Ivar Rooth
Ivar Rooth | |
|---|---|
| Born | Template:Birth date Stockholm, Sweden |
| Died | February 27, 1972 (aged 83) Sweden |
| Occupation(s) | Economist, lawyer |
| Years active | 1914–1962 |
| Known for | Governor of the Swedish National Bank (1929–1948), Managing Director of the International Monetary Fund (1951–1956) |
Ivar Rooth (2 November 1888 – 27 February 1972) was a distinguished Swedish economist and lawyer who held the position of governor at the Swedish National Bank between 1929 and 1948. He later became the second managing director of the International Monetary Fund (IMF), serving from 1951 until 1956. Additionally, Rooth was a board member of the Bank of International Settlements.
Career
Born in Stockholm, Rooth earned his Candidate of Law degree from Uppsala University in 1911. His early professional experience included serving as Solicitor for Handelsbank in 1914, followed by leading its Commercial Credit Department in 1915. He also worked as Assistant Manager and Solicitor at the Stockholm Mortgage Bank before being appointed Governor of the Central Bank of Sweden (Sveriges Riksbank) from 1929 to 1948. Rooth was a director at the Bank of International Settlements during two periods: 1931–1933 and 1937–1949. In 1951, he headed a mission for the International Bank for Reconstruction and Development to Iraq.
Rooth was named managing director and chairman of the IMF’s executive board on 10 April 1951, officially taking office on 3 August that year. In his inaugural speech, he highlighted the Fund’s mission to diminish exchange restrictions and discriminatory trade barriers to foster more open international trade and payment systems. His tenure saw the formalization of IMF policies regarding resource utilization, including establishing drawings in tranches. By 1952, the IMF began conducting annual consultations with members who maintained exchange controls, as stipulated by the Articles of Agreement. Furthermore, under his leadership, a standardized framework for Stand-by Arrangements was developed, incorporating clear criteria. Although his term concluded on 27 April 1956, it was extended until 3 October 1956 upon request by the executive board.
Outside his IMF responsibilities, Rooth chaired the United Nations Pension Fund’s Investment Committee from 1947 to 1961 and served as head of Kuwait’s Currency Board between 1960 and 1962. Following retirement, he lived in Lidingö, Sweden, where he occasionally shared insights through writings and lectures on economic topics.
Personal life
In 1914, Rooth wed Ingrid Lundgren (born 1889), daughter of Bengt Lundgren and Eva Wennerström. Later, in 1931, he married Ingrid Söderlindh (born 1899), daughter of Gunnar Söderlindh and Gertrud Lindroth.
He fathered four children, among them physician Gösta Rooth.
Ivar Rooth passed away in Sweden on 27 February 1972.