IMF History (1972-1978), Volume 1

IMF History (1972-1978) Volume 2

IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

This volume--the fifth in a series of histories of the International Monetary Fund--examines the 1990s, a tumultuous decade in which the IMF faced difficult challenges and took on new and expanded roles. Among these were assisting countries that had long operated under central planning to manage transitions toward market economies, helping countries in financial crisis after sudden loss of support from private financial markets, adapting surveillance to reflect the growing acceptance of international standards for economic and financial policies, helping low-income countries grow and begin to eradicate poverty while staying within its mandate as a monetary institution, and providing adequate financial assistance to members in an age of limited official resources. The IMF's successes and setbacks in facing these challenges provide valuable lessons for an uncertain future.

This volume, fourth in a series of periodic histories of the institution, is as much a history of the world economy during 1979-89 as one of the IMF itself. Boughton discusses the IMF's surveillance of the international monetary system in the 1980s; the Fund's role in the international debt crisis of the 1980s, and IMF lending in support of structural adjustment in low-income countries during that period. The volume concludes with a general history of the institution, including the quota system, the SDR, membership, and other institutional matters.

IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

The unheralded contribution of women to Egypt's Islamist movement—and how they talk about women's rights in Islamic terms In the decades leading up to the Arab Spring in 2011, when Hosni Mubarak's authoritarian regime was swept from power in Egypt, Muslim women took a leading role in developing a robust Islamist presence in the country’s public sphere. Soft Force examines the writings and activism of these women—including scholars, preachers, journalists, critics, actors, and public intellectuals—who envisioned an Islamic awakening in which women’s rights and the family, equality, and emancipation were at the center. Challenging Western conceptions of Muslim women as being oppressed by Islam, Ellen McLarney shows how women used "soft force"—a women’s jihad characterized by nonviolent protest—to oppose secular dictatorship and articulate a public sphere that was both Islamic and democratic. McLarney draws on memoirs, political essays, sermons, newspaper articles, and other writings to explore how these women imagined the home and the family as sites of the free practice of religion in a climate where Islamists were under siege by the secular state. While they seem to reinforce women’s traditional roles in a male-dominated society, these Islamist writers also reoriented Islamist politics in domains coded as feminine, putting women at the very forefront in imagining an Islamic polity. Bold and insightful, Soft Force transforms our understanding of women’s rights, women’s liberation, and women’s equality in Egypt’s Islamic revival.

This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.

This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.

Written by Margaret Garritsen de Vries, former Historian of the IMF, the book describes the policies and activities the IMF has pursued in helping members achieve balane of payments adjustment. Separate treatment is given to industrial and developing countries, since their balance of payments problems have differed. As examples, Japan, France, the United Kingdom, Colombia, and Mexico as discussed.