As the linchpin of the global financial system, the International Monetary Fund provides the balance of payments support, chiefly to developing countries, conditional on strict remedial policy measures.
Its approach to policy remains highly controversial, however. While the Fund claims it has adapted, critics allege its policies are harshly doctrinaire, imposing hardships on already poverty-stricken people. For the critics, the half century of its existence is `fifty years too long' and radical change is essential.
This book examines the arguments, tracing the extent of Fund adaption, presenting major new evidence on the consequences of fund programes, and considering its future role.
The International Monetary Fund (IMF) was originally created to centralize management of the global monetary system, but as the richer countries turned to more flexible sources of finance, IMF lending became almost exclusively focused on the developing world. This study provides a detailed theoretical and empirical analysis of IMF lending, discussing SDRs, lending patterns, and economic characteristics of user countries, and recommends key changes needed if the Fund is to realize its full potential for assisting developing countries. Annotation copyright Book News, Inc. Portland, Or.
Recent years have seen IMF lending focusing almost exclusively on the developing world as richer countries have turned to more flexible sources of finance. This provides the first analysis of Fund lending and key changes needed for future success.
