Ivar Rooth (2 November 1888 – 27 February 1972) was a Swedish lawyer and economist who served as the governor of the

Swedish National Bank Sveriges Riksbank, or simply the ''Riksbank'', is the central bank of Sweden. It is the world's oldest central bank and the fourth oldest bank in operation. Etymology The first part of the word ''riksbank'', ''riks'', stems from the Swedish ...

from 1929 to 1948 and the second managing director of the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...

(IMF) from 1951 to 1956. He was also a member of the board of directors of the

Bank of International Settlements The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work thr ...

Career

Rooth was born on 2 November 1888, in Stockholm, Sweden. He was the son of Otto Rooth and Ellen Hertzman. He graduated from

Uppsala University Uppsala University ( sv, Uppsala universitet) is a public university, public research university in Uppsala, Sweden. Founded in 1477, it is the List of universities in Sweden, oldest university in Sweden and the Nordic countries still in opera ...

with a

Candidate of Law Candidate of Law (Latin: ''candidatus/candidata juris/iuris'') is both a graduate law degree awarded to law students in the Nordic region as well as an academic status designation for advanced Law School students in German-speaking countries. N ...

degree in 1911. In Rooth's early career, he was Solicitor for the Handelsbank (Commercial Bank) of Stockholm (1914), head of Bank's Commercial Credit Department (1915), Assistant Manager and Solicitor of Stockholm Mortgage Bank, Governor of the Central Bank of Sweden (

Sveriges Riksbank Sveriges Riksbank, or simply the ''Riksbank'', is the central bank of Sweden. It is the world's oldest central bank and the fourth oldest bank in operation. Etymology The first part of the word ''riksbank'', ''riks'', stems from the Swedish w ...

, 1929–1948), and Director of the

(1931–1933 and 1937–1949). In 1951, he headed a mission to Iraq for the

International Bank for Reconstruction and Development The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States, that is the lending arm of World Bank Group. The IBRD offers l ...

. On 10 April 1951, he was appointed Managing Director and Chairman of the Executive Board of the IMF and assumed his duties on 3 August 1951. Rooth, in his first address to member countries as Managing Director of the IMF on 11 September 1951, stated that the Fund "sought removal or modification of exchange restrictions and other discriminatory practices" aimed at a freer flow of

international trade International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy) In most countries, such trade represents a significant ...

and payments. Subsequently, general policy on use of IMF's resources was set forth. This initiated the IMF's policy of drawings in tranches. In 1952, in accordance with the Articles of Agreement, 5 years after the IMF began financial operations, annual consultations with members maintaining exchange restrictions under Article XIV were initiated. The IMF introduced a general framework for Stand-by Arrangements, and the criteria to be applied were standardized. Rooth's term as Managing Director of the IMF ended on 27 April 1956, but he accepted a request by the Executive Board to serve a further period ending on 3 October 1956. Rooth was head of the Investment Committee of the United Nations Pension Fund from 1947 to 1961, and he was also head of the Currency Board in

Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...

from 1960 to 1962. After 1962 he stepped down and lived at

Lidingö Lidingö, also known in its definite form ''Lidingön'' and as ''Lidingölandet'', is an island in the inner Stockholm archipelago, northeast of Stockholm, Sweden. In 2010, the population of the Lidingö urban area on the island was 31,561. It is ...

, Sweden, and occasionally wrote and gave lectures on economic affairs.

Personal life

In 1914, he married Ingrid Lundgren (born 1889), the daughter of Bengt Lundgren and Eva Wennerström. In 1931, he married Ingrid Söderlindh (born 1899), the daughter of Gunnar Söderlindh and Gertrud Lindroth. He had four children, including physician

Gösta Rooth Gösta Rooth (born 17 December 1918 in Stockholm, died 21 February 2008) was a Swedish physician and a pioneer of perinatal medicine. He graduated as a physician at Lund University in 1945 and obtained his PhD, also at Lund, in 1949. He became r ...

. Rooth died in Sweden on 27 February 1972..

References

{{DEFAULTSORT:Rooth, Ivar 1888 births 1972 deaths Swedish economists Governors of Sveriges Riksbank Macroeconomists Managing directors of the International Monetary Fund Uppsala University alumni People from Stockholm Swedish officials of the United Nations