The Economics Book by Dk Publishing & Niall Kishtainy

Author:Dk Publishing & Niall Kishtainy
Language: eng
Format: mobi, epub
Tags: Business & Economics, Economics, Business, Reference, General
ISBN: 9780756698270
Publisher: DK
Published: 2012-04-15T03:00:00+00:00

Dresden was among countless cities in Europe and Asia destroyed during World War II. The International Bank for Reconstruction and Development was set up to fund reconstruction.

THE INTERNATIONAL MONETARY FUND

Traders watch as the crisis caused by the collapse of the Thai baht spreads across Asia in 1997. The Thais had given in to pressure from the IMF to float the baht.

Created by the Bretton Woods agreement, the International Monetary Fund (IMF) is today one of the world’s most controversial international bodies. It was established initially as an emergency fund for countries experiencing financial difficulties arising from balance of payments deficits, debt crises, or often both. More than 180 member countries contribute toward a central fund, depending on the size of their economy, and they can apply for cheap loans from that fund. When the Bretton Woods fixed-exchange system was abandoned in 1971, the IMF’s role changed. It began to impose strict conditions on its loans. Since the late 1970s these were heavily influenced by neoliberal ideas, which advocated privatization and cutting government spending. Economists have criticized the IMF for making crises worse, such as the East Asian crisis of the late 1990s.

See also: Comparative advantage • Depressions and unemployment • Market integration • International debt relief

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