International monetary fund after the financial crises of the 1990s

2001 ◽  
Vol 10 (1) ◽  
Author(s):  
Jiří Jonáš
Keyword(s):  
Financial Crisis ◽  
International Monetary Fund ◽  
Financial Crises ◽  
International Monetary System ◽  
Proper Role ◽  
Monetary System ◽  
Policy Strategies ◽  
The International Monetary Fund ◽  
The Imf

In this article, I would first discuss briefly what we know about the causes of the recent financial crises, and whether the International Monetary Fund (IMF) could have done more to prevent them. I will explain what policy strategies the IMF recommended to resolve these crises, why it recommended these policies, and to what extent is the criticism of these recommendations justified. In the second part, I will discuss the lessons which the IMF has drawn from these crises. I will explain how the experience of recent years has changed the thinking about the proper role of the IMF in supporting stable international monetary system. I will focus on two broad areas of changes in the activity of the IMF. First, on measures that are being taken to make the repetition of financial crises less likely; second, on measures to be applied if the prevention fails and if a financial crisis strikes again.

scholarly journals THE ROLE OF INTERNATIONAL MONETARY FUND (IMF) IN ECONOMIC RECOVERY DURING ECONOMIC CRISIS OF INDONESIA

2021 ◽  
Vol 1 (1) ◽  
pp. 13-32
Author(s):  
Lena Farsia
Keyword(s):  
Economic Development ◽  
Financial Crisis ◽  
International Monetary Fund ◽  
Actual Process ◽  
Primary Role ◽  
Chronological Order ◽  
The International Monetary Fund ◽  
The Imf

The International Monetary Fund (IMF) has a primary role in providing financial support to countries facing financial crises, such as the 1998 world financial crisis. The situation has brought an enormous impact on developing countries, particularly Indonesia. This paper explores the role of The IMF and maps out the problems related to the financial crisis and its impact on Indonesian political reforms. It will be done by compiling the milestones in chronological order from 1997 until 2017. It also aims to examine the lending policies of the International Monetary Fund, which brings a country like Indonesia becomes addicted and difficult to survive or improve in its economic development. There will be an understanding of how the actual process happens. It can be used as an instrument to assess whether the existence and role of the IMF in Indonesia have a better or harmful impact on the long-term economic development of Indonesia.   Keywords: The International Monetary Fund (IMF), Economic Development, Financial Crisis

The IMF Financial Surveillance Strategy

Policy Papers ◽  
2012 ◽  
Vol 2012 (73) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
International Monetary System ◽  
Surveillance Strategy ◽  
The Past ◽  
Monetary System ◽  
Effective Operation ◽  
The Imf

This paper outlines strategic priorities for the IMF’s financial surveillance in the coming years. It complements recent discussions on the work agenda in this area. It takes stock of innovations and gaps in financial surveillance by the Fund during the past decade, including in the wake of the current global financial crisis. It proposes concrete and prioritized steps to further strengthen financial surveillance so that the Fund can fulfill its mandate to ensure the effective operation of the international monetary system and support global economic and financial stability.

The “Sanctions” of the International Monetary Fund

1972 ◽  
Vol 66 (4) ◽  
pp. 737-762 ◽  
Author(s):  
Joseph Gold
Keyword(s):  
International Monetary Fund ◽  
International Monetary System ◽  
The United States ◽  
Legal Structure ◽  
Monetary System ◽  
Special Drawing ◽  
Third Stage ◽  
Special Drawing Rights ◽  
Two Stages ◽  
The International Monetary Fund

Recent events in the international monetary system culminating in the decision of the United States, announced on August 15, 1971, to suspend the convertibility of the dollar induce the international lawyer to ask once again what contribution sanctions can make to respect for international law and the effectiveness of multilateral treaties. This question has been a practical problem at two stages in the development of the International Monetary Fund. It arose first during the negotiation and drafting of the original Articles of Agreement which were adopted at the Bretton Woods Conference in July 1944. The second stage was the negotiation and drafting of the amendment of July 28, 1969, which dealt mainly with the legal structure of special drawing rights as a supplement to existing reserve assets. It is now apparent that there will be a third stage, in which a reform of the international monetary system, perhaps in some of its most fundamental aspects, will lead to a further amendment of the Fund's charter.

scholarly journals The global financial crisis and its effects on the international monetary funds

2022 ◽  
Vol 42 (1) ◽  
pp. 5-24
Author(s):  
Cosimo Magazzino ◽  
Marco Mele
Keyword(s):  
Financial Crisis ◽  
International Monetary Fund ◽  
Global Financial Crisis ◽  
Economic Policies ◽  
A Posteriori ◽  
Ex Ante ◽  
The Global Financial Crisis ◽  
The International Monetary Fund ◽  
Economic And Financial Crisis ◽  
The Imf

ABSTRACT This paper aims to analyze the innovations introduced in the functions of the International Monetary Fund in the context of the 2008 economic and financial crisis. This promoted an action that aimed to strengthen the surveillance function through the adoption of the Integrated Surveillance. Thus, alongside the traditional conditionality based on an a posteriori implementation of adequate economic policies, a criterion of ex ante conditionality in the precautionary branches was also introduced or based on the economic characteristics of the country to be financed. Concerning traditional conditionality, it will be asked whether the IMF has adopted a less extensive approach than its role.

Staff Note for the G20 - The Role of the SDR - Initial Considerations

Policy Papers ◽  
2016 ◽  
Vol 2016 (40) ◽  
Author(s):  
Keyword(s):  
Global Economy ◽  
Low Cost ◽  
International Monetary System ◽  
Interest Rate Risk ◽  
Secondary Market ◽  
Market Failures ◽  
Monetary System ◽  
Financial Interconnectedness ◽  
The Imf

Following the recent diagnostic of the international monetary system (IMS), the IMF will explore whether a broader role for the SDR could contribute to its smooth functioning. The economic rationale for or against broader use of the SDR will be examined, focusing in particular on identifying any gaps and market failures the SDR could help address in light of the increasingly multi-polar nature of the global economy and growing financial interconnectedness. This note sets out some initial considerations on this matter. The note sketches some key issues bearing on the role of the SDR in each of three concepts: (i) the official SDR, or “O-SDR”, the composite reserve asset issued and administered by the IMF; (ii) SDR-denominated financial market instruments, or “M-SDRs,” which could be both issued and held by any parties; and (iii) the SDR as a unit of account. M-SDRs reduce foreign exchange and interest rate risk relative to single-currency instruments, but there are some drawbacks and challenges. The basket nature of M-SDRs would allow the volatility of returns to be lower than for a similar singlecurrency instrument. However, the SDR only represents one of many possible sets of portfolio weights, and issuers or investors could use existing instruments to replicate their preferred weights at a relatively low cost. There are also challenges to market development, including settling and clearing of M-SDR transactions, dealing with potential basket redefinition, and fostering secondary market trading in order to generate liquidity and market depth. There are potential benefits to using the SDR as a unit of account, which have to be weighed against other considerations. Publishing economic statistics and financial statements in SDR terms could help users identify valuation changes. Statistical authorities would need to invest in communicating the rationale for any change in practices. While the official SDR under its current framework is not playing a significant role in the IMS, a re-examination of its role is expected to inform whether any specific reform options should be pursued. The evolution of the IMS has given rise to an active debate on how much concern is posed by high rates of reserve accumulation, global imbalances, and rising claims on reserve issuers, and on whether the O-SDR could contribute to addressing these issues.

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