Reforming IMF — from Fire Fighting to Fire Prevention

Michael Siam-Heng Heng and Tai Wei Lim
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Michael Siam-Heng Heng: East Asian Institute, National University of Singapore, Singapore
Tai Wei Lim: East Asian Institute, National University of Singapore, Singapore

Chapter 7 in Destructive Creativity of Wall Street and the East Asian Response, 2009, pp 51-55 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe International Monetary Fund (IMF) was established as part of the Bretton Woods institutions designed at the end of the World War II to deal with global economic matters. The other two were the World Bank and General Agreement on Tariff and Trade (GATT). Between them, they aim to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty. More specifically, the explicit raison d'être of the IMF is to provide financial assistance to countries that suffer serious balance-of-payment difficulties. It is interesting to note that the Fund behaves like an onlooker in the current crisis (at least until mid-October 2008), unlike that overworked participant in the Asian financial crisis…

Keywords: Financial Crisis; China; Japan; East Asia; Management; Economics; Depression (search for similar items in EconPapers)
Date: 2009
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