescu, 61stand-by arrangement, 708

Rose, Brian, 167, 168, 172, 174, 323n,1046

Rosenblatt, Julius, 1016Rowen, Hobart, 306n, 311n, 767nRubber, International Natural Rubber

Agreement, 743–44Ruding, H. Onno, 642n

arrears strategy, 819as candidate for Managing Director,

1043–44as Chairman of the Interim

Committee, 637, 664, 1003, 1030–31comments on CFF program, 728negotiations concerning Sierre Leone,

568–69, 609nRussia, 712n, 967nRusso, Massimo, 78n, 167, 177, 181n,

992, 1047Rwanda, 1042nRye, C.R., 445, 472, 474, 475n, 583, 875Ryrie, William S., 166, 182, 183

SSaad, Ahmed Zaki, 1033SAC. See Staff Association CommitteeSaccomanni, Fabrizio, 221n

Sacerdoti, Emilio, 699nSachs, Jeffrey D., 13n, 214n, 277n, 312n,

484n, 485n, 541n, 578n, 785n, 992advice to Bolivian government, 486–88advice to Brazilian government, 527analysis of distributional impact of IMF

programs, 695comments on debt strategy, 276n, 480warning concerning adjustment

programs, 611–12Sadat, Anwar, 690SAF. See Structural Adjustment FacilitySagami, Takehiro, 156St. Kitts and Nevis, 966St. Lucia, 746, 966St. Vincent and the Grenadines, 746, 966SaKong, Il, 113n, 118nSalda, Anne, xxiiSalekhou, Ghassem, 201, 593, 820Salgado, Ranji, 623–24Salinas de Gortari, Carlos, 59, 291n,

440n, 445, 510–11, 515Salop, Joanne, 696SALs. See Structural Adjustment LoansSAMA. See Saudi Arabian Monetary

AgencySamba, Mawakani, 614Samiei, Hossein, 259nSampson, Anthony, 567n, 600nSamuel-Lajeunesse, Denis, 166Sanchez de Lozado, Gonzalo, 487Sandberg, Irwin D., 306nSantaella, Julio A., 614n, 615Santos, Corentino V., 583Saouma, Edouard, 730nSarney, José, 57, 384, 455–56, 458–59,

461, 479Saudi Arabia

contributions to subsidies, 643debt relief for Sudan, 409exchange rate policy, 936nincrease in quota, 54, 853, 854, 859,

872invitation to participate in the GAB,

897–98loan to SDR during the 1980s, 44, 894loans to IMF, 888–90loan to Sudan, 779rise in oil prices during the 1970s, 13,

245Saudi Arabian Monetary Agency, 54Saving-investment approach, 215–16,

231n

I N D E X

1102

Saving rates, 30, 159n, 231nSayad, Joao, 384, 458nSCA. See Special Contingency AccountSchadler, Susan, 615n, 672n, 684n, 685,

700Schleiminger, Günther, 339, 1015nSchmidt, Helmut

defeat by Kohl, 55, 171economic policies, 165, 169, 172participation in G-5 meetings, 187nreelection of, 166n

Schmitt, Hans O., 109–13, 167, 171,181n

Schneider, Heinrich G., 162, 731Schulmann, Horst, 565Schwartz, Anna J., 273nSchwartz, Charles F., 228, 230n, 232,

244–45, 1046Schweitzer, Pierre-Paul, 971SDA. See Special Disbursement AccountSDR

allocations, 925–926, 943–50balance sheet of the SDR Department,

928cancellation of, 925composition of, 951consolidated balance sheet, 910–11creation of, xi, xiii–xiv, 924defined, 20, 924–925, xiv“equal value” principle, 935importance during the 1970s, 20–21interest rate, 955–57, 959–60leading holders of SDRs, 931–32linking allocations to development

finance, 947–50network of prescribed holders, 934paying quota increases, 864private SDRs, 925role of, 927–36Stamp Plan, 947substitution account proposals, 936–43Third Basic Period of allocations, 51U.S. selling of, 138valuation of, 950–54, 957–60

Seaberry, Jane, 426nSELA. See Latin American Economic

SystemSelf-financing ratio, 880–81Senegal, 579n, 618Sengupta, Arjun K., 83, 153, 205n, 220,

570, 602n, 612, 613, 647, 873nSeoul, Korea. See Annual Meetings (1985)Serra Puche, Jaime, 441n

Sevigny, David, 1010nSFF. See Supplementary Financing

FacilityShaalan, A. Shakour, 782, 1046Shadow programs, 404, 819–22Shah of Iran, 51Sharer, Robert, 684nShaw, Douglas I.S., 287Shultz, George P., 187nSidell, Scott R., 689Sierra Leone

devaluation of the leone, 567IMF Executive Directors’ concern

regarding financing arrangements, 43Paris Club rescheduling, 1011payment arrears to IMF, 764, 792–95,

822nSAF/ESAF drawing, 655nstand-by arrangement, 566–69, 609n

Sigaut, Lorenzo, 328–29Sigurdsson, Jón, 111–12, 714Siles Suazo, Hernán, 484Silva, Patricio, 346nSilva Herzog, Jesús, 276n, 284–85,

289–302, 304, 306, 310, 361–62,371, 389–90, 437, 439–40

Simmons, Beth A., 122Singapore

crash of stock market in 1987, 37economic growth during the 1980s, 30quota, 859, 869

Singh, Anoop, 624, 648Singh, Manmohan, 3nSingh, V.P., 637Single European Act, 48, 57, 58Sisson, Charles A., 697Sliper, Ian, 946nSmee, Douglas, 375Smith, Adam, 710nSmith, Ian, 787nSmithin, John N., 27n“Snake” arrangements, 39, 76, 109, 178Sobol, Dorothy Meadow, 926n, 937nSocial security (United States), 148Socialist Federal Republic of Yugoslavia.

See YugoslaviaSocialist Republic of Romania. See

RomaniaSoenen, L.A., 935nSolimano, Andrés, 346nSolomon, Anthony, 97, 143, 286n,

296–97, 305, 337, 391n, 395, 858n,940n, 943n

Index

1103

Solomon, Robert, 21n, 25n, 39n, 924n,965n

Solomon Islands, 747Solow, Robert, 25Somalia, 764–65, 795–98, 822nSomogyi, Janos, 982–83Sourrouille, Juan Vital, 205n, 391,

398–399, 462, 464–66, 468, 473South Africa

CFF drawing, 594and elections of Executive Directors,

591, 1043lending to IMF, 892stand-by arrangements, 594, 607nstructural economic reform, 590–95supplemental consultation, 106

Southard, Frank, 972, 1033Soviet Union

economic problems, 47–48, 320not a member of IMF, 963, 967troop withdrawal from Afghanistan, 60

Spain. See also Bank of Spainaccepts Article VIII status, 122becomes member of IMF, 965borrowing from IMF, 1016njoins EC, 57joins EMS, 60, 78nlending to IMF, 892swap line with Mexico, 295n

Sparks, Samantha, 3nSpecial consultations. See also

Supplemental consultationswith Germany in 1982, 169with the U.S. in 1978, 105, 139

Special Contingency Account, 831–32Special Disbursement Account, 642, 671Special Drawing Rights. See SDRSpencer, Grant H., 47, 256Spindler, J. Andrew, 321nSprinkel, Beryl

comments on U.S. fiscal deficit, 141,142

meeting with creditor banks duringBrazilian debt crisis, 338

negotiations with Mexico during debtcrisis, 302

opposition to exchange rateintervention, 150, 191, 192

SRF. See Supplemental Reserve FacilitySri Lanka, 709Staff Association Committee, 1052–53Stagflation, 11, 13, 141, 237–38Stallings, Barbara, 273n

Stamp Plan, 947Stand-by arrangements. See also specific

lending facilitiesdefined, xvguidelines, 630–33IMF’s approval in principle, 409–10interest rate charged on loans, 673nLetters of Intent, 558payment arrears policy, 531–36prior corrective action requirements,

605–06Stein, Howard, 600nStephens, Samuel J., 718–19Sterilized intervention, 192, 197Stevens, Siaka, 567, 793nStewart, Frances, 695Stiles, Kendall W., 330n, 400nStock market crash of 1987, 40–41, 222,

236, 250, 450–51Stoltenberg, Gerhard, 202, 203, 216–17,

494, 866nStroessner, Alfredo, 60Strout, Alan M., 612nStruckmeyer, Horst, 336, 338, 340Structural Adjustment Facility

concessional lending, 45consideration in 1985, 644–48coordination with other agencies, 700establishment of, 19, 58, 638, 649–51,

1000operations in 1986–89, 651–62Policy Framework Papers, 651–55, 700

Structural Adjustment Loans (WorldBank), 653, 999

Structural conditionality, 588–602Stuart, Brian C., 392, 466, 469Sturc, Ernest, 77n, 106, 1045Substitution account, 936–43Sudan

access limits, 883economic conditions in 1980s, 273debt servicing, 686nIMF interaction with commercial

banks, 275IMF’s approval in principle of stand-by

arrangement, 409Paris Club rescheduling, 409, 779–80payment arrears to IMF, 728n, 764,

777–83, 818, 822nperformance criteria, 589program implementation, 569protests over IMF programs, 693SFF Subsidy Account, 643n

I N D E X

1104

Suez crisis of 1956, 42Sugar, International Sugar Agreement,

743Suh, Sang-Mok, 113nSumita, Satoshi, 155, 217Summer Plan (Argentina), 530Summit of Non-Aligned Nations, 52“Super 301” report (United States), 119“Superbank” proposal, 426nSupplemental consultations. See also

Special consultationsdecision of 1979, 105–06with Korea, 113–19strength of, 108with Sweden, 109–13

Supplemental Reserve Facility, 748Supplementary Financing Facility

borrowing agreements, 887borrowing limit, 878establishment of, 19, 51, 707increase in cost of credit, 640–41loans to IMF, 886plans to subsidize cost of credits, 641–43“special circumstances” clause, 707,

708, 879Subsidy Account contributions and

loans from 1982–98, 644subsidy payments to low-income

countries, 54Supply-side economics, 27, 234Suraisry, Jobarah E., 786nSurveillance. See also Enhanced

surveillance; Objective indicators;Surveillance of industrial countries

ad hoc consultation decision of 1977,104–05

ad hoc consultation decision of 1979,128–30

assessments of the internationalmonetary system, 80–84

“beggar thy neighbor” policies, 84“bicyclic” consultation procedure,

95–97biennial review, 72–73complications of, 70, 84conduct of Article IV consultations,

89–92confidentiality of staff appraisal reports,

101–02consultations with member countries,

69decision of 1987 to allow for separate

consultations, 130

decision of 1988 to eliminate annualprocedural reviews, 130–31

devaluation of currency, 84–85exchange rate flexibility, 85Executive Board review, 200formal summing up of Article IV

consultations, 89–90, 127–28frequency of consultations, 93–97general practices from 1977 Executive

Board decision, 88, 125handling countries with economic

problems, 102–08impact of international debt crisis of

1982, 91–92impact of protectionist trade policies, 92influence over nonborrowing countries,

69–70limitations of internal surveillance, 186monitoring zones, 99performance standards for countries,

97–101of planned economies, 91policy coordination from 1985–87,

202–20policy role of the exchange rate, 84–88principles and procedures, 71–74,

123–31purpose of, 68qualitative global performance

assessment, 100requirements of effective surveillance,

49during the 1970s, 16–17during the 1980s, 41–42, 56, 58special consultation with the U.S. in

1978, 105, 139supplemental consultation decision of

1979, 105–06use of term, 67–68variety in exchange arrangements,

74–80Surveillance Committee

establishment of, 103recommendations concerning Japan’s

fiscal policy, 161role of, 103

Surveillance of industrial countries. Seealso Surveillance

assessing country’s internal andexternal balance, 137–38

differences between interests of thecountries and the internationalcommunity, 136

Index

1105

elements of structure, 135Executive Board discussions, 137France, 177–80Germany, 165–77goals of, 136Japan, 154–64United Kingdom, 180–83United States, 138–54

Suzuki, Zenko, 158Swap lines, 138n, 285, 289, 293Swaziland, 743nSweden

devaluation of the krona, 109–11supplemental consultation with,

109–13proposal on CFF, 727

Swiss National Bank, 138, 295, 884Switzerland

lending to IMF, 892not a member of IMF, 967observer at Annual Meetings, 1027nparticipation in the GAB, 898–99participation in the SDR Department,

934Syeduz-Zaman, M., 661Symansky, Steven, 258nSyria, 1040nSystemic Transformation Facility, 748Syvrud, Donald E., 168, 566, 569, 719,

771, 945Szász, A., 43n

TTablitas (Argentina), 328Tagliabue, John, 321n

Taiwan Province of China, 30, 967–68,970–79

Takeshita, Noboru, 155, 206Tann, Beue, 968, 970, 971Tanzania

structural economic reform, 598–602stand-by arrangements, 600

Tanzi, Vito, 400, 586n, 1048Tanzi effect, 400Target zones, 38, 83, 200, 205–06, 213Taylor, Christopher, 111, 287–88Technical assistance. See under

International Monetary FundTeijeiro, Mario, 335, 380, 390Tello, Carlos, 300, 302, 304, 306Templeman, Donald C., 586Temporary intermediation facility

proposal, 747

Tenconi, Roland, 1048Terminology used at IMF, xiiiTeyssier, Gérard M., 1046Thailand

buffer-stock drawing, 743economic growth during the 1980s, 30participation in SDR Department,

933nThatcher, Margaret, 720n, 1009n, 1029

election of, 51, 182monetary policy, 35, 180, 183nopposition to incomes policies,

243–44price stabilization, 25

Thierry, Jacques, 426nThirwall, A.P., 779nThompson, Gale, 291nThorson, Phillip, 1021nThe “three lows” (Korea), 117Three Mile Island accident, 13Thugge, Kamau, 32Tietmeyer, Hans, 166, 207Tin, Fourth International Tin Agreement,

743–44Tito, Josip Broz, 53, 574Tobin, James, 12n, 27nTogo

in CFA franc zone, 579nprogram implementation, 569nprolonged borrowing, 618

Tokyo Round, 51, 1005Tonga, 651n, 956, 966Toronto, Ontario (Canada). See also

Annual Meetings (1982)G-5 ministerial meeting of 1982,

195–96Toronto terms for debt relief, 31, 59,

481n, 492, 687Touré, Mamoudou, 1049Trade imbalances

between Japan and the U.S. during the1980s, 37–38

U.S. concern over Korea’s bilateraltrade imbalances, 115–19

Trade policies. See also GeneralAgreement on Tariffs and Trade

impact on exchange rates, 92Japan’s trade liberalization, 163–64Mexico’s trade liberalization, 361

Tranches, use of term, xiv–xvTrichet, Jean-Claude, 457Triffin, Robert, 926nTriffin dilemma, 926

I N D E X

1106

Trinidad and TobagoArticle XIV, 95nCCFF, 741

Truman, Edwin M., 297, 302, 365Trust Fund

assistance eligibility requirements, 643completion of, 53conditionality requirements, 638establishment of, 19, 43n, 45, 638financing of, 638limitations of, 645low-interest lending, 45plans for use of reflows, 641–48proposal to reactivate in 1985, 637termination of, 640–43

Tschombe, Moïse, 805Tsiang, S.C., 559Tullio, Giuseppe, 78nTun Thin, 155, 157, 161n, 623, 711,

976–77, 1049Tunisia

EFF arrangement, 723quota, 859

Turkeyaccess limits, 879n, 883IMF interaction with commercial

banks, 275program implementation, 569nstand-by arrangement, 708

Turner, John, 1029nTvedt, John

opposition to WEO views on fiscal andmonetary policy, 241

support for Japan’s fiscal policy, 158Tyler, Geoffrey, 323n, 575

UUganda

access limits, 883CFF drawings, 681–682ESAF loan, 673, 679–84formaton of East African Community

(EAC), 598nParis Club rescheduling, 654nprogram implementation, 569noverthrow of Amin, 51stand-by arrangements with Uganda,

679Ukraine, Chernobyl accident, 58UNCTAD. See United Nations

Conference on Trade andDevelopment

Underlying-balance approach, 82

Underwood, John, 548nUNDP. See United Nations Development

ProgrammeUnemployment, in Europe during the

1980s, 32Ungerer, Horst, 39n, 76, 78n, 87, 1015n,

1017UNICEF. See United Nations Children’s

FundUnited Arab Emirates

attempt by the IMF to obtain loans, 891British banks’ support of Baker Plan,

425nquota, 859, 869, 874SDR participation, 933

United Kingdom. See also Bank ofEngland

Argentina’s prohibition againstpayments to British banks, 331–32,385–86

borrowing from the IMF during the1970s, 18, 89n, 558n, 560

exchange rate, 35–36, 78, 80n, 180,182–83, 202, 247, 248

inflation, 244in ERM, 183macroeconomic policy, 233, 241, 244,

641nNorth Sea oil, 102quota, 874quota increase, views on, 866, 872, 874surveillance of, 180–83voluntary consultation with in 1961, 69war with Argentina, 54, 330–31

United NationsAdministrative Council on

Coordination, 1009annual reports on global economic

developments, 228nEconomic and Social Council, 977, 1009IMF interaction with, 7, 699–700policy concerning South Africa, 591,

593relationship with IMF, 1008–10

United Nations Children’s FundIMF interaction with, 7, 698–99programs in Ghana, 676

United Nations Conference on Trade andDevelopment, 187, 742n, 1008n

United Nations Development ProgrammeIMF interaction with, 7, 698

United States. See also Reganadministration

Index

1107

access limits, views on, 884nappreciation of the dollar during the

1980s, 71–72, 151, 191, 201, 248,320, 570n

ban of oil imports from Iran, 13ban on airms sales to Argentina, 330blocking of Iranian government assets,

120nborrowing from the IMF during the

1970s, 18, 1016nbudget deficits, 641nconcern over Korea’s bilateral trade

imbalances, 115–19contributions to ESAF Trust, 667cooperative economic agreement with

Japan in 1986, 217–18current account imbalances during the

1980s, 37depreciation of the dollar in the 1970s,

950depreciation of the dollar in the 1980s,

138, 206–07, 250, 416disagreement with France over

economic policy, 190–91economic policy in 1980, 233employment growth during the 1980s,

32Energy Department payment to Mexico

during debt crisis, 292exchange market intervention to halt

the appreciation of the dollar, 194n,203

exchange rate policies during the1970s, 81n

exchange rate policies during the1980s, 35–36, 83, 149–53, 247, 250

exchange restrictions against Libya,120n

failure of Penn Square Bank, 55fiscal deficit, 140–49freezing of Panamanian assets, 120nand GAB, 896Gramm-Rudman-Hollings Act, 57,

146–49, 242invasion of Grenada, 56, 720loans to Brazil, 339loans to Mexico, 295–96Louvre meeting agreement on U.S.

dollar exchange rates, 152opinion on Japan’s fiscal policy, 159quota, 859quota increase, views on, 866, 869, 872pressure to control inflation, 244

rise in short-term interest ratesbetween 1979 and 1981, 319

special consultation of 1978, 105, 139special consultation studies, 153–54strategies to defend dollar from

depreciation, 138–39substitution acount, views on, 938–943“Super 301” report, 119support for quota increase, 850surveillance of, 138–54swap lines with Mexico, 285, 289, 293trade imbalance, 37trade imbalance with Japan during the

1980s, 37–38undervaluation of the dollar, 84unstable currency value in the early

1980s, 33–34in WEO, 240n, 241, 243–44, 246, 252

Upper-tranche arrangementsdefined, xvfirst credit tranche conditionality, 729performance clauses, 558, 587, 602–04

Uruguayin “Baker 15,” 419nborrowing arrangements with IMF,

404–05concerted lending, 408–09enhanced surveillance, 436debt crisis, 272multiyear rescheduling agreement

(MYRA), 416program implementation, 405, 569request for concerted lending

agreement, 408–09Uruguay Round, 58, 1005, 1007Urzúa, Carlos M., 288n, 361nU.S.-Canada Free Trade Agreement, 1008Utsumi, Makoto, 480nul Haq, Mahbub, 658

VValdés, Juan Gabriel, 346nvan den Boogaerde, Pierre, 925nvan Houten, Jan, 352, 354–56, 578, 1046van Houtven, Leo, 759n, 1023n, 1046van Til, Reinold H., 678nVanuatu, 966Vasudevan, A., 586Vaubel, Roland, 542n, 618Végh, Alejandro, 1033Venezuela

adjustment to remain solvent, 539nin “Baker 15,” 419n

I N D E X

1108

borrowing arrangements with IMF, 404nBrady Plan arrangement, 515–19debt relief, 499EFF arrangement, 546, 723enhanced surveillance, 412–13, 432protests of 1989, 492–93, 517protests over IMF programs, 694stand-by arrangement, 742

Venkataraman, R., 712Vera, Fernando A., 1045Videla, Jorge Rafael, 328Vietnam

membership in IMF, 766, 974noccupation of Cambodia, 51, 61payment arrears to IMF, 57, 764, 765,

766–70, 822nVillanueva, Delano, 30Vines, David, 1005nViola, Roberto Eduardo, 328–29Virata, Cesar E.A., 619–20, 623–27, 868Volcker, Paul A., 187n, 191n, 202n,

218n, 286n, 290naddress to New England Council, 308advice to Mexico, 285nattempts to calm interbank panic of

1982, 301comments on debt strategy in 1985,

419nconcerns about depreciating the U.S.

dollar, 208discussion with Managing Director

concerning U.S. fiscal deficit, 146efforts to reach cooperative agreement

with Japan, 217explanation of the Baker Plan to

central bank governors, 422nas Federal Reserve Chairman, 9, 203involvement in ministerial meeting at

the Plaza Hotel in 1985, 207nmeeting with creditor banks during

Brazilian debt crisis, 338meeting with Pöhl concerning interest

rate reductions, 210meetings concerning Argentina’s debt

crisis, 395, 399negotiating Mexico’s first multiyear

rescheduling agreement, 365–67negotiations concerning Mexico’s stand-

by arrangements in 1986, 439, 446negotiations with Mexico in 1982,

292–94, 297, 302, 305opposition to coordinated interest rate

reduction, 210

opposition to debt relief, 480proposal for objective indicators to

assess, 99reluctance to reduce interest rates in

1986, 216as U.S. deputy to the Committee of

Twenty, 204n–205nVolcker shock, 269, 272, 319von Furstenberg, George M., 188n“Voodoo” economics, 27Voting power in IMF, 854, 855, 857,

858–59, 868, 964–66, 1009n, 1028,1041

WWagao, Jumanne, 600nWage indexation

strategy in Argentina during the 1980s,392–93

strategy in Brazil during the 1980s, 373,380–81

Walesa, Lech, 48, 321Wallich, Henry, 295Wang Runsheng, 972Wang Weicai, 977Wanniski, Jude, 27nWapenhans Report, 618nWare, R.G., 77nWarner, Charles S., 177, 801Warsaw Treaty Organization, 965nWashington Consensus, 28Watson, C. Maxwell, 81n, 415n, 416n,

428n, 483, 499, 520n, 1002Wattleworth, Michael, 223Webb, Richard, 282n, 785–86, 891n, 980,

996nWeeks, John, 794n, 799nWehbe, Jorge, 327, 332, 335, 385Weisbrod, Steven R., 354nWEO. See World Economic OutlookWesselcock, Klemens, 169West African Monetary Union, 579nWest Germany. See GermanyWharton EFA, 322nWhite, Harry Dexter, 963, 1033Whitelaw, Robert J., 156, 727Whittome, L. Alan

attempt to negotiate with Poland,986–87

avoidance of leading missions to theU.K., 181n

as chairman of the Fund task force,217n

Index

1109

comments during review of surveillanceprocedures, 122

comments on Article IV consultationswith France, 178

comments on exchange ratesurveillance, 77n

debt relief debate, 481as head of ETR, 1047meetings with France as Director of the

European Department, 177opinions on Germany’s economic

policy, 165, 169–70Wickham, Peter, 544nWicks, Nigel, 145, 164, 201, 386, 882nWiesner, Eduardo, 335, 372–73, 384,

388–91, 470, 1047Wijnbergen, Sweder van, 515nWijnholds, J. de Beaufort, 581, 610n, 943Williams, John F., 322, 549Williams, Richard C., 271n, 1010nWilliamsburg, Virginia, G-7 summit

conference of 1983, 56, 197–98Williamson, John, 3n, 28, 38n, 200,

480n, 557, 563–65, 614nWilson, Michael, 637Winkelmann, Guenter, 945Witcher, S. Karene, 365nWitteveen, H. Johannes

comments on controlling inflation, 89nestablishment of Surveillance

Committee, 103as IMF Managing Director, 4meeting with Ceausescu, 322support for a substitution account,

938–39support for studies of IMF programs, 696support of WEO, 229warnings of excessive borrowing by

developing countries, 270–71Witteveen Facility. See Supplementary

Financing FacilityWoglom, Geoffrey, 30, 222Wohlin, Lars, 111Wong, Martin, 975, 977Woodley, W. John R., 155–56, 161,

1045–46Working Party 3, 187nWorld Bank

arrangements with Bolivia, 489Concordat on Fund-Bank

collaboration, 1003–05, 1055–61coordination with IMF, 547–49,

698–700, 716–20, 995–1005

credit eligibility for “IDA-only”countries, 646

development of the Baker Plan, 419–20Global Economic Prospects, 230nlending in the 1980s, 92loans to Mexico in 1986, 442negotiations with Argentina in 1988,

522–23promoting collaboration with the IMF,

646Wapenhans Report, 618nWorld Development Report, 228n,

694–95World Development Report, 228n, 694–95World Economic Outlook

debt relief debate, 481ndeveloping country models, 259–60economic performance assessment of

the G-7 countries, 100EMS as topic of, 78evaluation of the forecasting process,

260–61evolution of, 227–37first publication, 53fiscal and monetary policies, 238–43forecasting process, 251–54inclusion of Article IV consultations

with the largest industrial countries,136

inflation control, 243–45international monetary system

controversies, 247–50key policy issues, 237–51medium-term scenarios, 232–36MINIMOD, 256–58modeling the world economy, 254–60Multilateral Exchange Rate Model,

255–56MULTIMOD, 258–60objective indicators, 236–37origination of, 227–28price of oil, 245–47publication of, 229–32reaction to petroleum price increases,

190structural rigidities, 251Supplementary Note 7, 145supplementary papers, 227as surveillance tool, 41World Trade Model, 256

World economyevolution of, 2–4performance during the 1970s, 11–16

I N D E X

1110

performance in the late 1980s, 46–48performance standards for countries,

97–101World Food Council, 730World Health Organization, 731World Trade Model, 256World Trade Organization, 1005Worswick, G.D.N., 261nWragg, Lawrence de V., 925n, 936nWriston, Walter B., 272, 297, 337–38,

366, 377WTM. See World Trade Model

YYamazaki, Koji, 177, 231n, 873Yaméogo, Antoine W., 1033Yaoundé Convention, 1016Yemen Arab Republic, emergency disaster

relief, 747nYemen, People’s Democratic Republic of,

emergency disaster relief, 747Yeo, Edwin H., III, 191nYoung, Arthur N., 968n, 970nYu, Kuo Hwa, 971Yugoslavia

access limits, 883and financing assurances, 407, 478in “Baker 15,” 419ndebt crisis in 1981, 269emergency disaster relief, 745enhanced surveillance, 431, 432–35exchange rate adjustment, 573–78indebtedness to IMF, 883nas member of IMF, 91n, 965Paris Club rescheduling, 433–35, 1012performance criteria, 589stand-by arrangements, 574–76,

604–05, 708structural conditionality, 589, 604–05Tito’s death, 53

Yugoslavia, Federal Republic of (Serbiaand Montenegro), payment arrears toIMF, 822n

ZZaidi, Iqbal, 319n, 320nZaïre

debt servicing, 686nexceptional access, 79nIMF interaction with commercial

banks, 275Paris Club rescheduling, 1011payment arrears to IMF, 804–10, 818,

822nprolonged borrowing, 618SAF loan, 659nstand-by arrangements, 807–08technical assistance to, 1018

Zambiapayment arrears to IMF, 787–91, 822nprogram implementation, 569nprotests over IMF programs, 692SAF/ESAF drawing, 655nTrust Fund eligibility, 643n

Zanello, Alessandro, 34n, 107nZecchini, Salvatore, 83Zedillo Ponce de León, Ernesto, 283n, 446nZegers, Jan-Maarten, 759nZero-coupon bonds, for debt relief, 490Zhang, Zicun, 647Zhou Enlai, 968Zhou Nan, 975Zia ul Haq, Mohammad, 658Zimbabwe

buffer-stock drawing, 743nbecomes member of IMF, 53, 966closing of border with Zambia, 787election of Mugabe, 52

Zombanakis, Minos, 480nZulu, Justin B., 599, 1048

Index

1111