The International Monetary Fund: Its Present Role in Historical Perspective

Michael David Bordo · Harold James

64 citations0/0 files storedNational Bureau of Economic Research

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Global Financial Crisis and Policies International Development and Aid Economic, financial, and policy analysis

Abstract

In this paper we describe what the IMF is and what it does.We consider its origins as the guardian of the Bretton Woods adjustable peg exchange rate system and financier of temporary current account deficits for advanced countries, to its present primary roles as development financier and crisis manager for the emerging world.We consider the externalities or market failures that the IMF is believed by many to correct and the public goods that the IMF provides.Critics of the IMF downplay the extent of market failure and the scope of public goods provided.They attach greater importance to market solutions.We consider their views as well.We conclude with a discussion of the case for reform in the light of historical experience.

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References

1998Leading Indicators of Currency Crises 1978Manias, Panics and Crashes 1998The East Asian Financial Crisis: Diagnosis, Remedies, Prospects 1998The Economics of Autocracy and Majority Rule: The Invisible Hand and the Use of Force 1998Refocusing the IMF 1996The Gold Standard as a “Good Housekeeping Seal of Approval”1995International Capital Markets: Developments, Prospects, and Policy Issues 1995Why is there Multilateral Lending?

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2008Congressional voting on funding the international financial institutions 2000Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts 2007Reform Of The International Monetary Fund 2004Keeping Capital Flowing 2015IMF Lending and Banking Crises 2016Need for speed: The lending responsiveness of the IMF

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