The IMF should and can be involved in preventing and combating international crisis?

Dragoș-Ionuț Vișan
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Dragoș-Ionuț Vișan: Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2014, vol. XXI, issue Special, 230-235

Abstract: Both IMF and the World Bank represented an answer to the collapse of international economy in the 30’s, but neither expected to play such an important role in the current world economy. Creation of the two international financial institutions was rushed by the global depression of the 30’s, and their main goals were promoting multilateral currency cooperation, stable and convertible national currencies, as well as international commerce and investments. After the financial reconstruction of Europe in the 60’s, their mandate was changed at the beginning of the Cold War to reflect a polar world. Also, the political decision to channel money came out in front of economic considerations. Today, the two financial institutions have as primary objective to promote economic development of member countries and especially of developing countries through financial or technical aid. Between the two financial institutions there is a close collaboration, so in certain fields where the World Bank is dialogue leader, its analysis is shared with IMF and used a template for the taxation frame, but there are no structural reference points or corresponding strategic conditions in the IMF StandBy Agreement. The two financial institutions, initially purely financial bodes, currently play a deciding role in establishing macro-planning and development strategies especially in third world or developing countries.

Keywords: financial crisis; IMF reform; exchange-rate policies; inflation; financial institutions. (search for similar items in EconPapers)
Date: 2014
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