timely research assistance we thank Debajyoti Chakrabarty. For helpful comments on an earlier draft we thank Jim Boughton. Table of Contents 1. Introduction 2. What does the IMF do? 3. Origins and Original Aims 4. The IMF’s Role in the Post Bretton Woods Era: Externalities and Public Goods? 5. The IMF in Search of a Mission 6. International Politics and the IMF 7. Conclusion: Some Issues in the Case for Reform References Tables 1. Average Time Spent in IMF Programs by Class of Borrowers
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usually classified as the main MDBs: * World Bank * European Investment Bank * African Development Bank * Asian Development Bank * European Bank for Reconstruction and Development * Inter-American Development Bank Group 2. Bretton Woods institutions The best-known IFIs were established after World War II to assist in the reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system . They include the World Bank‚ the IMF
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International Studies Test Review *Use examples* 1-1) The world banks and the international monetary fund lend money to developing countries for the same reasons. False. GAAT came out of Bretton woods conference when powers could not agree on international trade. IN 1995 the powers agreed on trade and made WTO and is successor to GAAT. Although world bank and IMF lend money to developing countries‚ the reasons‚ type‚ and strings attached to loans are different. World bank does medium to long term
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for this recession as soon as the war began; anticipating an economic fallout‚ the United States called upon economic experts such as Frederic Keynes who attempted to brainstorm solutions to this inevitable issue. Thus came the creation of the Bretton Woods Institutes. The passing of these international agreements established the international monetary fund‚ the general agreement on tariffs and trade‚ and also the international bank for reconstruction and development‚ with the latter two eventually
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Flexible Exchange Rate Regimes 2-2 Copyright © 2007 by The McGraw-Hill Companies‚ Inc. All rights res Evolution of the International Monetary System Bimetallism: Before 1875 Classical Gold Standard: 1875-1914 Interwar Period: 1915-1944 Bretton Woods System: 1945-1972 The Flexible Exchange Rate Regime: 1973Present 2-3 Copyright © 2007 by The McGraw-Hill Companies‚ Inc. All rights res Bimetallism: Before 1875 A “double standard” in the sense that both gold and silver were used as money
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False 7. The agreement reached at Bretton Woods established the International Monetary Fund (IMF) and the World Bank. True False 8. Implementing a fixed exchange rate regime increases the price inflation in countries. True False 9. World Bank offers low-interest loans to risky customers whose credit rating is often poor. True False 10. IDA loans receive direct funding from the World Bank. True False 11. The fixed exchange rate system established at Bretton Woods failed due to speculative pressures
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really functional. July 1944 Bretton Woods - forty four countries meet yielding Bretton Woods Agreement - effectively in place until August 1971 Bretton Woods Agreement Dollar-based system; dollar set at $ 35 ounce of gold; all other currencies set to US dollar‚ not directly to gold Only governments could demand conversion of dollar holdings to gold Creation of the International Monetary Fund (IMF) & World Bank 1971 Nixon ended free convertibility into gold: Bretton Woods – dies an ignoble death
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Globalization as a reality not a choice: Nowadays‚ and since the end of the world war‚ globalization increased and international exchanges are being more and more important. GLOBALIZATION IS the process of increased integration and co-operation of different national economies. It involves national economies becoming increasingly inter-related and integrated. Globalization is due to several factors. Predominance of the NTIC and the new way of transport. In addition we should note that all this increase
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end of the Golden’ Age’ which was the three decades(1945-1970) of economic prosperity benefited by mainly western countries. The oil crises‚ stagflation and the failure of the Bretton Woods system occurred in the 1970s.A good example would be USA. The rise in oil prices($3 to $30 per barrel) and the end of the Bretton Woods system lead to a higher increase in inflation‚ which had already been rising during the 1960s but became noticeable during the 70s.Economic growth was very low and unemployment
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rates and assisting reconstruction after World War II. IMF came to existence in 1945 when 29 countries members signed the Article Agreement and began operation in 1947. At this time‚ all members agreed to par value system or also known as the Bretton Woods system. This system is explained: “the countries keep their exchange rates (the value of their currencies in terms of the U.S. dollar and‚ in the case of the United States‚ the value of the dollar in terms of gold) pegged at rates that could be
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