Positive Views of the Imf
Positive views of the IMF
Is there any harder job than regulating all of the international markets money? Probably not, the topic being discussed throughout this essay will be the international monetary fund and its involvement in the international market. Much has been said about the I.M.F whether it is positive or negative, neo-Marxist Che Guevara said “The interests of the IMF represent the big international interests that seem to be established and concentrated in Wall Street.” Here he criticizes how the IMF is considered to be run by the United States which occupies a veto power in the decision making at the IMF, this is important to see because it brings up the other side to the IMF, the side that is not so positive and the one that people feel very critical of. Even though people like Che and Stieglitz bring up the negative characteristics of the IMF it is not the only qualities that the fund has. The IMF has also has many positive qualities, this essay will go over these qualities by looking at the IMF’s debt restructuring cases, looking at how the decisions are made in the fund and finally the long term positive effect that the IMF has on promoting democracy.
As mentioned before the IMF has gone through much criticism in past years, yet the work they have done on debt relief has done much to boost up their reputation. Cases like Argentina, the Dominican Republic and much more show that the IMF is very capable of improving conditions within a country by debt restructuring programs. In 2005 the IMF started debt reconstruction in Argentina, the process was held back more that they would have liked due to court proceedings in New York. After this delay the IMF was able to do some real work in debt exchange with Argentina. The country participated 76% in the debt exchange and since then they have seen much improvements in their debt structure and debt-profile. In early may the Argentinean authorities regained market access for the first time
Is there any harder job than regulating all of the international markets money? Probably not, the topic being discussed throughout this essay will be the international monetary fund and its involvement in the international market. Much has been said about the I.M.F whether it is positive or negative, neo-Marxist Che Guevara said “The interests of the IMF represent the big international interests that seem to be established and concentrated in Wall Street.” Here he criticizes how the IMF is considered to be run by the United States which occupies a veto power in the decision making at the IMF, this is important to see because it brings up the other side to the IMF, the side that is not so positive and the one that people feel very critical of. Even though people like Che and Stieglitz bring up the negative characteristics of the IMF it is not the only qualities that the fund has. The IMF has also has many positive qualities, this essay will go over these qualities by looking at the IMF’s debt restructuring cases, looking at how the decisions are made in the fund and finally the long term positive effect that the IMF has on promoting democracy.
As mentioned before the IMF has gone through much criticism in past years, yet the work they have done on debt relief has done much to boost up their reputation. Cases like Argentina, the Dominican Republic and much more show that the IMF is very capable of improving conditions within a country by debt restructuring programs. In 2005 the IMF started debt reconstruction in Argentina, the process was held back more that they would have liked due to court proceedings in New York. After this delay the IMF was able to do some real work in debt exchange with Argentina. The country participated 76% in the debt exchange and since then they have seen much improvements in their debt structure and debt-profile. In early may the Argentinean authorities regained market access for the first time
Bibliography: Gold, Joseph. Stand-by Arrangements of the International Monetary Fund. Washington D.C: International Monetary Fund, 1970. ---. Voting and Decisions in the International Monetary Fund. Washington D.C: International Monetary Fund, 1972. Officer, Lawrence H., and Thomas D. Willett. The International Monetary System, Problems and Proposals. Los Angeles: Lucas Brothers, 1969. Torrie, Jill. Banking on Poverty, The Global impact of the IMF & World Bank, Toronto: Between the Lines, 1983. Lipsky, John P. “International Economics” Council on foreign Relations, unknown. January 16, 2009. International monetary fund. March 28, 2009, This is the main website of the IMF; in it you can find what is the main purpose and goals of the IMF and also find out what they do Hoover institutions public policy inquiry. International Monetary Fund. October 13, 2008, March 28, 2009, This is not an official site of the IMF and it states at the bottom of its home page that it does not represent the view of the IMF either Dollars & sense April 27, 2009