 How should the international monetary fund function in the modern world?Mária Havrilová Prague Economic Papers, 2000, vol. 2000, issue 4 Abstract: The International Monetary Fund is a remarkable survivor. It was created to carry out specific functions in a world that has since vanished. Its role in the world economy still remains central. But in recent times, it has faced considerable criticism, both in terms of its role and its performance. We examine why IMF programs are often ineffective in achieving their goals, and whether there are any prospects for strengthening the IMF's role to become a genuine global monitor of financial flows and monetary issues. Then we examine the Fund's major role as lender of last resort to members who experience balance of payments problems. In particular, it will argue that the IMF's reliance on "conditionality" as a means of affecting change in the domestic policy of some of its members is misguided. Finally, a few suggestions on how the IMF could improve its procedures and brief evaluation of the IMF's intervention in the Asian financial crisis. Keywords: International Monetary Fund; South-East Asian financial crisis; international law; developing countries; international capital flows; world economy; debt crisis; macro-economic policy (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlpep:v:2000:y:2000:i:4:id:90 Ordering information: This journal article can be ordered from DOI: 10.18267/j.pep.90 Access Statistics for this article Prague Economic Papers is currently edited by Klára Pavlová More articles in Prague Economic Papers from Prague University of Economics and Business Contact information at EDIRC. |
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