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Read e-book online Finance, Development, and the IMF PDF

By James M. Boughton

ISBN-10: 019923986X

ISBN-13: 9780199239863

This ebook presents an evaluation of the function of the overseas financial Fund in terrible international locations. lately, a wide component of the paintings of the IMF has excited by the economies of low-income international locations via aiming to create stipulations conducive to poverty aid and good monetary progress. greater than fifths of the IMF's 185 participants are low-income nations etc have huge wallet of poverty of their populations. on the grounds that monetary improvement and the relief of poverty are an important monetary demanding situations that those international locations face, how can the IMF most sensible aid them? How can the vital of macroeconomic and monetary balance be reconciled with the necessities for sustained fiscal development? This quantity brings jointly the learn of best economists, political scientists, and historians to indicate methods for the IMF to deal with those matters successfully

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12 United Nations Economic and Social Council on the World Economic Situation, Press Release ECOSOC/1168, July 6, 1959. ”14 Inflation in this picture encouraged the misallocation of investment. According to the IMF view, inventories would become irrationally large, as money could no longer be relied on as a store of liquidity. Funds would be channeled into luxury housing, and, as the exchange value fell, into foreign assets, despite attempts that governments might make to control capital flight. ”16 This was precisely the claim that at the time most development economists found objectionable.

In many poor countries, external economic policy had in fact been subordinated to the distorted logic of induced industrialization. The exchange rate played a crucial part in the development of the industrial strategy. Here was yet another manipulated price. The combination of a high exchange rate with import licensing and restriction allowed an easy way of setting the domestic 22 23 24 25 26 26 Schatz (1984; 55) and Sandbrook (1993; 30). The two most important works were Krueger (1978) and Bhagwati (1978).

Providing answers to the dilemma of how to reconcile a universal institutional framework with the need to deal with the specificity of particular problems in individual countries provided a continual challenge to the system established at Bretton Woods. Almost every non-Western country had a deep-seated and quite justifiable suspicion of imperialism and its legacy. In some cases, anti-imperialism strengthened the initial appeal of international multilateral economic institutions. Particularly in the early 1960s, as many African states became independent, they found working with the IMF and the World Bank an effective way of shaking off the patronizing advice of finance ministries and central banks from the former imperial powers.

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Finance, Development, and the IMF by James M. Boughton

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