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International Monetary Fund

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  • Anonymous

Abstract

As early as January 19, 1948, the press reported that the devaluation of the French franc was under consideration by the French Government as a measure to stimulate French exports. Lengthy consultations between the French Director of the Fund (Mendès-France) and other officials of the Fund gave rise to the belief that agreement would be reached whereby the Fund could approve some devaluation of the franc. However, on January 25 the Fund announced that it could not permit the devaluation and that it regretted the decision of the French Government to proceed without the Fund's permission. Following French devaluation the following day, the Fund stated that it would continue to “work with the French Government in seeking a modification of these exchange practices in order to meet French needs within the framework of the international monetary arrangements established by the Fund Agreement.†The Fund subsequently accepted a provisional adjustment in its holdings of the franc from approximately 67,940 million to 122,292 million, representing an 80 per cent increase over January 24, 1948.

Suggested Citation

  • Anonymous, 1948. "International Monetary Fund," International Organization, Cambridge University Press, vol. 2(2), pages 360-362, June.
    • Handle: RePEc:cup:intorg:v:2:y:1948:i:2:p:360-362_15
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    Cited by:

    1. Aleid Brouwer & Tristan Kohl, 2011. "Development of trade blocs in an era of globalization: Proximity still matters," ERSA conference papers ersa11p122, European Regional Science Association.
    2. Jacques J. Polak, 1995. "Fifty Years of Exchange Rate Research and Policy at the International Monetary Fund," IMF Staff Papers, Palgrave Macmillan, vol. 42(4), pages 734-761, December.
    3. Amr Hosny, 2019. "Remittances, Remittance Concentration, and Volatility: Is Africa Different from the Middle East?," Business and Economic Research, Macrothink Institute, vol. 9(3), pages 114-133, September.
    4. Giulia Mascagni, 2016. "Aid and Taxation in Ethiopia," Journal of Development Studies, Taylor & Francis Journals, vol. 52(12), pages 1744-1758, December.
    5. Mr. S. M. Ali Abbas & Laura Blattner & Mark De Broeck & Ms. Asmaa A ElGanainy & Malin Hu, 2014. "Sovereign Debt Composition in Advanced Economies: A Historical Perspective," IMF Working Papers 2014/162, International Monetary Fund.
    6. Levent Ayd?n, 2017. "Economic Implications of Fethullahist Terrorist Organization and Parallel State Constitution on Turkish Economy," Research in Applied Economics, Macrothink Institute, vol. 9(3), pages 31-44, September.
    7. Irving Fisher Committee, 2002. "Proceedings of the IFC Conference on "Challenges to Central Bank Statistical Activities", Basel, August 2002," IFC Bulletins, Bank for International Settlements, number 13, July.
    8. Sara L. McGaughey & Pascalis Raimondos & Lisbeth La Cour, 2018. "What is a Foreign Firm? Implications for Productivity Spillovers," CESifo Working Paper Series 7109, CESifo.
    9. Giulia Mascagni & Emilija Timmis, 2017. "The Fiscal Effects of Aid in Ethiopia: Evidence from CVAR Applications," Journal of Development Studies, Taylor & Francis Journals, vol. 53(7), pages 1037-1056, July.
    10. Marc L. Busch, 2000. "Democracy, Consultation, and the Paneling of Disputes under GATT," Journal of Conflict Resolution, Peace Science Society (International), vol. 44(4), pages 425-446, August.
    11. Astorga, Pablo, 2012. "Mean reversion in long-horizon real exchange rates: Evidence from Latin America," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1529-1550.
    12. International Monetary Fund, 2013. "Mali: Staff Report for the 2012 Article IV Consultation, Request for Disbursement Under the Rapid Credit Facility, and Cancellation of the Extended Credit Facility Arrangement," IMF Staff Country Reports 2013/044, International Monetary Fund.
    13. Sara L. McGaughey & Pascalis Raimondos & Lisbeth Cour, 2020. "Foreign influence, control, and indirect ownership: Implications for productivity spillovers," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(9), pages 1391-1412, December.
    14. Sara L. McGaughey & Pascalis Raimondos & Lisbeth Cour, 0. "Foreign influence, control, and indirect ownership: Implications for productivity spillovers," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 0, pages 1-22.
    15. Javier G. Gómez-Pineda, 2015. "La inflación bajo una perspectiva monetaria: Colombia: 1951-1963 / Inflation under a monetary framework: Colombia, 1951–1963," Borradores de Economia 921, Banco de la Republica de Colombia.
    16. C. C. S. Newton, 1984. "The Sterling Crisis of 1947 and the British Response to the Marshall Plan," Economic History Review, Economic History Society, vol. 37(3), pages 391-408, August.
    17. Nicolas Fleury & Sylvain Petit & Aurélie Cassette, 2012. "Income inequalities and international trade in goods and services: short and long-run evidence," Post-Print hal-01831503, HAL.
    18. Astorga, Pablo, 2012. "Mean reversion in long-horizon real exchange rates: Evidence from Latin America," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1529-1550.
    19. Diewert, Erwin, 2007. "Measuring Productivity in the System of National Accounts," Economics working papers diewert-07-11-16-12-39-23, Vancouver School of Economics, revised 16 Nov 2007.
    20. Chayawadee Chai-anant & Runchana Pongsaparn & Kessarin Tansuwanarat, 2008. "Roles of Exchange Rate in Monetary Policy under Inflation Targeting: A Case Study for Thailand," Working Papers 2008-03, Monetary Policy Group, Bank of Thailand.
    21. Mr. Gonzalo C Pastor Campos, 2012. "Peru: Monetary and Exchange Rate Policies, 1930-1980," IMF Working Papers 2012/166, International Monetary Fund.
    22. Clague, Christopher & Keefer, Philip & Knack, Stephen & Olson, Mancur, 1999. "Contract-Intensive Money: Contract Enforcement, Property Rights, and Economic Performance," Journal of Economic Growth, Springer, vol. 4(2), pages 185-211, June.

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