Contents -- Foreword -- Preface -- List of Abbreviations -- 1. The Silent Revolution -- 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 -- I. Revolutions in the International Monetary System -- 2. On the Map: Making Surveillance Work -- 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 -- United States -- Japan -- Germany -- France -- United Kingdom -- References -- 4. Policy Cooperation: The Fund and the Group of Seven -- "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 -- Evolution of the WEO Exercise -- Key Policy Issues in the WEO -- Forecasting Process -- Modeling the World Economy -- Evaluation -- References -- II. Revolutions in Managing International Debt -- 6. Crisis and Strategy -- Overview -- Managing the Debt Crisis: A Summary of Part II -- References -- 7. The Mexican Crisis: No Mountain Too High? -- 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 -- Prelude: Crisis in Eastern Europe -- In Concert: Crisis in Latin America -- References -- 9. Containing the Crisis, 1983-85 -- Mexico -- Brazil -- Argentina.

Debt Strategy Through 1985 -- References -- 10. Growth, the Elusive Goal: 1985-87 -- 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 -- 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 -- 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 -- III. Revolutions in Structural Adjustment -- 13. Lending for Adjustment and Growth -- 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 -- Closing Down the Trust Fund -- Structural Adjustment Facility -- Enhanced Structural Adjustment Facility -- Protecting the Poor -- References -- 15. Extended and Specialized Lending -- 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 -- 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 -- IV. Evolution of the Institution -- 17. Fund Finances: Balancing Demand and Supply -- 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? -- 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 -- China -- Hungary -- Poland -- References -- 20. Managing the Fund in a Changing World -- Collaboration -- Governance -- Appendix: Concordat on Fund-Bank Collaboration -- References -- Index -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- K -- L -- M -- N -- O -- P -- Q -- R -- S -- T -- U -- V -- W -- Y -- Z -- Figures -- Tables -- List of Illustrations -- Jacques de Larosiere, Managing Director June 1978-January 1987 -- Meeting of the Executive Board, 1982 -- Michel Camdessus, Managing Director January 1987-February 2000 -- William Dale, Deputy Managing Director March 1974-June 1984 -- Richard Erb, Deputy Managing Director June 1984-August 1994 -- Uncertainty reigns in Mexico after the government nationalizes private banks -- Cartoon: "Talk to the IMF," by Dan Wasserman 326 -- William R. Rhodes, Jesus Silva-Herzog, Jacques de Larosiere, and Jose Angel Gurria on the occasion of debt restructuring agreement for Mexico, March 1985.

Cartoon: "Does Mr. de Larosiere Work Here?" by Landru -- Headline News: IMF mission to Brazil, November 1987, cover of Correio Brasiliense -- Anti-IMF grafttti on the Brandenburg Gate, Berlin, 1988 Annual Meetings -- Painting: "No More Funds," by Ernesto Bertani -- Signing ceremony for SDR allocation, January 2, 1979, and the SDR document -- IMF mission to China, March 1980 -- U.S. President Ronald Reagan addressing the Bank-Fund Annual Meetings, October 1987.