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International eco: International financial institutions, Bretton woods…
International eco: International financial institutions, Bretton woods institutions Lect 20 part 5
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Instruments
2. giving credits to member countries: e.g., if country has problems with international payment obligations
HOWEVER recipient country has to implement reforms (e.g., decreasing public deficit, so–called conditionality) and "fair" consideration of private lenders
note: IMF only gives credit (no foreign aid), i.e. recipient country has to pay credit back and credit is limited;
Emami Namini
however: conditions more beneficial than on international financial markets;
e.g., current interest rate
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3. technical assistance:
IMF offers its expertise in fields of fiscal policy, monetary policy, statistics; experts sent to target country
1. monitoring: advice on economic policies; each (second) year explicit analysis of economic situation in member countries: published in World Economic Outlook.
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IMF cont.
IMF authorities:
Board of Governors: meets once a year, finance ministers or central bank presidents members
Executive Board: responsible for day–to–day work, see previous slide
managing director, normallly nominated by European countries: Christine Lagarde (2011–...),
Rodrigo de Rato (2004– 2007),
Horst Köhler (2000–2004),...
Dominique Strauss–Kahn (2007–2011),