TheWorldBankandTheInternationalMonetary…：世界銀行和國(guó)際貨幣…精選教學(xué)課件

1、The InternationalMonetary Fundand the World BankJaclyn Williamson Jessica Phelan第1頁(yè)，共21頁(yè)。What is the IMF?The International Monetary Fund (IMF)International organization that oversees the global financial system by following the economic policies of its 185 member nationsParticularly focuses on excha

2、nge rates, facilitating development, reducing poverty, and global cooperation.Also offers financial and technical assistance to its members using funds deposited with the IMF from member nationsLast resort international lender Not without stipulations第2頁(yè)，共21頁(yè)。Brief History of the IMFFormally created

3、 in July 1944 during the United Nations Monetary and Financial Conference in Bretton Woods, NHFinalized on December 27, 1945 when 29 countries signed its Articles of AgreementHeadquarters is in Washington, DC第3頁(yè)，共21頁(yè)。MembershipCurrently 185 membersAny country can apply for membershipQuotasA country

4、can also withdraw from the IMF though this is rareEx: Venezuela (still a member)第4頁(yè)，共21頁(yè)。Special Drawing RatesMonetary unit for IMF and World BankAfter collapse of Bretton Woods System (1973), SDR redefined as a basket of four currencies:Euro, Japanese yen, pound sterling, and U.S. dollar. Calculate

5、d daily on the basis of exchange rates quoted at noon each day in the London MarketAllocations:GeneralSpecial One-Time SDRs第5頁(yè)，共21頁(yè)。Financial Crises and the IMF1976 Great Britain Financial CrisisAsian Financial Crisis of 2019Current Economic Crisis第6頁(yè)，共21頁(yè)。1976 Financial Crisis in Great BritainInves

6、tors became concerned that the pound was overvalued and that the government might devalueA large scale sale of sterling ensued, which rapidly lost value against the dollarPound suffered from heavy inflationIMF issues$3.9 BillionStipulations of Loan:Heavy cuts in public expenditure (around a 20% cut

7、in the budget deficit)Improvement seen starting in 1977第7頁(yè)，共21頁(yè)。Asian Financial Crisis of 2019Thailand, Indonesia and Korea hit the hardestKey Issues:Foreign investing, US, China, defaulting on debt, depreciation, and bankruptcies IMFRescue PackagesUS$35 Billion from IMFUS$77 Billion raised from oth

8、er countriesTemporary creditStructural Adjustment Packages (SAPs)Criticism第8頁(yè)，共21頁(yè)。Current Financial CrisisBankruptcy of Iceland in 2019Pakistan approved by IMF for $874 million loan Other countries with SBAs from the IMF:Georgia, Ukraine, Hungary, Iceland, Latvia, Pakistan, Serbia, Belarus, and El

9、SalvadorThe SBA is designed to help countries address short-term balance of payments problems. The length of a SBA is typically 1224 months, Repayment is due within 3-5 years 第9頁(yè)，共21頁(yè)。ControversyThe United States is the biggest shareholder in the IMF, holding nearly 18% in shares, and the IMF is gen

10、erally considered a tool of the US Treasury. Criticism of bailoutsConditions added onto loans (SAPs)Ex: Argentina第10頁(yè)，共21頁(yè)。第11頁(yè)，共21頁(yè)。The World Bank is a bank that provides assistance to developing countries with the goal being to reducing poverty and aid in their development.Provides low-interest lo

11、ans and interest-free credits and grants to developing countriesMade up of two Development Institutions:International Bank for Reconstruction and Development (IBRD)International Development Association (IDA).What is the World Bank?第12頁(yè)，共21頁(yè)。Formation: December 1945Institutions: International Bank fo

12、r Reconstruction and Development; International Development Association The World Bank Membership: 185 Countries President: Robert Zoellick Headquarters: Washington, D.C. 第13頁(yè)，共21頁(yè)。The World Bank Group is not the same as the World BankSame President, Board of Directors, goalsThe WBG includes the two

13、 institutions of the World Bank, and in addition consists of:International Finance Corporation (IFC)Multilateral Investment Guarantee Agency (MIGA)International Centre for Settlement of Investment Disputes (ICSID)World Bank Group第14頁(yè)，共21頁(yè)。Developed at the 1944 Bretton Woods conference in Bretton Woo

14、ds, NHOriginally, just the International Bank for Reconstruction and Development was formedFirst loans were for reconstruction of Europe after World War IIAfter, the Bank focused attention on developing countriesHas loaned over $330 billion to developing countries since its startHistory of the World

15、 Bank第15頁(yè)，共21頁(yè)。Formed at the Bretton Woods ConferenceFocuses its attention on middle-income and creditworthy poorer countries as opposed to developing countriesLoans with low interest ratesInternational Bank for Reconstruction and Development (IBRD)第16頁(yè)，共21頁(yè)。Established in 1960Assists the worlds poo

16、rest countriesInterest-free credits and grantsServes to complement the IBRDSingle largest source of donor funds for basic social service funds in developing countriesInternational Development Association (IDA)第17頁(yè)，共21頁(yè)。There are 185 countries who are members in the World BankYou must be a member of

17、the IMF to be a member of the World BankThe World Bank is run by the governments of the member countriesThere is one president, and Executive Directors and a Board of Directors for each institutionMembership and Leadership in the World Bank第18頁(yè)，共21頁(yè)。Loans, GrantsKoreaMillenium Development GoalsPover

18、ty Reduction StrategiesReconstruction after political conflictsMost recent operationsMajor Activities第19頁(yè)，共21頁(yè)。StructureCorporate powersCriticisms of the World BankCriticisms of former President Paul WolfowitzAre they really reducing poverty?Conditionalities第20頁(yè)，共21頁(yè)。McCallum, Bennett T. International Monetary Economics. New York: Oxford University Press, 2019.The World Bank homepage: “Head of World Bank Fraud Unit Resign