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Encyclopedia > International Monetary Fund

Coordinates: 38°53′56″N, 77°2′33″W Map of Earth showing lines of latitude (horizontally) and longitude (vertically), Eckert VI projection; large version (pdf, 1. ...


International Monetary Fund
IMF member states in green
Headquarters Washington, D.C., USA
Managing Director Dominique Strauss-Kahn
Central Bank of
Currency Special Drawing Rights
ISO 4217 Code XDR
Base borrowing rate 3.49% for SDRs[1]
Website www.imf.org

The International Monetary Fund (IMF) is an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments. It also offers financial and technical assistance to its members, making it an international lender of last resort. Its headquarters are located in Washington, D.C., USA. IMF, abbreviation: Intelligent Message Filter, server-side message filtering, heuristics-based message analysis. ... Image File history File links International_Monetary_Fund_logo. ... Image File history File links Size of this preview: 800 × 370 pixel Image in higher resolution (1357 × 628 pixel, file size: 46 KB, MIME type: image/png) I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the terms of the... For other uses, see Washington, D.C. (disambiguation). ... Managing director is the term used for the chief executive of many limited companies in the United Kingdom, Commonwealth and some other English speaking countries. ... Dominique Strauss-Kahn (born 25 April 1949 in Neuilly-sur-Seine; often referred to as DSK) is a French economist, lawyer, and politician, member of the social-democrat Socialist Party (PS). ... Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ... A website (alternatively, web site or Web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or more web servers, usually accessible via the Internet. ... For the political science journal, see International Organization. ... The Global Financial System refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level. ... The balance of payments is a measure of the payments that flow from one exports and imports of goods, services, and financial capital, as well financial transfers. ... This article needs to be cleaned up to conform to a higher standard of quality. ... For other uses, see Washington, D.C. (disambiguation). ...

Contents

Organization and purpose

Headquarters in Washington D.C.
Headquarters in Washington D.C.

The International Monetary Fund was created in 1944[1], with a goal to stabilize exchange rates and supervise the reconstruction of the world's international payment system. Countries contributed to a pool which could be borrowed from, on a temporary basis, by countries with payment imbalances. (Condon, 2007) Image File history File links IMF_HQ.jpg‎ File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): International Monetary Fund User:GeeJo/Gallery ... Image File history File links IMF_HQ.jpg‎ File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): International Monetary Fund User:GeeJo/Gallery ... Aerial photo (looking NW) of the Washington Monument and the White House in Washington, DC. Washington, D.C., officially the District of Columbia (also known as D.C.; Washington; the Nations Capital; the District; and, historically, the Federal City) is the capital city and administrative district of the United...


The IMF describes itself as "an organization of 185 countries (Montenegro being the 185th, as of January 18, 2007), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty". With the exception of North Korea, Cuba, Andorra, Monaco, Liechtenstein, Tuvalu, and Nauru, all UN member states participate directly in the IMF. Most are represented by other member states on a 24-member Executive Board but all member countries belong to the IMF's Board of Governors.[2] This article is about the country in Europe. ... is the 18th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... There are currently 191 member states in the United Nations. ...


History

The International Monetary Fund was formally created in July 1944 during the United Nations Monetary and Financial Conference. The representatives of 45 governments met in the Mount Washington Hotel in the area of Bretton Woods, New Hampshire, United States of America, with the delegates to the conference agreeing on a framework for international economic cooperation.[3] The IMF was formally organized on December 27, 1945, when the first 29 countries signed its Articles of Agreement. The statutory purposes of the IMF today are the same as when they were formulated in 1944 (see #Assistance and reforms). Mount Washington Hotel The United Nations Monetary and Financial Conference, commonly known as Bretton Woods conference, was a gathering of 730 delegates from all 45 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire to regulate the international monetary and financial order after the conclusion of... The Mount Washington hotel is situated near Mount Washington, in the town of Carroll. ... [[Bretton Woods]] can refer to: The resort town of Bretton Woods, New Hampshire. ... December 27 is the 361st day of the year in the Gregorian calendar (362nd in leap years). ... Year 1945 (MCMXLV) was a common year starting on Monday (link will display the full calendar). ...


Today

From the end of World War II until the late-1970s, the capitalist world experienced unprecedented growth in real incomes. (Since then, the integration of China and Eastern and Central Europe into the capitalist system has added substantially to the growth of the system.) Within the capitalist system, the benefits of growth have not flowed equally to all (either within or among nations) but overall there has been an increase in prosperity that contrasts starkly with the conditions within capitalist countries during the interwar period. The lack of a recurring global depression is probably due to improvements in the conduct of international economic policies that have encouraged the growth of international trade and helped smooth the economic cycle of boom and bust. Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Real income is the income of individuals or nations after adjusting for inflation. ... For other uses, see Europe (disambiguation). ...


In the decades since World War II, apart from rising prosperity, the world economy and monetary system have undergone other major changes that have increased the importance and relevance of the purposes served by the IMF, but that has also required the IMF to adapt and reform. Rapid advances in technology and communications have contributed to the increasing international integration of markets and to closer linkages among national economies. As a result, financial crises, when they erupt, now tend to spread more rapidly among countries.


The IMF's influence in the global economy steadily increased as it accumulated more members. The number of IMF member countries has more than quadrupled from the 44 states involved in its establishment, reflecting in particular the attainment of political independence by many developing countries and more recently the collapse of the Soviet bloc. The expansion of the IMF's membership, together with the changes in the world economy, have required the IMF to adapt in a variety of ways to continue serving its purposes effectively.


The International Monetary Fund's executive board approved a broad financial overhaul plan that could lead to the eventual sale of a little over 400 tons of its substantial gold supplies. IMF Managing Director Dominique Strauss-Kahn welcomed the board's decision April 7, 2008 to propose a new framework for the fund, designed to close a projected $400 million budget deficit over the next few years. The budget proposal includes sharp spending cuts of $100 million until 2011 that will include up to 380 staff dismissals.[2] Dominique Strauss-Kahn (born 25 April 1949 in Neuilly-sur-Seine; often referred to as DSK) is a French economist, lawyer, and politician, member of the social-democrat Socialist Party (PS). ... April 7 is the 97th day of the year in the Gregorian calendar (98th in leap years). ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Common Era (or Anno Domini), in accordance with the Gregorian calendar. ... 2011 (MMXI) will be a common year starting on Saturday of the Gregorian calendar. ...


Data Dissemination Systems

IMF Data Dissemination Systems participants:      IMF member using SDDS      IMF member, using GDDS      IMF member, not using any of the DDSystems      non-IMF entity using SDDS      non-IMF entity using GDDS      no interaction with the IMF

In 1995, the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and the Special Data Dissemination Standard (SDDS). Image File history File links Size of this preview: 800 × 370 pixel Image in higher resolution (1357 × 628 pixel, file size: 48 KB, MIME type: image/png) based on [1] I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the... Image File history File links Size of this preview: 800 × 370 pixel Image in higher resolution (1357 × 628 pixel, file size: 48 KB, MIME type: image/png) based on [1] I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the...


The International Monetary Fund executive board approved the SDDS and GDDS in 1996 and 1997 respectively and subsequent amendments were published in a revised “Guide to the General Data Dissemination System”. The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals and Poverty Reduction Strategic Papers.


The IMF established a system and standard to guide members in the dissemination to the public of their economic and financial data. Currently there are two such systems: General Data Dissemination System (GDDS) and its superset Special Data Dissemination System (SDDS), for those member countries having or seeking access to international capital markets. Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ... FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. ... A is a subset of B, and B is a superset of A. In mathematics, especially in set theory, a set A is a subset of a set B, if A is contained inside B. The relationship of one set being a subset of another is called inclusion. ... The capital market is the market for securities, where companies and the government can raise long-term funds. ...


The primary objective of the GDDS is to encourage IMF member countries to build a framework to improve data quality and increase statistical capacity building. This will involve the preparation of metadata describing current statistical collection practices and setting improvement plans. Upon building a framework, a country can evaluate statistical needs, set priorities in improving the timeliness, transparency, reliability and accessibility of financial and economic data.


Some countries initially used the GDDS, but lately upgraded to SDDS.


Some entities that are not themselves IMF members also contribute statistical data to the systems:

Image File history File links Flag_of_Palestine. ... “Palestinian government” redirects here. ... Image File history File links Flag_of_Hong_Kong. ... Image File history File links This is a lossless scalable vector image. ... Headquarters Coordinates , , Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain Currency Euro ISO 4217 Code EUR Reserves €43bn directly, €338bn through the Eurosystem (including gold deposits). ... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... The Statistical Office of the European Communities (Eurostat) is the statistical arm of the European Commission, producing data for the European Union and promoting harmonisation of statistical methods across the member states. ... Image File history File links Flag_of_Cyprus. ... Image File history File links Flag_of_Malta. ...

Membership qualifications

Any country may apply for membership to the IMF. The application will be considered first by the IMF's Executive Board. After its consideration, the Executive Board will submit a report to the Board of Governors of the IMF with recommendations in the form of a "Membership Resolution." These recommendations cover the amount of quota in the IMF, the form of payment of the subscription, and other customary terms and conditions of membership. After the Board of Governors has adopted the "Membership Resolution," the applicant state needs to take the legal steps required under its own law to enable it to sign the IMF's Articles of Agreement and to fulfil the obligations of IMF membership. Similarly, any member country can withdraw from the Fund, although that is rare. For example, in April 2007, the president of Ecuador Rafael Correa announced the expulsion of the World Bank representative in the country. A few days later, at the end of April, Venezuelan president Hugo Chavez announced that the country would withdraw from the IMF and the World Bank. Chavez dubbed both organizations as “the tools of the empire” that “serve the interests of the North”.[3] As of April 2008, both countries remain as members of both organizations. Venezuela was forced to back down because a withdrawal would have triggered default clauses in the country's sovereign bonds.[4] A quota is a prescribed number or share of something. ... Rafael Vicente Correa Delgado (born 6 April 1963 in Guayaquil) [1]is the President of the Republic of Ecuador. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... President Hugo Chávez Hugo Rafael Chávez Frías (born July 28, 1954) has been the President of Venezuela since 1999. ...


A member's quota in the IMF determines the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of Special Drawing Rights (SDRs). A member state cannot unilaterally increase its quota — increases must be approved by the Executive Board and are linked to formulas that include many variables such as the size of a country in the world economy. For example, in 2001, China was prevented from increasing its quota as high as it wished, ensuring it remained at the level of the smallest G7 economy (Canada).[4] In September 2005, the IMF's member countries agreed to the first round of ad hoc quota increases for four countries, including China. On March 28, 2008, the IMF's Executive Board ended a period of extensive discussion and negotiation over a major package of reforms to enhance the institution's governance that would shift quota and voting shares from advanced to emerging markets and developing countries. The Fund's Board of Governors must vote on these reforms by April 28, 2008. See "Reform of IMF Quotas and Voice: Responding to Changes in the Global Economy" at www.imf.org. Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ...


Examples of press coverage of the discussions regarding changes to the voting formula to increase equity:IMF Seeks Role in Shifting Global Economy


Members' quotas and voting power, and Board of Governors

Table showing the top 21 member countries in terms of voting power:[5]

IMF Member Country Quota: Millions of SDRs Quota: Percentage of Total Governor Alternate Governor Votes: Number Votes: Percentage of Total
Flag of Australia Australia 3236.4 1.49 Wayne Swan Ken Henry 32614 1.47
Flag of Belgium Belgium 4605.2 2.12 Jezreel Pattaguan Jean-Pierre Arnoldi 46302 2.09
Flag of Brazil Brazil 3036.1 1.4 Guido Mantega Henrique de Campos Meirelles 30611 1.38
Flag of Canada Canada 6369.2 2.93 Jim Flaherty David A. Dodge 63942 2.89
Flag of the People's Republic of China China 8090.1 3.72 ZHOU Xiaochuan HU Xiaolian 81151 3.66
Flag of France France 10738.5 4.94 Christine Lagarde Christian Noyer 107635 4.86
Flag of Germany Germany 13008.2 5.99 Peer Steinbrück 130332 5.88
Flag of India India 4158.2 1.91 P. Chidambaram Yaga V. Reddy 41832 1.89
Flag of Italy Italy 7055.5 3.25 Giulio Tremonti Mario Draghi 70805 3.2
Flag of Japan Japan 13312.8 6.13 Koji Omi Toshihiko Fukui 133378 6.02
Flag of South Korea Korea 2927.3 1.35 Okyu Kwon Seong Tae Lee 29523 1.33
Flag of Mexico Mexico 3152.8 1.45 Agustín Carstens Guillermo Ortiz 31778 1.43
Flag of the Netherlands Netherlands 5162.4 2.38 A.H.E.M. Wellink L.B.J. van Geest 51874 2.34
Flag of Russia Russian Federation 5945.4 2.74 Aleksei Kudrin Sergey Ignatiev 59704 2.7
Flag of Saudi Arabia Saudi Arabia 6985.5 3.21 Ibrahim A. Al-Assaf Hamad Al-Sayari 70105 3.17
Flag of Spain Spain 3048.9 1.4 Pedro Solbes Miguel Fernández Ordóñez 30739 1.39
Flag of Sweden Sweden 2395.5 1.1 Stefan Ingves Per Jansson 24205 1.09
Flag of Switzerland Switzerland 3458.5 1.59 Jean-Pierre Roth Hans-Rudolf Merz 34835 1.57
Flag of the United Kingdom United Kingdom 10738.5 4.94 Alistair Darling Mervyn King 107635 4.86
Flag of the United States United States 37149.3 17.09 Henry Paulson Ben Bernanke 371743 16.79
Flag of Venezuela Venezuela 2659.1 1.22 Gastón Parra Luzardo Rodrigo Cabeza Morales 26841 1.21
remaining 165 countries 60081.4 29.14 respective respective 637067 28.78

Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ... Image File history File links This is a lossless scalable vector image. ... Wayne Maxwell Swan (born 30 June 1954), Australian politician, has been an Australian Labor Party member of the Australian House of Representatives from March 1993 to March 1996 and again since October 1998, representing the Division of Lilley, Queensland. ... Image File history File links Flag_of_Belgium_(civil). ... Image File history File links Flag_of_Brazil. ... Image File history File links This is a lossless scalable vector image. ... James Michael Jim Flaherty, PC, BA, LL.B, MP (born December 30, 1949) is Canadas Minister of Finance; he had formerly served as Ontarios Minister of Finance. ... Image File history File links Flag_of_the_Peoples_Republic_of_China. ... Image File history File links This is a lossless scalable vector image. ... Christine Lagarde (born 1 January 1956) is the current Minister of Finance of France, appointed in June 2007. ... Christian Noyer (born 6 October 1950 in Soisy-sous-Montmorency, Val-dOise) is a French higher civil servant, current governor of the Bank of France (since 2003), and former vice-president of the Executive Board of the European Central Bank (1998-2002). ... Image File history File links Flag_of_Germany. ... Image File history File links Flag_of_India. ... Palaniappan Chidambaram (Tamil: ) is an Indian politician. ... Image File history File links Flag_of_Italy. ... Giulio Tremonti (born August 18, 1947) is an Italian politician and economist. ... Image File history File links Flag_of_Japan. ... Kōji Omi , b. ... Image File history File links Flag_of_South_Korea. ... This article is about the Korean civilization. ... Image File history File links Flag_of_Mexico. ... Agustín Carstens Carstens (b. ... Image File history File links Flag_of_the_Netherlands. ... Image File history File links Flag_of_Russia. ... Alexei Leonidovich Kudrin (Russian: Алексей Леонидович Кудрин) (born 12 October 1960) is a Russian statesman, and the Russian Minister of Finance. ... Image File history File links Flag_of_Saudi_Arabia. ... Image File history File links Flag_of_Spain. ... Pedro Solbes. ... Image File history File links Flag_of_Sweden. ... Image File history File links Flag_of_Switzerland. ... Image File history File links Flag_of_the_United_Kingdom. ... Alistair Maclean Darling (born November 28, 1953) is a British politician and the current Chancellor of the Exchequer. ... Mervyn Allister King (born March 30, 1948) is Governor of the Bank of England. ... Image File history File links This is a lossless scalable vector image. ... Henry Merritt Hank Paulson, Jr. ... Ben Shalom Bernanke[1] is an American economist and current Chairman of the Board of Governors of the United States Federal Reserve. ... Image File history File links Flag_of_Venezuela. ... Image File history File links Gnome-globe. ...

Assistance and reforms

The primary mission of the IMF is to provide financial assistance to countries that experience serious financial and economic difficulties using funds deposited with the IMF from the institution's 185 member countries. Member states with balance of payments problems, which often arise from these difficulties, may request loans to help fill gaps between what countries earn and/or are able to borrow from other official lenders and what countries must spend to operate, including to cover the cost of importing basic goods and services. In return, countries are usually required to launch certain reforms, which have often been dubbed the "Washington Consensus". These reforms are generally required because countries with fixed exchange rate policies can engage in fiscal, monetary, and political practices which may lead to the crisis itself. For example, nations with severe budget deficits, rampant inflation, strict price controls, or significantly over-valued or under-valued currencies run the risk of facing balance of payment crises. Thus, the structural adjustment programs are at least ostensibly intended to ensure that the IMF is actually helping to prevent financial crises rather than merely funding financial recklessness. The balance of payments is a measure of the payments that flow from one exports and imports of goods, services, and financial capital, as well financial transfers. ... Structural adjustment is a term used by the International Monetary Fund for the changes it recommends for developing countries. ... The Washington Consensus is a phrase initially coined in 1989 by John Williamson to describe a set of ten economic policy prescriptions that he considered to constitute a standard reform package promoted for crisis-wracked countries by Washington, D.C-based institutions such as the International Monetary Fund (IMF), World... Structural adjustment is a term used by the International Monetary Fund for the changes it recommends for developing countries. ...


IMF/World Bank support of military dictatorships

The role of the Bretton Woods institutions has been controversial to some since the late Cold War period. Critics claim that IMF policy makers deliberately supported military dictatorships friendly to American and European corporations. Critics also claim that the IMF is generally apathetic or hostile to their views of democracy, human rights, and labor rights. The controversy has helped spark the anti-globalization movement. Others claim the IMF has little power to democratize sovereign states, although that is not its stated objective, which is to advise and promote financial stability. Arguments in favor of the IMF say that economic stability is a precursor to democracy, however critics highlight various examples in which democratized countries fell after receiving IMF loans.[6] Wikipedia does not have an article with this exact name. ... For other uses, see Cold War (disambiguation). ... A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ... For other uses, see Corporation (disambiguation). ... This article does not cite any references or sources. ... Human rights are rights which some hold to be inalienable and belonging to all humans. ... Labor rights or workers rights are a group of legal rights and claimed human rights having to do with labor relations between workers and their employers, usually obtained under labor and employment law. ... Anti-WEF grafiti in Lausanne. ...


Countries that were or are under a Military dictatorship whilst being members of the IMF/World Bank (support from various sources in $ Billion):[7] A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...

Country indebted to IMF/World Bank Dictator In power from In power to debts at start of Dictatorship(1) Debts at end of Dictatorship(2) Country Debts in 1996 Dictator debts generated $ billion Dictator generated debt % of total debt
Flag of Argentina Argentina Military dictatorship 1976 1983 9.3 48.9 93.8 39.6 42.00%
Flag of Bolivia Bolivia Military dictatorship 1962 1980 0 2.7 5.2 2.7 52.00%
Flag of Brazil Brazil Military dictatorship 1964 1984 5.1 105.1 179 100 56.00%
Flag of Chile Chile Augusto Pinochet 1974 1989 5.2 18 27.4 12.8 47.00%
Flag of El Salvador El Salvador Military dictatorship 1979 1994 0.9 2.2 2.2 1.3 59.00%
Flag of Ethiopia Ethiopia Mengistu Haile Mariam 1977 1991 0.5 4.2 10 3.7 37.00%
Flag of Haiti Haiti Jean-Claude Duvalier 1971 1986 0 0.7 0.9 0.7 78.00%
Flag of Indonesia Indonesia Suharto 1967 1998 3 129 129 126 98.00%
Flag of Kenya Kenya Moi 1979 2002 2.7 6.9 6.9 4.2 61.00%
Flag of Liberia Liberia Doe 1979 1990 0.6 1.9 2.1 1.3 62.00%
Flag of Malawi Malawi Banda 1964 1994 0.1 2 2.3 1.9 83.00%
Flag of Nigeria Nigeria Buhari/Abacha 1984 1998 17.8 31.4 31.4 13.6 43.00%
Flag of Pakistan Pakistan Zia-ul Haq 1977 1988 7.6 17
Flag of Paraguay Paraguay Stroessner 1954 1989 0.1 2.4 2.1 2.3 96.00%
Flag of the Philippines Philippines Marcos 1965 1986 1.5 28.3 41.2 26.8 65.00%
Flag of Somalia Somalia Siad Barre 1969 1991 0 2.4 2.6 2.4 92.00%
Flag of South Africa South Africa apartheid 1992 18.7 23.6 18.7 79.00%
Flag of Sudan Sudan Nimeiry/al-Mahdi 1969 present 0.3 17 17 16.7 98.00%
Flag of Syria Syria Assad 1970 present 0.2 21.4 21.4 21.2 99.00%
Flag of Thailand Thailand Military dictatorship 1950 1983 0 13.9 90.8 13.9 15.00%
Flag of Zaire Zaire/Congo Mobutu 1965 1997 0.3 12.8 12.8 12.5 98.00%

Notes: Debt at takeover by dictatorship; earliest data published by the World Bank is for 1970. Debt at end of dictatorship (or 1996, most recent date for World Bank data). Forms of government Part of the Politics series Politics Portal This box:      A dictatorship is an autocratic form of government in which the government is ruled by a dictator. ... Image File history File links Flag_of_Argentina. ... A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ... Image File history File links Flag_of_Bolivia. ... A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ... Image File history File links Flag_of_Brazil. ... A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ... Image File history File links Flag_of_Chile. ... Augusto José Ramón Pinochet Ugarte[1] (November 25, 1915 – December 10, 2006) was President of Chile from 1974 to 1990, and was the President of the military junta from 1973 to 1981. ... Image File history File links Flag_of_El_Salvador. ... A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ... Image File history File links Flag_of_Ethiopia. ... Mengistu Haile Mariam (IPA: //) (born 1937[3][4]) was the most prominent officer of the Derg, the military junta that governed Ethiopia from 1974 to 1987, and the president of the Peoples Democratic Republic of Ethiopia. ... Image File history File links Flag_of_Haiti. ... Jean-Claude Duvalier (nicknamed Bébé Doc or Baby Doc) (born July 3, 1951) succeeded his father, François Papa Doc Duvalier as the ruler of Haiti from his fathers death in 1971 until his overthrow by a popular uprising in 1986. ... Image File history File links Flag_of_Indonesia. ... Suharto GCB (born June 8, 1921) is a former Indonesian military and political leader. ... Image File history File links Flag_of_Kenya. ... Daniel Toroitich arap Moi (born September 2, 1924) was the President of Kenya from 1978 until 2002. ... Image File history File links Flag_of_Liberia. ... Master Sergeant Samuel Kanyon Doe (May 6, 1951 – September 9, 1990) was the President of Liberia from 1980 to 1990. ... Image File history File links Flag_of_Malawi. ... Hastings Kamuzu Banda (1896? – 25 November 1997) was the President of Malawi, from 1966 to 1994. ... Image File history File links Flag_of_Nigeria. ... This article or section does not cite its references or sources. ... Sani Abacha General Sani Abacha (Kano, 20 September 1943 – Abuja, 8 June 1998) was a Nigerian politician and military leader. ... Image File history File links No higher resolution available. ... General Muhammad Zia-ul-Haq محمد ضياء الحق (b. ... Image File history File links Flag_of_Paraguay. ... Alfredo Stroessner Matiauda, whose name is also spelled Strössner or Strößner, (November 3, 1912, Encarnación - August 16, 2006, Brasília) served as President of Paraguay from 1954 to 1989. ... Image File history File links Flag_of_the_Philippines. ... Ferdinand Emmanuel Edralín Marcos (September 11, 1917 – September 28, 1989) was President of the Philippines from 1966 to 1986. ... Image File history File links Flag_of_Somalia. ... Mohamed Siad Barre (Somali: Maxamed Siyaad Barre) (1919 – January 2, 1995) was the Head of State of Somalia from 1969 to 1991. ... Image File history File links Flag_of_South_Africa. ... A segregated beach in South Africa, 1982. ... Image File history File links Flag_of_Sudan. ... Gaafar Muhammad an-Nimeiry (otherwise known as Jaafar Nimeiry, Gaafar Nimeiry or Gafar Muhammad an-Numayri; born 1 January 1930) (Arabic: جعفر محمد النميري) was the President of Sudan from 1971 to 1985. ... Sadiq al Mahdi became Prime Minister of Sudan in 1986, when he formed a coalition government comprised of the Umma party (which he led); the National Islamic Front (led by his brother-in-law, Hassan al-Turabi); the Democratic Unionist Party; and four small Southern parties. ... Image File history File links Flag_of_Syria. ... Dr Bashar al-Assad (Arabic: , ) (born 11 September 1965) is the President of the Syrian Arab Republic, Regional Secretary of the Baath Party, and the son of former President Hafez al-Assad. ... Image File history File links Flag_of_Thailand. ... A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ... Image File history File links Flag_of_Zaire. ... Mobutu Sese Seko Nkuku Ngbendu wa Za Banga (October 14, 1930 – September 7, 1997), known commonly as Mobutu, or Mobutu Sese Seko, born Joseph-Désiré Mobutu, was the President of Zaire (now the Democratic Republic of the Congo) for 32 years (1965–1997), in which he rose to power... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...


Criticism

Two criticisms from economists have been that financial aid is always bound to so-called "Conditionalities", including Structural Adjustment Programs. Conditionalities, which are the economic performance targets established as a precondition for IMF loans, it is claimed, retard social stability and hence inhibit the stated goals of the IMF, while Structural Adjustment Programs lead to an increase in poverty in recipient countries.[8] A conditionality in international development is a condition attached to a loan or to debt relief, typically by the International Monetary Fund or World Bank. ... Structural adjustment is a term used by the International Monetary Fund for the changes it recommends for developing countries. ...


Typically the IMF and its supporters advocate a Keynesian approach. As such, adherents of supply-side economics generally find themselves in open disagreement with the IMF. The IMF frequently advocates currency devaluation, criticized by proponents of supply-side economics as inflationary. Secondly they link higher taxes under "austerity programmes" with economic contraction. Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ... Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ... Devaluation is a reduction in the value of a currency with respect to other monetary units. ... For the concept in cosmology, see cosmic inflation. ... Austerity is a term from economics that describes a policy where nations reduce living standards, curtail development projects, and generally shift the revenue stream out of the physical economy, in order to satisfy the demands of creditors. ... An economic contraction is a reduction in goods and services for sale in the market place. ...


Currency devaluation is recommended by the IMF to the governments of poor nations with struggling economies. Supply-side economists claim these Keynesian IMF policies are destructive to economic prosperity.


That said, the IMF sometimes advocates "austerity programmes," increasing taxes even when the economy is weak, in order to generate government revenue and balance budget deficits, which is the opposite of Keynesian policy. These policies were criticised by Joseph E. Stiglitz, former chief economist and Senior Vice President at the World Bank, in his book Globalization and Its Discontents.[9] He argued that by converting to a more Monetarist approach, the fund no longer had a valid purpose, as it was designed to provide funds for countries to carry out Keynesian reflations, and that the IMF "was not participating in a conspiracy, but it was reflecting the interests and ideology of the Western financial community."[10] Taxes redirects here. ... A budget deficit occurs when an entity (often a government) spends more money than it takes in. ... Joseph Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. ... Stiglitz (bearded, in coat and tie) talking about his book at the University of Michigan in 2005 Globalization and Its Discontents is a book written in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz. ...


Complaints are also directed toward International Monetary Fund gold reserve being undervalued. At its inception in 1945, the IMF pegged gold at US$35 per Troy ounce of gold. In 1973 the Nixon administration lifted the fixed asset value of gold in favor of a world market price. Hence the fixed exchange rates of currencies tied to gold were switched to a floating rate, also based on market price and exchange. This largely came about because Petrodollars outside the United States were more than could be backed by the gold at Fort Knox under the fixed exchange rate system. The fixed rate system only served to limit the amount of assistance the organization could use to help debt-ridden countries. Current IMF rules prohibit members from linking their currencies to gold. International Monetary Fund gold reserve refers to 3,217 tonnes of gold held by IMF. It is currently priced at a range of $40 and $50 an ounce, a price that was fixed in the 1970s before Nixion government stopped pegging the US dollar to the gold and instead allowed... USD redirects here. ... Troy ounce is a traditional unit of gold weight. ... A floating exchange rate is a type of exchange rate regime wherein a currencys value is allowed to fluctuate according to the foreign exchange market. ... Petrodollars refers to the money that Middle Eastern countries and members of OPEC receive as revenue from Western nations and then put back into those same nations banks. ... The United States Bullion Depository, commonly called Fort Knox, is a fortified vault building located near Fort Knox, Kentucky which is used to store a large portion of United States official gold reserves, as well as from time to time, other precious items belonging to, or entrusted to, the United...


Argentina, which had been considered by the IMF to be a model country in its compliance to policy proposals by the Bretton Woods institutions, experienced a catastrophic economic crisis in 2001 , which some believe to have been caused by IMF-induced budget restrictions — which undercut the government's ability to sustain national infrastructure even in crucial areas such as health, education, and security — and privatization of strategically vital national resources.[citation needed] Others attribute the crisis to Argentina's maldesigned fiscal federalism, which caused subnational spending to increase rapidly.[11] The crisis added to widespread hatred of this institution in Argentina and other South American countries, with many blaming the IMF for the region's economic problems.[12] The current — as of early 2006 — trend towards moderate left-wing governments in the region and a growing concern with the development of a regional economic policy largely independent of big business pressures has been ascribed to this crisis. Origins People Theories Ideas Movements Topics Related Philosophy Portal Politics Portal        Privatization is the incidence or process of transferring ownership of business from the public sector (government) to the private sector (business). ...


Another example of where IMF Structural Adjustment Programmes aggravated the problem was in Kenya. Before the IMF got involved in the country, the Kenyan central bank oversaw all currency movements in and out of the country. The IMF mandated that the Kenyan central bank had to allow easier currency movement. However, the adjustment resulted in very little foreign investment, but allowed Kamlesh Manusuklal Damji Pattni, with the help of corrupt government officials, to siphon off billions of Kenyan shillings in what came to be known as the Goldenberg scandal, leaving the country worse off than it was before the IMF reforms were implemented.[citation needed] In a recent interview, the Prime Minister of Romania stated that "Since 2005, IMF is constantly making mistakes when it appreciates the country's economic performances"[13]. Kamlesh Mansukhlal Damji Pattni (born 1962) is a controversial Kenyan businessman. ... ISO 4217 Code KES User(s) Kenya Inflation 10. ... The Goldenberg scandal was a scam where the Kenyan government subsidised exports of gold, paying exporters in Kenyan Shillings 35% over their foreign currency earnings. ...


Overall the IMF success record is perceived as limited.[citation needed] While it was created to help stabilize the global economy, since 1980 critics claim over 100 countries (or reputedly most of the Fund's membership) have experienced a banking collapse that they claim have reduced GDP by four percent or more, far more than at any time in Post-Depression history.[citation needed] The considerable delay in the IMF's response to any crisis, and the fact that it tends to only respond to them or even create them[14] rather than prevent them, has led many economists to argue for reform. In 2006, an IMF reform agenda called the Medium Term Strategy was widely endorsed by the institution's member countries. The agenda includes changes in IMF governance to enhance the role of developing countries in the institution's decision-making process and steps to deepen the effectiveness of its core mandate, which is known as economic surveillance or helping member countries adopt macroeconomic policies that will sustain global growth and reduce poverty. On June 15, 2007, the Executive Board of the IMF adopted the 2007 Decision on Bilateral Surveillance, a landmark measure that replaced a 30-year-old decision of the Fund's member countries on how the IMF should analyse economic outcomes at the country level. is the 166th day of the year (167th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ...


Whatever the feelings people in the Western world have for the IMF, research by the Pew Research Center shows that more than 60 percent of Asians and 70 percent of Africans feel that the IMF and the World Bank have a positive effect on their country.[15] However it is pertinent to note that the survey aggregated international organizations including the World Trade Organization. Also, a similar percentage of people in the Western world believed that these international organizations had a positive effect on their countries. In 2005, the IMF was the first multilateral financial institution to implement a sweeping debt-relief program for the world's poorest countries known as the Multilateral Debt Relief Initiative. By year-end 2006, 23 countries mostly in sub-Saharan Africa and Central America had received total relief of debts owed the IMF. This article or section does not cite any references or sources. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...


Past managing directors

Historically the IMF's managing director has been European and the president of the World Bank has been from the United States. However, this standard is increasingly being questioned and competition for these two posts may soon open up to include other qualified candidates from any part of the world. Executive Directors, who confirm the managing director are voted in by Finance Ministers from countries they represent. The First Deputy Managing Director of the IMF, the second-in-command, has traditionally been (and is today) an American. The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...


The IMF is for the most part controlled by the major Western Powers, with voting rights on the Executive board based on a quota derived from the relative size of a country in the global economy. Critics claim that the board rarely votes and passes issues contradicting the will of the US or Europeans, which combined represent the largest bloc of shareholders in the Fund. On the other hand, Executive Directors that represent emerging and developing countries have many times strongly defended the group of nations in their constituency. Alexandre Kafka, who represented several Latin American countries for 32 years as Executive Director (including 21 as the dean of the Board), is a prime example. Mohamed Finaish from Libya, the Executive Director representing the majority of the Arab World and Pakistan, was a tireless defender[citation needed] of the developing nations' rights at the IMF until the 1992 elections. For alternative meanings for The West in the United States, see the U.S. West and American West. ...


Rodrigo Rato became the ninth Managing Director of the IMF on June 7, 2004 and resigned his post at the end of October 2007. Rodrigo Rato Rodrigo de Rato y Figaredo (born March 18, 1949) was Spains Economy Minister and Vice President serving with the Peoples Party (PP) between 1996 and 2004. ... is the 158th day of the year (159th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...


EU ministers agreed on the candidacy of Dominique Strauss-Kahn as managing director of the IMF at the Economic and Financial Affairs Council meeting in Brussels on July 10, 2007. On September 28, 2007, the International Monetary Fund's 24 executive directors elected Mr. Strauss-Kahn as new managing director, with broad support including from the United States and the 27-nation European Union. Strauss-Kahn succeeded Spain's Rodrigo de Rato, who retired on October 31, 2007. [16] The only other nominee was Josef Tosovsky, a late candidate proposed by Russia. Strauss-Kahn said: "I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment." [17] Dominique Strauss-Kahn (born 25 April 1949 in Neuilly-sur-Seine; often referred to as DSK) is a French economist, lawyer, and politician, member of the social-democrat Socialist Party (PS). ... is the 191st day of the year (192nd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 271st day of the year (272nd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... Executive director is a title given to a person who is the head of an executive branch of an organization or company. ... Managing director is the term used for the chief executive of many limited companies in the United Kingdom, Commonwealth and some other English speaking countries. ... Rodrigo Rato was the former Spanish Economy minister serving with the party Partido Popular between 1996 and 2004. ... Josef Tošovský (born September 28, 1950 in Náchod, then Czechoslovakia, now the Czech Republic) was Prime Minister of the Czech Republic from December 17, 1997 to July 17, 1998. ...

Dates Name Country
May 6, 1946May 5, 1951 Camille Gutt Belgium
August 3, 1951October 3, 1956 Ivar Rooth Sweden
November 21, 1956May 5, 1963 Per Jacobsson Sweden
September 1, 1963August 31, 1973 Pierre-Paul Schweitzer France
September 1, 1973June 16, 1978 Johannes Witteveen Netherlands
June 17, 1978January 15, 1987 Jacques de Larosière France
January 16, 1987February 14, 2000 Michel Camdessus France
May 1, 2000March 4, 2004 Horst Köhler Germany
June 7, 2004October 31, 2007 Rodrigo Rato Spain
November 1, 2007 – present Dominique Strauss-Kahn France

is the 126th day of the year (127th in leap years) in the Gregorian calendar. ... Year 1946 (MCMXLVI) was a common year starting on Tuesday (link will display full 1946 calendar) of the Gregorian calendar. ... is the 125th day of the year (126th in leap years) in the Gregorian calendar. ... Year 1951 (MCMLI) was a common year starting on Monday (link will display the full calendar) of the Gregorian calendar. ... Camille Gutt (Brussels, 14 November 1884- 1971), was a Belgian economist, politician, and industrialist. ... is the 215th day of the year (216th in leap years) in the Gregorian calendar. ... Year 1951 (MCMLI) was a common year starting on Monday (link will display the full calendar) of the Gregorian calendar. ... is the 276th day of the year (277th in leap years) in the Gregorian calendar. ... A car from 1956 Year 1956 (MCMLVI) was a leap year starting on Sunday (link will display full calendar) of the Gregorian calendar. ... Ivar Rooth was Managing Director of the International Monetary Fund (IMF) from August 3, 1951 to October 3, 1956. ... is the 325th day of the year (326th in leap years) in the Gregorian calendar. ... A car from 1956 Year 1956 (MCMLVI) was a leap year starting on Sunday (link will display full calendar) of the Gregorian calendar. ... is the 125th day of the year (126th in leap years) in the Gregorian calendar. ... For other uses, see 1963 (disambiguation). ... Per Jacobsson (February 5, 1894 - May 5, 1963) was Managing Director of the International Monetary Fund (IMF) from November 21, 1956 until his death in 1963. ... is the 244th day of the year (245th in leap years) in the Gregorian calendar. ... For other uses, see 1963 (disambiguation). ... is the 243rd day of the year (244th in leap years) in the Gregorian calendar. ... For the song by James Blunt, see 1973 (song). ... Pierre-Paul Schweitzer (? - January 2, 1994) was Managing Director of the International Monetary Fund (IMF) from September 1, 1963 to August 31, 1973. ... is the 244th day of the year (245th in leap years) in the Gregorian calendar. ... For the song by James Blunt, see 1973 (song). ... is the 167th day of the year (168th in leap years) in the Gregorian calendar. ... Year 1978 (MCMLXXVIII) was a common year starting on Sunday (link displays the 1978 Gregorian calendar). ... H. Johannes Witteveen was Managing Director of the International Monetary Fund (IMF) from September 1, 1973 to June 16, 1978. ... is the 168th day of the year (169th in leap years) in the Gregorian calendar. ... Year 1978 (MCMLXXVIII) was a common year starting on Sunday (link displays the 1978 Gregorian calendar). ... is the 15th day of the year in the Gregorian calendar. ... This article is about the year 1987. ... Jacques de Larosière de Champfeu, Chairman of the Strategic Committee of the French Treasury and Advisor to BNP Paribas, became President of the London-based European Bank for Reconstruction and Development in September 1993 in the wake of the scandals that led to the departure of the EBRDs... is the 16th day of the year in the Gregorian calendar. ... This article is about the year 1987. ... is the 45th day of the year in the Gregorian calendar. ... Year 2000 (MM) was a leap year starting on Saturday. ... Michel Camdessus (born May 1, 1933) was Managing Director of the International Monetary Fund (IMF) from January 16, 1987 to February 14, 2000. ... is the 121st day of the year (122nd in leap years) in the Gregorian calendar. ... Year 2000 (MM) was a leap year starting on Saturday. ... is the 63rd day of the year (64th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Horst Köhler ( , born 22 February 1943) is the current President of Germany. ... is the 158th day of the year (159th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... is the 304th day of the year (305th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... Rodrigo Rato Rodrigo de Rato y Figaredo (born March 18, 1949) was Spains Economy Minister and Vice President serving with the Peoples Party (PP) between 1996 and 2004. ... is the 305th day of the year (306th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... Dominique Strauss-Kahn (born 25 April 1949 in Neuilly-sur-Seine; often referred to as DSK) is a French economist, lawyer, and politician, member of the social-democrat Socialist Party (PS). ...

Media representation of the IMF

The documentary Life and Debt deals with the IMF's policies' influence on Jamaica and its economy from a critical point of view. In 1978, one year after Jamaica first entered a borrowing relationship with the IMF, the Jamaican dollar was still worth more on the open exchange than the US dollar; by 1995, when Jamaica terminated that relationship, the Jamaican dollar had eroded to less than 2 cents US. Such observations lead to skepticism that IMF involvement is necessarily helpful to a third world economy. Life and Debt is a 2001 documentary film directed by Stephanie Black. ...


See also

Third World debt is external debt incurred by Third World countries. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ... It has been suggested that this article or section be merged into Aid. ... The Bretton Woods Institutions (BWIs) consist of the World Bank (originally International Bank for Reconstruction and Development, IBRD) and the International Monetary Fund (IMF), founded in July 1944 at a meeting of delegates of 44 countries in Bretton Woods, New Hampshire (USA). ... The Organisation for Economic Co-operation and Development (OECD), (in French: Organisation de coopération et de développement économiques; OCDE) is an international organisation of thirty countries that accept the principles of representative democracy and a free market economy. ... Stiglitz (bearded, in coat and tie) talking about his book at the University of Michigan in 2005 Globalization and Its Discontents is a book written in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz. ... An international currency that was proposed by Keynes but never implemented. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Gold standard Fiscal policy Spending   Deficit   Debt Policy-mix Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Regulation Banking Fractional-reserve Full-reserve   Free banking Islamic... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... The Inter-American Development Bank (preferred abbreviation: IDB; but frequently given as IADB), was established in 1959 to support Latin American and Caribbean economic/social development and regional integration by lending mainly to public institutions. ... Wikipedia does not have an article with this exact name. ...

Notes

  1. ^ Exchange Rate Archives by Month
  2. ^ IMF Articles of Agreement, Article XII Section 2(a) and Section 3(b).
  3. ^ Brief video of the Bretton Woods Conference is available at http://www.youtube.com/watch?v=GVytOtfPZe8
  4. ^ Barnett, Michael and Finnemore, Martha. Rules for the World: International Organizations in Global Politics. Ithaca: Cornell University Press, 2004.
  5. ^ "http://www.imf.org/external/np/sec/memdir/members.htm#3", IMF. Retrieved on 2007-09-24. 
  6. ^ "World Bank - IMF support to dictatorships", cadtm. Retrieved on 2007-09-21. 
  7. ^ "Dictators and debt", Jubilee 2000. Retrieved on 2007-09-21. 
  8. ^ Hertz, Noreena. The Debt Threat. New York: Harper Collins Publishers, 2004.
  9. ^ Stiglitz, Joseph. Globalization and its Discontents. New York: WW Norton & Company, 2002.
  10. ^ Globalization: Stiglitz's Case
  11. ^ Stephen Webb, "Argentina: Hardening the Provincial Budget Constraint," in Rodden, Eskeland, and Litvack (eds.), Fiscal Decentralization and the Challenge of Hard Budget Constraints (Cambridge, Mass.: MIT Press, 2003).
  12. ^ How the IMF Props Up the Bankrupt Dollar System, by F. William Engdahl, US/Germany
  13. ^ Tăriceanu: FMI a făcut constant greşeli de apreciere a economiei româneşti - Mediafax
  14. ^ Budhoo, Davidson. Enough is Enough: Dear Mr. Camdessus... Open Letter to the Managing Director of the International Monetary Fund. New York: New Horizons Press, 1990.
  15. ^ GLOBAL ATTITUDES : 44-NATION MAJOR SURVEY (2002), The Pew Research Center for the People & the Press
  16. ^ Yahoo.com, IMF to choose new director
  17. ^ BBC NEWS, Frenchman is named new IMF chief

Global politics is the discipline that studies the political and economical patterns of the world. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 267th day of the year (268th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 264th day of the year (265th in leap years) in the Gregorian calendar. ... Logo of Jubilee 2000 Jubilee 2000 was an international coalition movement in over 40 countries calling for cancellation of unpayable third world debt by the year 2000. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 264th day of the year (265th in leap years) in the Gregorian calendar. ...

References

  • Jan Joost Teunissen and Age Akkerman (eds.) (2005). Helping the Poor? The IMF and Low-Income Countries. FONDAD. ISBN 90-74208-25-8. 
  • Dreher, Axel (2002). The Development and Implementation of IMF and World Bank Conditionality. HWWA. ISSN 1616-4814. 
  • Dreher, Axel (2004). "A Public Choice Perspective of IMF and World Bank Lending and Conditionality". Public Choice 119 (3–4): 445–464. doi:10.1023/B:PUCH.0000033326.19804.52. 
  • Dreher, Axel (2004). "The Influence of IMF Programs on the Re-election of Debtor Governments". Economics & Politics 16 (1): 53–75. doi:10.1111/j.1468-0343.2004.00131.x. 
  • Dreher, Axel (2003). "The Influence of Elections on IMF Programme Interruptions". The Journal of Development Studies 39 (6): 101–120. doi:10.1080/00220380312331293597. 
  • The Best Democracy Money Can Buy by Greg Palast (2002)
  • The IMF and The World Bank: How do they differ? by David D. Driscoll
  • Rivalries between IMF and IBRD, "Sister-talk", The Economist (2007-03-01)
  • George, S. (1988). A Fate Worse Than Debt. London: Penguin Books.
  • Hancock, G. (1991). Lords of Poverty: The Free-Wheeling Lifestyles, Power, Prestige and Corruption of the Multi-billion Dollar Aid Business. London: Mandarin.
  • Rapkin, David P. and Jonathan R. Strand (2005) “Developing Country Representation and Governance of the International Monetary Fund,” World Development 33, 12: 1993-2011.
  • Strand, Jonathan R and David P. Rapkin (2005) “Voting Power Implications of a Double Majority Voting Procedure in the IMF’s Executive Board,” in Reforming the Governance of the IMF and World Bank, Ariel Buira, ed, London: Anthem Press.

A digital object identifier (or DOI) is a standard for persistently identifying a piece of intellectual property on a digital network and associating it with related data, the metadata, in a structured extensible way. ... A digital object identifier (or DOI) is a standard for persistently identifying a piece of intellectual property on a digital network and associating it with related data, the metadata, in a structured extensible way. ... A digital object identifier (or DOI) is a standard for persistently identifying a piece of intellectual property on a digital network and associating it with related data, the metadata, in a structured extensible way. ... The Best Democracy Money Can Buy (ISBN 0452283914, Penguin Plume USA) is a 2002 book written by left-wing investigative journalist Greg Palast. ... Greg Palast is a New York Times-bestselling author[1] and a journalist for the British Broadcasting Corporation[2] as well as the British newspaper The Observer. ... The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means of financing states. ...

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Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Gold standard Fiscal policy Spending   Deficit   Debt Policy-mix Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Regulation Banking Fractional-reserve Full-reserve   Free banking Islamic... Wikipedia does not have an article with this exact name. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... Logo of the World Bank The International Bank for Reconstruction and Development is one of the five institutions consisting the World Bank Group. ... The International Finance Corporation (IFC) promotes sustainable private sector investment in developing countries as a way to reduce poverty and improve peoples lives. ... The International Development Association (IDA) created on September 24, 1960, is the part of the World Bank that helps the world’s poorest countries. ... The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank group. ... The International Centre for Settlement of Investment Disputes (ICSID), an institution of the World Bank group, was founded in 1966 under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. ... Supranationalism is a method of decision-making in international organizations, wherein power is held by independent appointed officials or by representatives elected by the legislatures or people of the member states. ... World empire redirects here. ... Supranationalism is a method of decision-making in international organizations, wherein power is held by independent appointed officials or by representatives elected by the legislatures or people of the member states. ... For theological federalism, see Covenant Theology. ... The monarchs of the member states of the German Confederation meet at Frankfurt in 1863. ... Intergovernmentalism is a theory of decision-making in international organizations, where power is possessed by the member-states and decisions are made by unanimity. ... Anti-nationalism is the idea that nationalism is undesirable or even dangerous in one form or another, and sometimes, though less often, the idea that all nationalism is dangerous and unfavourable in all cases. ... Economic globalization has had an impact on the worldwide integration of different cultures. ... Mundialization is the name of one of the movements aiming at democratic globalization. ... In computer security, PaX is a patch for the Linux kernel that implements least privilege protections for memory pages. ... UN redirects here. ... This article does not cite any references or sources. ... World Bank Group logo The World Bank Group (WBG) is a family of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and eliminating poverty. ... -1... EU redirects here. ... Headquarters Cairo, Egypt1 Official languages Arabic Membership 22 Arab states 2 observer states Leaders  -  Secretary General Amr Moussa (since 2001)  -  Council of the Arab League Sudan  -  Speaker of the Arab Parliament Nabih Berri Establishment  -  Alexandria Protocol March 22, 1945  Area  -  Total 13,953,041 (Western Sahara Included) = 13,687,041... Anthem Let Us All Unite and Celebrate Together [1] Administrative Centre Working languages Arabic English Spanish French Portuguese Swahili Membership 53 African states Leaders  -  Chairman Jakaya Kikwete  -  Jean Ping Establishment  -  as the OAU May 25, 1963   -  as the African Union July 9, 2002  Area  -  Total 29,757,900 km² (1st1...  Full member states  Observer States Political centres Brasília[1] Quito Cochabamba Bogota , Largest city São Paulo Official languages 4 Dutch English Portuguese Spanish Ethnic groups (2007) 7 White (46%) Mulatto (21%) Mestizo (21%) Amerindian (6%) Black (4%) Mixed (<1%) Other (2%) Demonym South American Member states 12 Argentina...  Member states  Observer states  Taiwan (Disputed) Secretariat RATS Beijing, China (PRC) Tashkent, Uzbekistan Working languages Russian, Chinese Membership 6 member states 4 observer states Leaders  -  Secretary General Bolat Nurgaliyev Establishment 15 June 2001 Website http://www. ... Hymn The ASEAN Hymn Jakarta, Indonesia Membership 10 Southeast Asian states Leaders  -  Secretary General Ong Keng Yong Area  -  Total 4,497,4931 km²  Expression error: Unrecognised punctuation character , sq mi  Population  -   estimate 566. ... Headquarters Washington, D.C. Official languages English, French, Portuguese, Spanish Membership 35 countries Leaders  -  Secretary General José Miguel Insulza Chile (since 26 May 2005) Establishment  -  Charter first signed 30 April 1948 in effect 1 December 1951  Website http://www. ...  Afghanistan  Bangladesh  Bhutan  India  Maldives  Nepal  Pakistan  Sri Lanka Headquarters Kathmandu, Nepal Statistics Area  - Total 7th if ranked 5,130,746 km² Population  - Total (2004)  - Density 1st if ranked 1,467,255,669 285. ... Spanish president in the General Assembly in New York Org type: Principal Organ Acronyms: GA, UNGA Head: President of the UN General Assembly As of 18 September 2007 Srgjan Kerim former Yugoslav Republic of Macedonia Status: Active Established: 1945 Website: www. ... Established 1952, as the Common Assembly President Hans-Gert Pöttering (EPP) Since 16 January 2007 Vice-Presidents 14 Rodi Kratsa-Tsagaropoulou (EPP) Alejo Vidal-Quadras (EPP) Gérard Onesta (Greens – EFA) Edward McMillan-Scott (ED) Mario Mauro (EPP) Miguel Angel Martínez Martínez (PES) Luigi Cocilovo (ALDE) Mechtild... In the Arab League Summit of 2001-Amman, the Arab States have agreed to create the Arab League Parliament, and came up with a resolution to give the secretary general of the Arab League the power to start and create the Parliament. ... The Pan-African Parliament is the legislative body of the African Union; at present it exercises oversight, and has advisory and consultative powers. ... The Latin American Parliament (Parlatino), is a regional, permanent and unicameral organism, integrated from the national Parliaments of Latin America, elected democratically by means of universal suffrage in countries that ratified the corresponding Treaty of Institutionalization signed on the 16 November 1987 in Lima, Peru, and those whose States adhered... The Central American Parliament, also know by the abbreviation Parlacen (from the Spanish Parlamento Centroamericano) is a political institution devoted to the integration of the Central American countries. ... The Inter-Parliamentary Union is an international organization established in 1889 by William Randal Cremer (United Kingdom) and Frédéric Passy (France). ... The official logo of the ICC The International Criminal Court (ICC or ICCt)[1] was established in 2002 as a permanent tribunal to prosecute individuals for genocide, crimes against humanity, war crimes, and the crime of aggression, although it cannot currently exercise jurisdiction over the crime of aggression. ... See also International Commission of Jurists Peace Palace, seat of the ICJ. Org type Principal Organ Acronyms ICJ, CIJ Head President of the ICJ Dame Rosalyn Higgins DBE Status Active Established 1945 Website www. ... The Tribunal building in The Hague. ... The African Court of Justice will at some point in the future be merged with the African Court on Human and Peoples Rights and be the African Unions legal organ. ... The Central American Court of Justice was an international court established by five Central American states by a treaty signed December 20, 1907 at Washington, D.C. Categories: Law stubs ... The Caribbean Court of Justice (CCJ) is a regional Caribbean-based institution in Port-of-Spain, Trinidad and Tobago. ... Official emblem of the ECJ The Court of Justice of the European Communities, usually called the European Court of Justice (ECJ), is the highest court in the European Union (EU). ... European Court of Human Rights building in Strasbourg The European Court of Human Rights (ECtHR), often referred to informally as the Strasbourg Court, was created to systematise the hearing of human rights complaints against States Parties to the Convention for the Protection of Human Rights and Fundamental Freedoms, adopted by... Providing a constitution for public international law, the United Nations was conceived during World War II International law is the term commonly used for referring to the system of implicit and explicit agreements that binds together nation-states in adherence to recognized values and standards, differing from other legal systems... International law deals with the relationships between states, or between persons or entities in different states. ... Conflict of laws, or private international law, or international private law is that branch of international law and interstate law that regulates all lawsuits involving a foreign law element, where a difference in result will occur depending on which laws are applied as the lex causae. ... Supranational law is a form of international law, based on the limitation of the rights of sovereign nations between one another. ... This article or section does not cite any references or sources. ... Rome Statute of the International Criminal Court Opened for signature June 17, 1998[1] at Rome Entered into force July 1, 2002 Conditions for entry into force 60 ratifications Parties 99[2] The Rome Statute of the International Criminal Court (or Rome Statute) is the treaty which established the International... The Kyoto Protocol is a protocol to the international Framework Convention on Climate Change with the objective of reducing greenhouse gases that cause climate change. ... The Treaties of the European Union are effectively the basic constitutional texts of the Union. ... The Law of the European Union is the unique legal system which operates alongside the laws of Member States of the European Union (EU). ... 1939–1941 semi-official emblem Anachronous world map in 1920–1945, showing the League of Nations and the world Capital Not applicable¹ Language(s) English, French and Spanish Political structure International organization Secretary-general  - 1920–1933 Sir James Eric Drummond  - 1933–1940 Joseph Avenol  - 1940–1946 Seán Lester Historical... The Permanent Court of International Justice, sometimes called World Court, was the international court of the League of Nations established in 1922. ... For the 1947 Soviet film about the trials, see Nuremberg Trials (film). ... The Permanent Court of Arbitration (PCA), also known as the Hague Tribunal is an international organization based in The Hague in the Netherlands. ... World empire redirects here. ... A United Nations Parliamentary Assembly, or United Nations Peoples Assembly (UNPA), is a proposed addition to the United Nations System that eventually would allow for direct election of UN delegates by citizens of member states. ... Proposed Central Asian Union A Central Asian Union was proposed by Kazakhstan President Nursultan Nazarbaev on April 26, 2007, consisting of the five Central Asian republics of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. ... In 2004, a committee of the Australian Senate called for the formation of a Pacific Union to comprise the member-states of the Pacific Islands Forum, but with a common charter, institutions and currency. ... Map of the North American Economic and Security Community Hypothetical flag of the North American Union The Independent Task Force on North America was a project organized by the Council on Foreign Relations (U.S.), the Canadian Council of Chief Executives, and the Mexican Council on Foreign Relations. ... Federal Union is a British group launched in November 1938, to advocate a Federal Union of Europe as a post-war aim. ... The World Federalist Movement (WFM) is a global citizens movement with member and associated organizations around the globe. ... A global citizens movement refers to a number of organized and overlapping citizens groups who seek to influence public policy often with the hope of establishing global solidarity on an issue. ... World Union is a non-profit, non-political organisation founded on the 26th November 1958 in Pondicherry, inspired by Sri Aurobindos vision of carrying forward a movement for Human Unity, World Peace and Progress on a Spiritual Foundation. ...

  Results from FactBites:
 
What Is the International Monetary Fund? (7327 words)
Members of the IMF believe that keeping other countries informed of their intentions regarding policies that influence payments by the government and residents of one country to those of another, rather than making a secret of such policies, is to everyone's advantage.
The IMF is now well known to the general public for lending billions of dollars to the countries at the center of the Asian financial crisis and to Russia.
This is not the case, as the IMF remains primarily a supervisory institution for coordinating efforts to achieve greater cooperation in the formulation of economic policies.
International Monetary Fund - Wikipedia, the free encyclopedia (2756 words)
Many proponents of the IMF contend that some criticisms are the result of the fact that many people are not familiar with the operations and objectives of the IMF, and blame a lack of transparency within the IMF for this, as well as the dense nature of international finance in general.
The IMF frequently advocates currency devaluation, criticized by proponents of supply-side economics as inflationary.
That said, the IMF sometimes advocates "austerity programmes," increasing taxes even when the economy is weak, in order to generate government revenue and balance budget deficits, which is the opposite of Keynesian policy.
  More results at FactBites »

 
 

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