Historical Dictionary of the International Monetary Fund

409 Pages·2011·3.047 MB·English

by  Sarah Tenney, Norman K. Humphreys

HISTORICAL DICTIONARIES OF
INTERNATIONAL ORGANIZATIONS SERIES
Jon Woronoff, Series Editor
European Organizations, by Derek W. Urwin. 1994
International Tribunals, by Boleslaw Adam Boczek. 1994
Aid and Development Organizations, by Guy Arnold. 1996
World Bank, by Anne C. M. Salda. 1997
United Nations Educational, Scientific and Cultural Organization (UNESCO),
by Seth Spaulding and Lin Lin. 1997
Inter-American Organizations, by Larman C. Wilson and David W. Dent. 1997
World Health Organization, by Kelley Lee. 1998
International Monetary Fund, Second Edition, by Norman K. Humphreys.
1999
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Gorman. 2000
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NATO and Other International Security Organizations, by Marco Rimanelli.
2008
International Organizations, by Michael G. Schechter. 2010
Multinational Peacekeeping, Third Edition, by Terry Mays. 2011
International Monetary Fund, Third Edition, by Sarah Tenney and Norman
K. Humphreys. 2011.
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Historical Dictionary
of the International
Monetary Fund
Third Edition
Sarah Tenney
Norman K. Humphreys
The Scarecrow Press, Inc.
Lanham • Toronto • Plymouth, UK
2011
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Published by Scarecrow Press, Inc.
A wholly owned subsidiary of The Rowman & Littlefield Publishing Group, Inc.
4501 Forbes Boulevard, Suite 200, Lanham, Maryland 20706
http://www.scarecrowpress.com
Estover Road, Plymouth PL6 7PY, United Kingdom
Copyright © 2011 by Sarah Tenney and Norman K. Humphreys
All rights reserved. No part of this book may be reproduced in any form or by any
electronic or mechanical means, including information storage and retrieval systems,
without written permission from the publisher, except by a reviewer who may quote
passages in a review.
British Library Cataloguing in Publication Information Available
Library of Congress Cataloging-in-Publication Data
Tenney, Sarah, 1960-
Historical dictionary of the International Monetary Fund / Sarah Tenney, Norman K.
Humphreys. — 3rd ed.
p. cm. — (Historical dictionaries of international organizations series)
Prev. ed. entered under Norman K. Humphreys.
Includes bibliographical references.
ISBN 978-0-8108-6790-1 (cloth : alk. paper) — ISBN 978-0-8108-7531-9 (ebook)
1. International Monetary Fund—History—Dictionaries. 2. International finance—
Dictionaries. 3. International Monetary Fund—History. I. Humphreys, Norman K.,
1924- II. Humphreys, Norman K., 1924- Historical dictionary of the International
Monetary Fund. III. Title.
HG3881.5.I58H86 2011
332.1'52--dc22
2010049348
™
The paper used in this publication meets the minimum requirements of
American National Standard for Information Sciences—Permanence of Paper
for Printed Library Materials, ANSI/NISO Z39.48-1992.
Printed in the United States of America
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Contents
Editor’s Foreword Jon Woronoff vii
Acknowledgments ix
Acronyms and Abbreviations xi
Chronology xv
Introduction 1
THE DICTIONARY 39
Appendixes
1. Managing Directors 315
2. Selected Financial Indicators . . . 316
3. Members’ Quotas . . . 317
4. Stand-by . . . 321
Bibliography 323
About the Authors 367
v
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Editor’s Foreword
Once a relatively obscure organization, known mainly to bankers and aca-
demics, over the past few decades the International Monetary Fund (IMF)
has become better known than it would perhaps wish. It is talked up by some
as a “central bank’s central bank” and main savior in the event of serious
financial crises. By others it is decried as a villain imposing its will on devel-
oping countries and possibly even causing some of the crises. This debate is
far from resolved; if anything it has been fueled by recent events. But what
is actually more important than whether the praise and criticism, the hopes
and fears are justified today is whether the IMF will be better tomorrow
once it has implemented yet another series of reforms. In studying its his-
tory, since it was founded in 1945, the growth and changes are impressive.
And it is clear that the IMF does learn from its mistakes and is improved and
reinforced by crises.
One can see this in the third edition of the Historical Dictionary of the
International Monetary Fund, remarkably different from the second edition
a decade back and the first edition two decades ago. While not strictly a his-
tory, it does present the IMF as it is today and also shows what it was like
at earlier stages in its evolution while mentioning proposals for the future.
It first traces the IMF’s evolution in the chronology and then offers a broad
general survey in the introduction. The list of acronyms helps readers through
the maze of related organizations. But the dictionary section as always is the
core of the book, with hundreds of entries on the IMF’s constituent bodies;
its policies, programs, and rules; its action in crucial member countries; those
who have played an important role in managing it; and many of the problems
and crises it has gone through. For those who want more information, further
reading is provided in the bibliography, which includes both publications of
the Fund itself and other independent works on it by observers with different
views and conclusions.
This third edition was written by Sarah Tenney, building on the first two
editions by Norman K. Humphreys. Mr. Humphreys is a graduate of the
London School of Economics and Political Science and became a banker and
freelance contributor to various financial journals in the city of London for a
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viii (cid:129) EDITOR’S FOREWORD
dozen years, with a stint of two years as economic and financial correspon-
dent in Brazil. He joined the staff of the IMF in 1964 and, during a career of
23 years with the Fund, he served as its chief editor for more than a decade.
Dr. Tenney studied at the University of Kent at Canterbury and received her
PhD from the University of Mississippi. From 1987–2003 she was a special
assistant to the director at the IMF and she is presently an assistant professor
of political science and criminal justice at The Citadel. Over the years she has
focused on international financial cooperation and coauthored “The Social
Dimensions of the Work of the IMF” and is writing a book on surveillance.
Most of the operations of the IMF are technical and hard for outsiders to fol-
low, but this partly inside–partly outside view will do much to explain the
activities and achievements of an organization that is, whether we realize it
or not, one of the most important in the world.
Jon Woronoff
Series Editor
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Acknowledgments
In updating and preparing the manuscript of this third edition of the His-
torical Dictionary of the International Monetary Fund, we have again drawn
extensively on the published work of others, particularly on the publications
of the Fund. Much of the basic material contained herein appeared in the first
two editions. In this respect, the work of Norman K. Humphreys in preparing
the second edition, published in 1998, is paramount.
As he noted at that time, a significant amount of the material has been
drawn from published histories of the Fund prepared by its historians, J. Keith
Horsefield, Margaret Garritsen de Vries, and James Boughton. The diction-
ary also draws heavily on IMF official documents. For the sake of accuracy,
the language follows as closely as possible that of the originals. These docu-
ments include the Fund’s Articles of Agreement, Annual Reports of the IMF,
Executive Board decisions, IMF Factsheets published on the Fund’s official
website, and Chairmen’s summings up of Board deliberations, as well as staff
reports, pamphlets, and other IMF staff publications. All of these documents
are available to the public and many can be accessed through the Fund’s of-
ficial external website.
It should be noted that, like the previous editions, this third edition of the
Historical Dictionary of the International Monetary Fund can be seen as only
a snapshot of the institution taken at the time of publication. As the history
clearly shows, the Fund has evolved over time largely in response to the de-
mands of an increasingly integrated global economy and its expanding mem-
bership. These persistent forces of change will likely continue to determine
the direction of the institution for the foreseeable future.
Of course, it remains to be noted that although the factual material for this
volume has been drawn mainly from “official” sources, responsibility for its
accuracy and interpretation rests solely with the authors.
Norman K. Humphreys and Sarah Tenney
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