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The Resource History of the IMF : Organization, Policy, and Market

History of the IMF : Organization, Policy, and Market

History of the IMF : Organization, Policy, and Market
History of the IMF
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Organization, Policy, and Market
This book describes the history of the IMF from its birth, through the Bretton Woods era, and in the aftermath. Special attention is paid to integrating IMF history with the macro-economic policies of member countries and of other international institutions as well. This collection of work presents a clear understanding, inter alia, of the influence of the United States over IMF policy via the National Advisory Committee; the dealings of the IMF with the UK on pound sterling policy; the institutional change of the IMF brought about by Per Jacobsson, the third managing director; and France, Italy, Germany, Canada, and Japan vis-à-vis IMF consultations. It also provides the reader with topics concerning the bankers' acceptance market function and international liquidity issues in relation to IMF policy; the final chapter sheds light on the long-standing relations between the IMF and China, from the Bretton Woods Agreement to the contemporary period. All the chapters are archive-based academic studies providing deep insights with historical background, which makes this book the first thoroughly independent achievement in the field of IMF history. This book is highly recommended to readers interested in contemporary monetary and financial history and those who seek to obtain a coherent image of postwar international institutions and markets
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Studies in Economic History Ser
History of the IMF : Organization, Policy, and Market
History of the IMF : Organization, Policy, and Market
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  • Preface: The IMF and the Postwar International Financial Order -- The Gold Standard and After: Was the Bretton Woods System an "Innovation"? -- Bretton Woods, System or Order? -- The Bretton Woods System and National Economies -- The IMF as One of the Actors, but an Independent One -- Conclusion -- References -- Contents -- Biographies -- Abbreviations -- Part I: Foundation and Development of the IMF -- Chapter 1: Pre-history of the IMF: Debates in the UK and Anglo-American Negotiation -- 1 Introduction -- 2 What Were the Disputes? -- 2.1 The Allies' Postwar Plans -- 2.2 Release of the Keynes and White Plans -- 2.3 Identifying the Basic Battle Lines -- 3 The Keynes Plan and the White Plan: Evolution and Elaboration -- 3.1 The Process of Formation of the Keynes Plan -- 3.2 The Process of Formation of the White Plan -- 3.3 Reconciliation of the Two Plans and Convergence on White Plan -- 4 Conclusion -- References -- Chapter 2: U.S. International Monetary Policy for the IMF -- 1 Introduction -- 2 Creation of the Governance Structure -- 2.1 Executive Board and Managing Director -- 2.2 Membership, Quota, and Initial Par Value: On the Eve of the Inauguration -- 2.3 Failure of Sterling Convertibility and the NAC -- 3 Impacts of the Marshall Plan -- 3.1 A Central Bank for Intra-European Settlements? -- 3.2 Relationship Between the Fund and the EPU -- 4 Policy Change in the Early Stages of the Cold War -- 4.1 Payments Restrictions for Security -- 4.2 Membership for the Former Enemy Countries -- 4.3 Article XIV Consultations and Stand-by Credits -- 5 Conclusion -- References -- Chapter 3: Shaping the Fund's Policy for Exchange Liberalization -- 1 Introduction -- 2 Creation of the Fund's Initial Policies -- 2.1 Postwar Disturbances and the Fund -- 2.2 Formulation of the Fund's Adjustment Policies
  • 2.2.1 Publication of "Annual Report on Exchange Restrictions" -- 2.2.2 Formulation of the Adjustment Theory-Absorption Approach -- 2.2.3 Formulating the Criteria on Use of the Fund's Resources -- 3 Implementing Policies in the Early 1950s -- 3.1 The Fund's Concentration on Sterling Convertibility -- 3.1.1 Emphasis on International Cooperation -- 3.1.2 Controversy on Sterling Convertibility -- 3.1.3 Stand-by Arrangement with the United Kingdom -- 3.2 The Fund's Policy for Balance of Payments Adjustments -- 4 Implementing the Policies of the Late 1950s -- 4.1 The Fund's Emphasis on Strong Anti-inflationary Policies -- 4.2 Management of the U.K. Crisis -- 5 Exchange Liberalization and Instability Surges to the Fore -- 5.1 End of the Postwar Transitional Period -- 5.2 Emergence of Speculative Capital Flows -- 6 Conclusion -- References -- Chapter 4: "Maybe the Fund needs something else." Per Jacobsson, from the Bank for International Settlements to the International Monetary Fund, 1931-1963 -- 1 Introduction: Per Jacobsson at the IMF, 1956-1963 -- 2 Per Jacobsson at the BIS, 1931-1946 -- 3 Per Jacobsson and Europe's Postwar Reconstruction, 1946-1951 -- 3.1 The Italian Stabilisation, 1946-1949 -- 3.2 More 'Sound Policies': Denmark, Austria, The Netherlands, France, 1947-1949 -- 3.3 The West German Balance of Payments Crisis, 1950-1951 -- 4 Concluding Remarks -- References -- Chapter 5: International Liquidity Problems in the 1960s: The Examination of the Minutes of the Executive Board of the International Monetary Fund -- 1 Introduction -- 2 Controversy on the International Monetary Reform and International Liquidity Problem -- 3 The International Liquidity Problem in the Minutes of the Executive Board -- 3.1 The G10 Plan of Reserve Creation Had the Following Characteristics -- 3.2 Phase 1: The Executive Board and the Creation of Reserves
  • 3.3 Phase 2: Opposition of the Executive Board and Concessions of the G10 -- 3.4 Phase 3: The Amendment of the Articles of Agreement and the Suspension of the Convertibility of the Dollar -- 4 Conclusion -- References -- Chapter 6: Restoration of European Currency Convertibility and Securing International Liquidity: The IMF and Key Currencies -- 1 Introduction -- 2 The Collective Approach: Restoration of Convertibility of the Pound -- 2.1 The Pound Crisis and the Collective Approach -- 2.2 The Issue of Support for Pound Liquidity -- 3 The Report of the Randall Committee on Foreign Economic Policy -- 3.1 The Eisenhower Administration's External Financial Policy -- 3.2 International Financial Issues -- 4 Promotion of Bankers' Acceptance Markets by the IMF -- 4.1 IMF Standby Credit -- 4.2 Possibility of Additional Support: The Fed -- 5 The Fed's Policies to Promote the Bankers' Acceptance Market -- 5.1 The Fed and the Bankers' Assurance Market -- 5.2 The IMF and the Bankers' Acceptance Market -- 6 The Suez Crisis and Liquidity -- 6.1 The Suez Crisis and the Pound Crisis -- 6.2 Toward Restoration of Convertibility -- 7 Conclusion -- References -- Part II: IMF in Relation to National Economies and International Organizations -- Chapter 7: The IMF and France (1944-1960): A "Cooperative Game" in the Bretton Woods System -- 1 Introduction -- 2 Bretton Woods Agreement and France: Quota and the IMF Parity -- 3 Franc Devaluation: French Unique Strategy and the IMF/ NAC -- 4 Article XIV Consultations with Regard to France -- 4.1 Consultation Under Punishment (1952-1953): Evaluating the "Pinay Experiment" -- 4.2 "Regulation for Price Stability" Versus "Price Stability Without Regulation": Debate Over Import Liberalization -- 4.3 Deepening Crisis: Trade Deficit and Inflation -- 4.4 Neo-Liberal Stabilization: Plan Rueff and the IMF Consultation -- 5 Conclusion
  • References -- Chapter 8: The IMF and Germany: Currency Crisis and Exchange Rate Policy -- 1 Introduction -- 2 Germany as a New IMF Member Country -- 2.1 From a Foreign Exchange Crisis to a Pioneer in OEEC Liberalization of Imports -- 2.2 The Restrictive, Discriminatory "Import Rights System": IMF Article XIV Consultation (FY1952) -- 3 The IMF and Revaluation of the Deutschmark -- 3.1 IMF Executive Board Discussions (June 1957) -- 3.2 Currency Speculation and the IMF Annual Meeting (September 1957) -- 4 The IMF and Currency Convertibility of the Deutschmark -- 4.1 Encouragement of Capital Exports: IMF Article XIV Consultation (FY1957) -- 4.2 The Shift to IMF Article VIII Nation Status (February 1961) -- 5 Conclusion -- References -- Chapter 9: The IMF and Italy: Trade Liberalization and Return to Convertibility -- 1 Italy's Accession to the IMF -- 2 The 1947 Monetary Stabilization -- 3 Dispute with the IMF About the Italian Floating-Rate System -- 4 Reconstruction of the Foreign Reserve and Trade Liberalization -- 5 IMF Consultations and Italian Policy Management -- 5.1 Balance of Payments Deficit and Trade Restrictions in the Dollar Area (1952) -- 5.2 Trade Deficit Problems with the EPU Area (Since 1953) -- 5.3 Disputes About Dollar Liberalization and the Re-establishment of Convertibility (1954) -- 5.4 Monetary Reform and the Liberalization for the Dollar Area (Since 1955) -- 6 Conclusion -- References -- Chapter 10: The IMF and Canada: From Floating to Fixed Exchange Rates -- 1 Introduction -- 2 Canadian Exchange Rates, 1854 to 1962 -- 3 Canada's Introduction of Floating Exchange Rates -- 4 The Reaction of the IMF -- 4.1 Staff Opposition and Directors' Support -- 4.2 The IMF and Floating Rates from a Canadian Viewpoint -- 5 Deteriorating Economic Growth and Employment, 1957 to 1960 -- 6 The Return to a Fixed Rate, 1961 to 1962
  • 6.1 Exchange Rate Depreciation and International Criticism -- 6.2 The 1961 IMF Consultation -- 6.3 Canada's Foreign Reserve Crisis and the Return to a Fixed Rate -- 7 Conclusion -- References -- Chapter 11: Japan's Participation in the IMF and Settlement of Its Prewar Foreign Debt -- 1 Introduction -- 2 Japan's Participation in the IMF and the Plan for the Introduction of Foreign Capital -- 2.1 The Debate on Japan's Entry to the IMF -- 2.2 Japan's Entry to the IMF -- 3 The Issue of Defaulted Prewar External Debts and Responses After Conclusion of the Peace Treaty -- 3.1 The Default of Japanese External Debts and Wartime Measures Taken by the Japanese Government -- 3.2 The San Francisco Peace Treaty and the Responses of Creditor Countries -- 3.3 The Japanese Government's Approach Toward Negotiation on Resolution of External Debts -- 4 Discussions in the New York Debt Conference -- 4.1 Conflict Between Britain and the U.S. on Optional Currency Clauses -- 4.2 Diplomatic Negotiations Between Britain and the U.S. on Optional Currency Clauses -- 4.3 Compromise on an Agreement on Resolution of External Debts -- 5 Conclusion -- References -- Chapter 12: The IMF and Japan: Liberalization of Foreign Exchange and Pursuit of High Growth -- 1 Introduction -- 2 Division of Japan's Settlement Area and Issues of Economic Independence -- 2.1 A Divided Settlement Area -- 2.1.1 International Isolation -- 2.1.2 Trade with the Sterling Area -- 2.1.3 Open Account Trade -- 2.1.4 The Possibility of an Asian Payments Union -- 2.2 The Foreign-Currency Crisis of 1953-1954 and Dependence on the US -- 3 Progress on Liberalization of Foreign Exchange and the International Balance of Payments Ceiling -- 3.1 The 1957 Foreign-Currency Crisis -- 3.2 Liberalization of Foreign Exchange and Trade -- 3.2.1 Foreign-Exchange Regulations -- 3.2.2 Liberalization of Trade and Foreign Exchange
  • 4 Accession to Article VIII Status
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