Silent Revolution

The International Monetary Fund 1979–1989

October 1, 2001
Ordering Information

Foreword (191KB PDF file)

Preface (191KB PDF file)

List of Abbreviations (191KB PDF file)

1. The Silent Revolution (787KB PDF file)
      Revolution or Evolution?
      Leadership at the IMF
      At the Precipice of the 1980s
      Evolution and Revolution in the 1980s
      At the Brink of the 1990s
      Appendix: Chronology, 1979–89
      References

1. Revolutions in the International Monetary System
   2. On the Map: Making Surveillance Work (410KB PDF file)
         Implementing Article IV: The Principles of Surveillance
         Assessing Exchange Rate Levels and Policies
         Establishing Effective Procedures
         Reducing Exchange Restrictions
         Appendix: Principles and Procedures of Surveillance
         References
   3. Seeking Symmetry: Article IV and the Largest Industrial Countries (253KB PDF file)
         United States
         Japan
         Germany
         France
         United Kingdom
         References
   4. Policy Cooperation: The Fund and the Group of Seven (1,027KB PDF file)
         "In His Personal Capacity": 1982–84
         Cooperation and Coordination: 1985–87
         Life After the Louvre: 1987–89
         References
   5. Keeping Score: The World Economic Outlook (167KB PDF file)
         Evolution of the WEO Exercise
         Key Policy Issues in the WEO
         Forecasting Process
         Modeling the World Economy
         Evaluation
         References
      
      
2. Revolutions in Managing International Debt
   6. Crisis and Strategy (177KB PDF file)
         Overview
         Managing the Debt Crisis: A Summary of Part II
         References
   7. The Mexican Crisis: No Mountain Too High? (342KB PDF file)
         Smoldering Embers, 1979–81
         Mounting Concerns: The 1981–82 Consultations
         The Crisis Erupts: August 1982
         Negotiating the Program: August–November 1982
         Commitment from Commercial Banks: November–
            December 1982
         Approval of the EFF Program: December 1982
         Completing the Package: January–March 1983
         References
   8. The Crisis Erupts (296KB PDF file)
         Prelude: Crisis in Eastern Europe
         In Concert: Crisis in Latin America
         References
   9. Containing the Crisis, 1983–85 (313KB PDF file)
         Mexico
         Brazil
         Argentina
         Debt Strategy Through 1985
         References
   10. Growth, the Elusive Goal: 1985–87 (380KB PDF file)
          The Baker Plan
          Enhanced Surveillance
          Stand-By Arrangement with Mexico
          Brazil: From the Cruzado Plan to Default
          Argentina: After the Austral Plan
          References
   11. Debt Denouement, 1987–89 (394KB PDF file)
          Toward Debt Relief: Turning the Titanic
          Pre-Brady Debt Relief: Two Case Studies
          The Brady Plan
          Debt Reduction Programs in the Fund
          Adjustment Without Relief: Argentina and Brazil
          Appendix: Fund Policy on Financing Assurances and Arrears
          References
   12. Case by Case: A Retrospective on the Debt Strategy (95KB PDF file)
          Was the Debt Crisis One of Solvency and Not Liquidity?
          Did the IMF Serve the Interests of Banks and Not Its
             Member Countries?
          Did the IMF Recognize the Need for Debt Relief?
          Was the Debt Strategy Consistent with the IMF's Mandate?
          Was There Enough Coordination with the World Bank?
          Was the Adjustment Strategy Appropriate for Latin America?
          Should the IMF Have Been Willing to Write Down Its Claims?
          Conclusions
          References
       
       
3. Revolutions in Structural Adjustment
   13. Lending for Adjustment and Growth (721KB PDF file)
          How Much Conditionality?
          Program Design Issues
          Growth-Oriented Adjustment?
          Evaluating the Success of Fund Programs
          Appendix: Conditionality Guidelines
          References
   14. The IMF and the Poor: Soft Loans, Hard Adjustment (362KB PDF file)
          Closing Down the Trust Fund
          Structural Adjustment Facility
          Enhanced Structural Adjustment Facility
          Protecting the Poor
          References
   15. Extended and Specialized Lending (275KB PDF file)
          Extended Fund Facility
          Compensatory and Contingency Financing
          Other Lending Arrangements
          Appendix I: The CFF Cereals Window
          Appendix II: Emergency Assistance for Natural Disasters
          References
   16. Digging a Hole, Filling It In: Payments Arrears to the Fund (490KB PDF file)
          Overview
          Digging the Hole: Loans That Went Bad
          Filling It In: Development of the Arrears Strategy
          Appendix: Rules and Decisions on Arrears to the Fund
          References
       
       
4. Evolution of the Institution
   17. Fund Finances: Balancing Demand and Supply (628KB PDF file)
          Quotas and the Size of the Fund
          Access Policies
          Borrowing by the Fund
          Sharing the Burden: Who Pays for the Fund?
          Appendix I: An Alternative Balance Sheet Presentation
          Appendix II: IMF Quotas, 1979–89
          Appendix III: Formulas for the Eighth General Review
             of Quotas
          Appendix IV: Policies on Enlarged Access
          References
   18. Evolution of the SDR: Paper Gold or Paper Tiger? (672KB PDF file)
          Background
          Limited Role of the SDR
          Proposals for a Substitution Account
          SDR Allocations
          Valuing the SDR
          SDR Interest Rate
          Appendix: Principal Changes in the Valuation of the SDR
          References
   19. Toward Universal Membership (264KB PDF file)
          China
          Hungary
          Poland
          References
   20. Managing the Fund in a Changing World (436KB PDF file)
          Collaboration
          Governance
          Appendix: Concordat on Fund-Bank Collaboration
          References

Index (175KB PDF file)