英國dissertation范文|國際貨幣基金組織的歷史

History about the International Monetary Fund

 

重建國民經濟統計的工作是在第二次世界大戰結束。國際貨幣基金組織負責監督國際貨幣體系，以確保匯率穩定和所有成員國消除貿易壁壘的限制。

當20世紀30年代大蕭條時期，各國試圖支撐他們失敗的經濟體。他們用本國貨幣貶值促進其他出口市場的競爭，在國外貿易壁壘大幅增加，削減他們的公民自由持有外匯。這些嘗試證明自己是失敗的。世界貿易急劇下降，就業和生活水平下降。

國際貨幣合作中的破裂，導致國際貨幣基金組織計劃的創始人和國際貨幣體系監督機構。這是匯率制度，而且還允許他們的國家和他們的公民每年購買商品和服務，通過使用國際支付系統。新的全球實體將確保匯率穩定，并鼓勵其成員消除貿易壁壘的限制。

 

 

The works of rebuilding national economies stats as the Second World War ends. The IMF oversees the international monetary system to ensure exchange rate stability and all members to eliminate barriers to trade foreign exchange restrictions.

 

When 1930s years in the 20th century, the Great Depression, countries try to support their failing economies. They use the national currency depreciated by the competition for each other export markets, substantial increase in foreign trade barriers, cut their civil liberties to hold foreign exchange. These try to prove self-defeating. Sharp decline in the world trade (see chart below), employment and falling living standards, many countries.

 

This rupture in the international monetary cooperation causes the founder of the IMF program and the international monetary system oversight bodies. This is the system of the exchange rate, but also allows their country and their citizens buy goods and services each year by using the international payment system. The new global entity will ensure exchange rate stability, and to encourage its members to eliminate barriers to trade in the exchange restrictions.

 

 

The Bretton Woods agreement 布雷頓森林協定

 

The IMF was conceived in July 1944, when the northeastern United States on behalf of 45 countries in Bretton Woods, New Hampshire, the city attended the meeting, agreed on the framework of international economic cooperation, after World War II established. In their view, such a framework is necessary to avoid in this area led to the disastrous economic policies of the Great Depression repeat.

 

When its first 29 member countries signed its Articles of Agreement, the IMF came into formal existence in December 1945. It began on March 1, 1947 operation. In the same year, France became the first country from the International Monetary Fund loans. Member of the International Monetary Fund began to expand in the late 20th century, 50 and 60 years, many African countries after independence, in order to apply to join. However, the Cold War limited the Soviet sphere of influence in the absence of a member to join the Fund, in most countries.#p#分頁標題#e#

 

Par value system 平價制度

 

Accession countries, from 1945 to 1971 the IMF agreed to maintain the dollar's exchange rate (that is, the value of national currency and in the United States, the dollar's value in gold) linked to the speed can be adjusted to correct only a "basic balance of international payments imbalances", only the agreement with the International Monetary Fund. This par value system, known as the Bretton Woods system was continued until 1971, when the U.S. government to stop the gold dollar (and dollar reserves held by other governments) which can be converted.

 

The end of the Bretton Woods System (1972-81)

 

To the early 60s, a fixed dollar value of gold. According to the Bretton Woods fixed exchange rate system, it is regarded as overvalued. President Lyndon Johnson's Great Society plan a substantial increase in domestic consumption, from the Vietnam War, military spending increased by the progressive deterioration caused by the dollar overvalued.

 

End of Bretton Woods system 布雷頓森林系統的結束

 

While the dollar in the 60s throughout the 20th century, most struggle to establish equality in the Bretton Woods period, this crisis marks the collapse of the system. In addition, the system from 1968 to 1973 dissolved. In August 1971, U.S. President Richard Nixon announced the gold "dollar convertibility provisional" suspension. Failure of attempts to restore fixed exchange rate, and in March 1973 the major currencies began to float freely against each other.

 

IMF members are free to choose any form of exchange rate arrangements, unless they want to link their currencies with gold allow the currency to float freely, hang to another currency or a basket of currencies, with the currency of another country, in a monetary union, or form part of a monetary union participation.

 

Oil shocks 石油危機

 

Many of the people afraid that, the collapse of the Bretton Woods system will bring the end of the period of rapid growth. In fact, a relatively smooth transition to a floating exchange rate, this is certainly timely. Flexible exchange rate can more easily adapt to more expensive oil, the economy, when prices suddenly began in October 1973 continued to rise. Floating interest rates have facilitated the adjustment to external shocks so far.

 

Oil importers is expected to help the current account deficit, inflation in the face of high oil prices the agreement, which set up the first two oil facilities. 1970s International Monetary Fund, the 20th century's answer to oil price shocks caused by the challenge of adjusting its lending instruments.

 

Helping poor countries 幫助貧困國家#p#分頁標題#e#

 

From the mid-70s, the IMF seeks to address what is facing the payment through the provision of benefits as a trust fund financing, is known to the world's poorest countries, many of the difficult balance. The IMF established a new lending program called the March 1986 structural adjustment fund. SAF's successor is the Enhanced Structural Adjustment Facility in December 1987.

 

Debt and painful reforms (1982-89)

 

In the 1970 years of the 20th century, which forced many oil-importing countries to lend oil crisis commercial banks, and in trying to control the risk of the international debt crisis, rising inflation in industrial countries interests.

 

In the 1970s in the 20th century, Western commercial banks lent the "recycled" oil dollars, oil exporting countries access to deposits and loans of resources, oil importing countries and developing countries, often changing, or floating interest rates. Therefore, when interest rates began to soar in 1979, floating rate loans to developing countries has also increased significantly. Higher interest costs, estimated from 1978 to 1981, non-oil producing developing countries, at least 22 billion U.S. dollars. Meanwhile, the goods from the developing countries due to economic recession, and falling of the prices were caused by monetary policy. Very often, developing countries cope with these shocks, including expansionary fiscal policy and overvalued exchange rate, through further large-scale borrowing to maintain.

 

When the crisis broke out in Mexico in 1982, the International Monetary Fund coordinated global response, even in commercial banks. It realized that no one will benefit if the state failed to repay its debt after the country.

 

The IMF's potentially to resolve the initially panic with calm. But the long road of painful reforms debtor countries, further cooperation and global measures, we must solve this problem.

 

Societal change for Eastern Europe and Asian Upheavel (1990-2004)

 

On the fall of the Berlin Wall in 1989 and 1991, the Soviet Union to become the International Monetary Fund (almost) world body. In these three years, Member States increased from 152 to 172; it was the 1960s African Member States in the 20th century's most rapid increase in the influx.

 

In order to fulfill new responsibilities, the IMF staff, nearly 30 percent expansion of the 6 years. Executive Board from 22 to 24 seats, to accommodate the directors from Russia and Switzerland, they noted that some of the existing constituencies to expand in several countries.

 

The International Monetary Fund to help former Soviet bloc economies in transition from a centrally planned economy to a market-led central role in the country. This economic transformation has never been tried before; this process is sometimes less than stable. For 90 years the 20th century most of these countries in close cooperation with the International Monetary Fund, from policy advice, technical assistance, benefit, and financial support.#p#分頁標題#e#

 

To the end of the decade, most of the economies in transition to a market economy has been successful in a few years after graduation status of intense reform, many in 2004 the European Community.

 

Asian Financial Crisis 亞洲金融危機

 

In 1997, the tide in the East Asian financial crisis swept across Asia, from Thailand to Indonesia and Korea exceeded. Almost every affected country has requested financial assistance and economic policy reform the International Monetary Fund for help. Generate conflict is based on how best to deal with the crisis, the International Monetary Fund in a more intense criticism than any other time in history in general came. From this experience, the IMF developed a number of lessons learned; the answer will change the future events. First, it recognizes that it must pay more attention, the weakness of the banking sector in the country as well as the weaknesses of macroeconomic stability. In 1999, the IMF and the World Bank jointly launched the Financial Sector Assessment Program, and began a voluntary basis for national assessment. Second, the Fund recognized that the liberalization of international capital flows, the institutional prerequisites for the success is more difficult than originally imagined. With the economic circles generally, the IMF's capital account liberalization hurt the enthusiasm. Third, the contraction in economic activity, along with the severity of the Asian financial crisis, fiscal policy should be on how the adjustment, the crisis is precipitated financial capital inflows suddenly stop to reassess.

 

Debt relief for poor countries 窮國債務減免

 

In 1990 years in the 20th century, the International Monetary Fund and World Bank in close cooperation to reduce the debt burden of poor countries. Since the HIPC Initiative was launched in 1996 to ensure that no poor country faces a debt burden, the purpose cannot be managed. In 2005, in order to help accelerate the achievement of the Millennium Development Goals (MDG) of the progress of the HIPC Initiative by the Multilateral Debt Relief Initiative (MDRI's) to add.

 

Globalization and the crisis (2005- present)

 

International Monetary Fund has provided loans to countries to help promote the global economy, because it never occurred since the Great Depression, suffered a deep crisis in the forefront. For the first decade of the 21st century, the most international capital flows triggered by global expansion, to repay their money in many countries from the International Monetary Fund and other official creditors, and accumulating foreign exchange reserves borrowed.

 

The global economic crisis, with the mortgages in the United States in 2007, began to collapse, and about the year 2008, worldwide dissemination of the large imbalances in global capital flows.#p#分頁標題#e#

 

The volatility of global capital flows from 2 to 6 in 1980 to 1995 per cent of world GDP, but since then they have risen to 15 percent of gross domestic product. In 2006, they totaled 7.2 trillion U.S. dollars, more than tripled since 1995. The most sharply d increase has been experienced in developed economies, but emerging markets and developing economies have become more integrated. The founders of the Bretton Woods system has been a matter of course, private capital flows will no longer restore the prominent role that they in the 19th century and early 20th century and the International Monetary Fund has traditionally lent to members of the difficulties facing the current account.

 

The latest discovery of a global crisis in advanced quickly since the Great Depression led to the most serious global economic recession the vulnerability of financial markets. Suddenly, the Fund will be inundated with requests for stand-by arrangements and other forms of financial and policy support.

 

The international community recognizes that the IMF's financial resources and as important as ever, there may be oriented film before the crisis is over. By the creditors, the IMF's lending capacity of the wide support, tripled, about 750 billion U.S. dollars. In order to effectively use these funds, a thorough reform of the IMF's lending policies, including the establishment of a strong economic fundamentals and policy implementation record of success of a country's flexible line of credit. Other reforms, including the custom, to help low-income countries to the IMF to pay large very fast, not based on the close of the countries subject to quota restrictions and borrowing needs, because in the past.

 

If from the beginning has been formed until the late 90's to see Jamestown's "research and the history of the International Monetary Fund units: the views of the IMF is more top ten events and ten have formed a system of thought"

 

Organizational Structure 組織結構

 

Staff of international civil servant

 

International Monetary Fund currently has approximately 2,400 employees, half of whom are economists. Most of them work in the International Monetary Fund in Washington, DC, headquarters, but in some Member States to address the small world of IMF resident representative office or overseas.

 

The IMF has eight functional departments that carry out its policy, analytical, and technical work and manage its financial resources.

 

Finance Department: Mobilizes, manages, and safeguards the IMF's financial resources.

 

Fiscal Affairs Department:Provides policy and technical advice on public finance issues to member countries.

 

Monetary and Capital Markets Department: Monitor the financial sector and capital markets, monetary and foreign exchange regime, organization and operation. Preparation of global financial reporting.#p#分頁標題#e#

 

Legal Department. Propose to the Executive Committee and the relevant legal rules in the staff. Prepare decisions and other legal instruments, and provide technical assistance to member countries.

 

Strategy, Policy, and Review Department: Designs, implements, and evaluates IMF policies on surveillance and the use of its financial resources.

 

Research Department: Monitors economy and the global economy and the Member States to study issues related to IMF policies. Preparing for the World Economic Outlook.

 

Statistics Department: Develops internationally accepted methodologies and standards. Provide technical assistance and training to promote the dissemination of economic and financial statistics of best practices.

 

IMF Institute: Provides training in macroeconomic analysis and policy for officials of member countries and IMF staff.

 

The IMF's five regions, or regions, departments responsible for macroeconomic policy and financial sector members, and is responsible for summary, when necessary, financial arrangements to support the economic reform program.

 

African Department: Covers 44 countries. 

 

Asia and Pacific Department: Covers 33 countries.

 

European Department: Covers 46 countries (44 of which are IMF members).

 

Middle East and Central Asia Department: Covers 31 countries.

 

Western Hemisphere Department: Covers 34 countries.

 

The IMF also has four support departments:

 

External Relations Department: To promote public understanding and support of the IMF and its policies

 

Technology and General Services Department: Management information services; facilitate communication, cross-language, including; and help build an effective working environment.

 

Secretary's Department: Organizations and governing bodies of the International Monetary Fund report on the activities and providing secretariat services. Assist management in the preparation of the Executive Board and other official agencies work program. This is the creation of the International Monetary Fund and the custody record.

 

Human Resources Department: Staff information and full-service personnel. Management compensation and benefits system, responsible for personnel training, employment counseling and education, and provide legal services.

 

IMF offices around the world

 

International Monetary Fund has a small office in the world. These comprise resident representative posts; overseas offices (Guatemala City, New York, Paris, Tokyo, Warsaw); and regional technical assistance centers and training institution.#p#分頁標題#e#