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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
1. Role and Place of the International Monetary Fund Establishment, Goals and Membership
" basic goals of founding the IMF:
establish an international monetary system that would promote international trade, be based on stable exchange rates and ensure the needed international liquidity
" explicitly expressed tendency of the USA for the new institution to have a paternalistic role and/or the tendency to introduce the principle of conditioning into its administration
International Finance Mojmir Mrak Page 3
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
Quotas
" quota should represent economic power of a country " importance of quotas:
determination of the voting power of a country and funds a country can potentially borrow from the IMF calculation of the voting power:
principle of the equality of countries principle of economic power
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
Organization
" Board of Governors:
the most important body of the IMF, each member country has its representative usually meets annually, competent for accepting the most important decisions for the functioning of the institution
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
Organization
" International Monetary and Financial Committee:
central bank governors/ministers of finance of the same 24 countries that have a representative in the Board of Executive Directors meets twice annually, but has no formal power of accepting decisions
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FACULTY OF ECONOMICS
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FACULTY OF ECONOMICS
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
A. B. C. D.
Total disbursements Re purchases and repayments Net funds inflow from the IMF (A B) Total outstandi ng credit pr ovided by the IMF
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
" now:
surveillance of the exchange rate policies of member countries financial assistance to member countries technical assistance
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
2. Principle of Conditioning and Programs of Economic Stabilization: Basic Characteristics and Most Frequent Criticisms
" one of the disputed points at the Bretton Woods conference " operatively implemented in the beginning of 1952 " stringency:
stringent use of the concept of conditioning increasing the share of the IMF funds that member countries utilize at the high rate of conditioning (assumes the existence of the program of economic stabilization)
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FACULTY OF ECONOMICS
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
3. Role of the IMF in Solving Some of the Important Problems of the International Community in the Last Two Decades
" IMF did not have an important influence on the formation and implementation of the economic policy of industrialized countries " as a rule, the IMF took over a leading role in forming solutions and answering to international community challenges and problems that affected either developing countries or countries in transition and the solution of which required engagement of public as well as private funds in industrialized countries
International Finance Mojmir Mrak
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
" important role also in both official programs for the solution of the debt crisis:
Baker Program (1985) Brady Program (1989)
International Finance Mojmir Mrak
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UNIVERSITY OF LJUBLJANA
FACULTY OF ECONOMICS
IMF and the Inclusion of the Countries in Transition into the World Economy
" IMF, together with other international financial institutions, especially the World Bank and EBRD, has a crucial role in:
designing the macroeconomic policies that would lead these countries through the transition from centrally planned to market economies securing financial funds, needed for financing their balance-ofpayments deficits:
Systemic Transformation Facility (STF) (1993)
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FACULTY OF ECONOMICS
The Role of the IMF in Solving Financial Crises of Developing Countries/Countries in Transition in the Second Half of the 1990s
" active participation of the IMF in solving financial crises:
Mexico (1994), Asia (1997), Russia (1998), Brazil (1999) not only the architect of the solution, also the main financier formation of SRF and CCL moral hazard?
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4. Introducing Improvements into the Work of the IMF Early Warning System
" unsuitability of the capital transfer data " General Data Dissemination System:
secure an integral and more timely insight into various kinds of statistical data on a given country to all participants in international financial community
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