The International Monetary Fund in the 1990s

WHEN ITS ARTICLES OF AGREEMENT WERE DRAWN UP IN 1944, the International Monetary Fund was seen as having two main functions: to oversee the operation of a system of fixed, but adjustable, exchange rates; and to promote the removal of payments restrictions on international trade. Over the years since then, despite the demise of the fixed exchange rate system and a steady decline in payments restrictions, the scope of the Fund's influence has grown. Why should this be?In broad terms, the answer is to be found in the increasing integration of the world economy. As trade and investment flows have grown, so too have the concerns of the international community for good economic management in individual national economies. ‘Spill-over’ effects have grown in size and importance, and with them the need for a framework to regulate their consequences.

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International Monetary Fund

International Organization ◽

10.1017/s0020818300017203 ◽

1952 ◽

Vol 6 (4) ◽

pp. 644-646

Keyword(s):

Exchange Rates ◽

International Monetary Fund ◽

Annual Report ◽

Fiscal Year ◽

Executive Directors ◽

The Past ◽

Board Of Governors ◽

The World ◽

The International Monetary Fund

The Annual Report of the Executive Directors of the International Monetary Fund for the fiscal year ended April 30, 1952 was presented to the Board of Governors by its chairman (Rooth) on June 24, 1952. The report indicated that, despite a remarkable growth in production and one widespread adjustment of exchange rates over the previous seven years, international payments were still far from having attained a state of balance and exchange difficulties and restrictions existed again over large parts of the world, for countries constituting a large part of the world had followed policies aimed at achieving higher levels of consumption and investment than could be covered out of real resources available. This had resulted in a situation of inflationary pressures that in certain countries had been aggravated by rearmament programs, pressures which created excessive demands for imports and reduced the quantities of goods available for export. In this situation the use of exchange restrictions and quantitative import controls, frequently of a discriminatory nature, seemed inevitable to many countries; and during the past year there had been a tendency to extend and intensify these restrictions and controls.

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Introducing Exchange-Rate Equations Into a World Econometric Model

National Institute Economic Review ◽

10.1177/002795018711900105 ◽

1987 ◽

Vol 119 ◽

pp. 57-67 ◽

Cited By ~ 4

Author(s):

Simon Wren-Lewis

Keyword(s):

Exchange Rate ◽

World Economy ◽

Econometric Model ◽

Rate Equations ◽

Rate System ◽

The World ◽

Exchange Rate System ◽

World Economic ◽

First Time ◽

Economic Forecasts

In this Review the Institute's world economic forecasts are for the first time produced with the aid of a large quarterly econometric model. The general features of this model are described in an Appendix to the World Economy chapter in this Review. The model is based on the WEP (World Economic Prospects) model which has been operated and developed by economists in HM Treasury for more than a decade. However, exchange rates in WEP are exogenous, and this article discusses the estimation of an exchange-rate system for the model, and its implications in terms of overall model properties.

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International Monetary Fund

International Organization ◽

10.1017/s0020818300008626 ◽

1958 ◽

Vol 12 (2) ◽

pp. 223-224 ◽

Cited By ~ 1

Keyword(s):

International Monetary Fund ◽

World Economy ◽

Balance Of Payments ◽

Short Term ◽

Underdeveloped Countries ◽

International Bank ◽

Board Of Governors ◽

The World ◽

General Aspects ◽

The International Monetary Fund

The twelfth annual meeting of the Board of Governors of the International Monetary Fund was held jointly with the Board of Governors of the International Bank for Reconstruction and Development in Washington D.C., September 23–26, 1957, under the chairmanship of Miguel Cuaderno, Sr. Per Jacobsson, Managing Director, reviewed the activities of the Fund during the previous year. Emphasizing that the Fund's assistance was of a short-term nature and designed to enable countries to adopt and carry out, within a limited period of time, programs to restore stability to their economies, Mr. Jacobsson stated that the Fund was being used to help countries meet emergency needs, ease strain in the balance of payments, meet temporary exchange difficulties, and fulfill stabilization programs. Mr. Jacobsson went on to discuss various problems encountered in connection with the Fund's activities and cited, inter alia, multiple currency practices, Fund liquidity, and, in connection with general aspects of the world economy, inflation, relative values of currencies, and financing for underdeveloped countries.

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International Monetary Fund Annual Report 2020

10.5089/9781513538211.011 ◽

2020 ◽

Author(s):

Keyword(s):

International Monetary Fund ◽

World Economy ◽

Annual Report ◽

The World ◽

The International Monetary Fund ◽

The Imf

This year, as the world faced a crisis like no other, the International Monetary Fund and its member countries swung into action to save lives and put a floor under the world economy. But the outlook remains uncertain. Countries now face a “long ascent” that will be difficult, uneven, uncertain, and prone to setbacks. The IMF is working to help countries focus on "policies for people" to generate a transformational recovery through job-rich growth that benefits all.

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THE STRUCTURE OF GLOBAL MONEY and World Tables of Unequal Exchange

Journal of World-Systems Research ◽

10.5195/jwsr.1998.149 ◽

1998 ◽

pp. 145-168 ◽

Cited By ~ 4

Author(s):

Gernot Kohler

Keyword(s):

Exchange Rate ◽

Exchange Rates ◽

High Wage ◽

Rate System ◽

Literature Reference ◽

Unequal Exchange ◽

Global View ◽

The World ◽

Exchange Rate System ◽

Value Of Money

This study takes a global view of money. The term "global money" is appearing in recent discussions (Bellofiore 1997) and there is the occasional literature reference to "world money" (Marx 1992: 190). My thesis in this article is that money has a global structure. Stated more precisely, I am contending that (1) the value of money is non-homogeneous throughout the world system (even after exchange rates have been taken into account); that (2) the currencies of low-incomc countries tend to be undervalued, not overvalued as many economists claim; that (3) the exchange rate system is one of the mechanisms by which high-wage countries extract value from low-wage countries; and that ( 4) this situation contributes significantly to unequal exchange between periphery and center countries.

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The Role of Technological Change in the Long-run Global Economy Forecasting

Voprosy Ekonomiki ◽

10.32609/0042-8736-2013-1-97-116 ◽

2013 ◽

pp. 97-116 ◽

Cited By ~ 1

Author(s):

A. Apokin

Keyword(s):

Technological Change ◽

Data Quality ◽

Long Range ◽

Global Economy ◽

World Economy ◽

Qualitative Approaches ◽

Long Run ◽

The World ◽

National Economies

The author compares several quantitative and qualitative approaches to forecasting to find appropriate methods to incorporate technological change in long-range forecasts of the world economy. A?number of long-run forecasts (with horizons over 10 years) for the world economy and national economies is reviewed to outline advantages and drawbacks for different ways to account for technological change. Various approaches based on their sensitivity to data quality and robustness to model misspecifications are compared and recommendations are offered on the choice of appropriate technique in long-run forecasts of the world economy in the presence of technological change.

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Economic Impact of COVID-19 Pandemic: Who are the Big Sufferers?

Indian Journal of Economics and Development ◽

10.35716/ijed/20133 ◽

2020 ◽

pp. 320-326

Keyword(s):

Informal Economy ◽

World Economy ◽

Mitigation Measures ◽

Economic Activities ◽

Informal Workers ◽

Indian Economy ◽

The World ◽

Daily Wage ◽

Liberalisation Policy ◽

The International Monetary Fund

The COVID-19 pandemic identified in Wuhan, China in December 2019, has spread almost to all the countries of the world. The mitigation measures imposed by most of the nations to prevent the spread of COVID-19 have badly hit the global economic activities. As per the latest estimates, the world economy is predicted to decline by 5.2 percent, and world trade is expected to drop by 13-32 percent in 2020 due to the COVID-19 pandemic. In this way it has created havoc in the world economy and the Indian economy is no exception. The International Monetary Fund (IMF) has estimated the Indian GDP growth at 1.9 percent and showed the worst growth performance of India after the liberalisation policy of 1991. According to the World Bank, the Indian economy will contract by 3.2 percent in 2020-21. Daily wage labourers and other informal workers, particularly migrant labourers of economically poor states were the worst hit during the lockdown period and will continue to be adversely affected even after the lockdown was relaxed. The paper suggested multiple measures to support the Indian economic and financial support to all the families of the informal economy workers to tide over this crisis.

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