The World Bank and The International Monetary …:世界银行和国际货币….ppt
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1、The International Monetary Fund and the World Bank,Jaclyn Williamson Jessica Phelan,What is the IMF?,The International Monetary Fund (IMF) International organization that oversees the global financial system by following the economic policies of its 185 member nations Particularly focuses on exchang
2、e rates, facilitating development, reducing poverty, and global cooperation. Also offers financial and technical assistance to its members using funds deposited with the IMF from member nations Last resort international lender Not without stipulations,Brief History of the IMF,Formally created in Jul
3、y 1944 during the United Nations Monetary and Financial Conference in Bretton Woods, NH Finalized on December 27, 1945 when 29 countries signed its Articles of Agreement Headquarters is in Washington, DC,Membership,Currently 185 members Any country can apply for membership Quotas A country can also
4、withdraw from the IMF though this is rare Ex: Venezuela (still a member),Special Drawing Rates,Monetary unit for IMF and World Bank After collapse of Bretton Woods System (1973), SDR redefined as a basket of four currencies: Euro, Japanese yen, pound sterling, and U.S. dollar. Calculated daily on th
5、e basis of exchange rates quoted at noon each day in the London Market Allocations: General Special One-Time SDRs,Financial Crises and the IMF,1976 Great Britain Financial Crisis Asian Financial Crisis of 1997 Current Economic Crisis,1976 Financial Crisis in Great Britain,Investors became concerned
6、that the pound was overvalued and that the government might devalue A large scale sale of sterling ensued, which rapidly lost value against the dollar Pound suffered from heavy inflation IMF issues$3.9 Billion Stipulations of Loan: Heavy cuts in public expenditure (around a 20% cut in the budget def
7、icit) Improvement seen starting in 1977,Asian Financial Crisis of 1997,Thailand, Indonesia and Korea hit the hardest Key Issues: Foreign investing, US, China, defaulting on debt, depreciation, and bankruptcies IMF Rescue Packages US$35 Billion from IMF US$77 Billion raised from other countries Tempo
8、rary credit Structural Adjustment Packages (SAPs) Criticism,Current Financial Crisis,Bankruptcy of Iceland in 2008 Pakistan approved by IMF for $874 million loan Other countries with SBAs from the IMF: Georgia, Ukraine, Hungary, Iceland, Latvia, Pakistan, Serbia, Belarus, and El Salvador The SBA is
9、designed to help countries address short-term balance of payments problems. The length of a SBA is typically 1224 months, Repayment is due within 3-5 years,Controversy,The United States is the biggest shareholder in the IMF, holding nearly 18% in shares, and the IMF is generally considered a tool of
10、 the US Treasury. Criticism of bailouts Conditions added onto loans (SAPs) Ex: Argentina,The World Bank is a bank that provides assistance to developing countries with the goal being to reducing poverty and aid in their development. Provides low-interest loans and interest-free credits and grants to
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