International Monetary Fund Reform
Abstract
Recent expansions in trade, investment, and technological capability to transfer financial resources internationally, have led to much larger capital flows. But the major economic problems in many countries, raise questions about the IMF’s capacity to handle larger-scale economic crises and widespread investor panic, such as were rampant among international markets in 1997 and 1998. The IMF was created to ensure stabilityof exchange rates and support international trade and investment, not to manage economic problems of such magnitude. IMF practices generate “moral hazards†inhibiting financial prudence and needed reforms, and tend to involve massive subsidies to borrowing countries. IMF decision making lacks transparency, and the IMF is not really acting as a “lender of last resort.†This essay analyzes these problems and proposes major changes.Authors who publish with this journal agree to the following terms:
a) Authors retain copyright over their work, while allowing the conference to place this unpublished work under a Creative Commons Attribution License, which allows others to freely access, use, and share the work, with an acknowledgement of the work's authorship and its initial presentation at this conference.
b) Authors are able to waive the terms of the CC license and enter into separate, additional contractual arrangements for the non-exclusive distribution and subsequent publication of this work (e.g., publish a revised version in a journal, post it to an institutional repository or publish it in a book), with an acknowledgement of its initial presentation at this conference.
c) In addition, authors are encouraged to post and share their work online (e.g., in institutional repositories or on their website) at any point before and after the conference.
d) The Author grants Marriott Library the nonexclusive, perpetual, worldwide, irrevocable right to reproduce, distribute, display, publish, archive, preserve, digitize, transcribe, translate, provide access and transmit their work (in whole or in part) for any non-commercial purpose including but not limited to archiving, academic research, and marketing in such tangible electronic formats as may be in existence now or hereafter developed.
e) Marriott Library may elect, in its sole discretion, not to exercise the rights granted herein.
f) Author shall retain copyright in and to the Work and Marriott Library shall provide proper attribution in its exercise of the rights granted herein.
g) Author is solely responsible and will indemnify and hold Marriott Library and/or the University of Utah harmless for any third party claims related to the Work as submitted for publication.
