IDEAS home Printed from https://ideas.repec.org/a/wej/wldecn/229.html
   My bibliography  Save this article

Two British Initiatives for IMF Lending to its Members, 1960–1962

Author

Listed:
  • Jacques J. Polak

Abstract

This paper describes the origin, evolution, and results of two initiatives taken by the United Kingdom in the early 1960s. Both initiatives aimed at facilitating large-scale lending by the IMF (or in close parallel to the IMF), primarily in support of the two reserve currencies of the international monetary system, the US dollar and sterling. The first initiative—of which there appears to be no previous record extant anywhere—achieved its objective, leading to three important changes in IMF policy, including the General Arrangements to Borrow (GAB). The design of the second practically ensured its failure to win international support; but it provoked the United States into proposing a powerful study group on international liquidity which, seven years later, resulted in the creation of the Special Drawing Right (SDR) facility in the IMF.

Suggested Citation

  • Jacques J. Polak, 2006. "Two British Initiatives for IMF Lending to its Members, 1960–1962," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 7(1), pages 11-19, January.
    • Handle: RePEc:wej:wldecn:229
    as

    Download full text from publisher

    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=229
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wej:wldecn:229. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ed Jones (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.