Journal Description Editorial Committee How to Subscribe Forthcoming Articles Staff Papers Archive Copyright Information Use the free Adobe Acrobat Reader to view pdf files Free Email Notification Receive emails when we post new
items of interest to you. |
|
|
|
Northwest of Suez: The 1956 Crisis and the IMF James Boughton Full Text of this Article (PDF 107K)
Abstract: Egypt's nationalization of the Suez Canal in 1956 and the failed attempt by France, Israel, and the United Kingdom to retake it by force constituted a serious political crisis with significant economic consequences. For the United Kingdom, it engendered a financial crisis as well. That all four of the combatants sought and obtained IMF financial assistance was highly unusual for the time and had a profound effect on the development of the IMF. This case study illustrates the complexities in isolating the current account as the basis for determining a balance of payments "need" and shows that the speculative attack on sterling—and the IMF's response to it—were remarkably similar to financial crises in the 1990s. [JEL F33, F34, N20]
© 2001 International Monetary Fund
|
|||
