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GEC103 - The Contemporary World > IMF, World Bank, WTO > Flashcards

IMF, World Bank, WTO Flashcards

1
Q

when and where was IMF established

A

1947
Washingtod, DC

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2
Q

members of the IMF

A

186 states

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3
Q

the IMF was created as part of what

A

Bretton Woods agreement (1944)

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4
Q

charged with overseeing the international monetary system to ensure exchange rate stability and encouraging members to eliminate restrictions on trade and currency exchange

A

International Monetary Fund (IMF)

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5
Q

stated that the International Monetary Fund (IMF) is charged with overseeing the international monetary system to ensure exchange rate stability and encouraging members to eliminate restrictions on trade and currency exchange

A

Heywood, 2011

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6
Q

price at which one currency is exchanged for another

A

exchange rate

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7
Q

payments system in which currencies are valued in terms of a currency that is itself on the ‘gold standard’ (its currency can be exchanged for gold)

A

gold exchange standard

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8
Q

reduction in the official rate at which one currency is exchanged for another

A

devaluation

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9
Q

when did Bretton Woods system collapse

A

1971

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10
Q

International Monetary Fund (IMF)

A
  1. faciliate the cooperation of countries on monetary policy (minimize effects of international financial crises)
  2. assist liberalization of international trade
  3. stabilize exchange rates between countries
  4. maintain a multilateral system of payments
  5. safeguard members against balance of payment crises
  6. reduce effects of volatility in countries’ balance of payment accounts
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11
Q

Main Activities of International Monetary Fund (IMF)

A
  1. surveillance
  2. financial assistance
  3. technical assistance
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12
Q
  • each year, the IMF sends economists to each of its member countries to analyze the country’s economic situation
  • team examines fiscal and monetary policy, exchange rate, general macroeconomic stability, and any related policies, such as labor policy, trade policy, and social policy (such as the pension system)
A

surveillance

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13
Q

member countries with balance of payments problems can receive credits and loans to pay off their obligations and readjust their economic policies so that they will not face another crisis or near-crisis

A

financial assistance

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14
Q
  • the IMF provides this on fiscal and monetary policy, regulatroy procedures, tax policy, and collection of statistics, among other issues
  • these programs are aimed at strengthening developing countries’ abilities to reform and properly manage their macroeconomic policies
A

technical assistance

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15
Q

Criticisms on International Monetary Fund (IMF)

A
  1. fiscal discipline
  2. redirection of public spending toward education, health, and infrastructure
  3. tax reform
  4. market-determined interest rates
  5. competitive exchange rates
  6. trade liberalization
  7. openness to foreign direct investment
  8. privatization of state enterprises
  9. deregulation
  10. legal security of property rights
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16
Q
  • Nobel Prize-winning US economist
  • known for his critical views on global economic governance and on globalization
A

Joseph Stiglitz

17
Q

what did Joseph Stiglitz argue

A

IMF had imposed policies on developing countries that often exacerbated, rather than relieved, balance-of-payments crises, being designed more to help banking and financial interests in the developed world than to alleviate poverty

18
Q

where did Joseph Stiglitz link globalization to

A

Americanization, environmental degredation

19
Q
  • responsible for funding postwar reconstruction projects
  • initially concentrated on assisting postwar recovery in Europe
  • 1960s onwards, focused on the developing world
A

World Bank

20
Q

what does World Bank do

A
  1. provide low interest loans to support major investment projects
  2. provide technical assistance
  3. support large infrastructure projects in areas such as energy, telecommunications, and transport
21
Q
  • was an agreement amongst member countries to apply the multilateral principles of non-discrimination and reciporcity to matters of trade
  • each country had to concede most favoured nation status to all trading partners
A

General Agreement on Tariff and Trades (GATT)

22
Q

designation given to a country which is thereby entitled to all and any favourable trading terms that apply to other countries

A

most favoured nation

23
Q

main purpose of General Agreement on Tariff and Trades (GATT)

A
  • reduce tariffs and other hindrances
  • liberalization, privatizaiton, deregulation
24
Q
  • replacement for GATT
  • formed in 1995
A

World Trade Organization (WTO)

25
Q

use of tariffs, quotas and other measures to restrict imports, supposedly to protect domestic industries

A

protectionism

26
Q

system of trading between states that is unrestricted by tariffs or other forms of protectionism

A

free trade

27
Q

rules, regulations or practices that hinder imports thorugh, for instance, the procurement policies of governments, systematic border delays, or complex health and national standards

A

non-tariff barriers

28
Q

proposals for the reform of the world economy to provide better protection for developing countries by, amongst other things, altering the terms of trade, strengthening regulation and nationalizing foreign enterprises

A

new international economic order

GEC103 - The Contemporary World (12 decks)

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