IMF and the Asian Economic Crisis Vol. I : Asian Crisis Themes

by World Scientific; Zhang, Peter G.

• ISBN13: 9789810236298
• ISBN10: 9810236298
• Format: Paperback
• Copyright: 1998-09-01
• Publisher: WORLD SCIENTIFIC PUB CO INC

Summary

The International Monetary Fund (IMF) needs little introduction. Its visible and contentious involvement in the regional crisis have attracted inordinate media attention both good and bad. On one end of the scale, it has been portrayed as an institutionalized financial messiah, whose mere presence is able to resurrect emaciated economies and restore the public's confidence. However, at the same time it is also regarded by others as a Western-dominated financial bludgeon whose measures are aimed to break open developing economies for foreign pickings.It is not difficult to find that such disparate and extreme opinions are however, underscored by a common want of understanding of the primary aims and functions of the IME Despite the IMF's prominence and its crucial participation in resuscitating these ailing Asian economies, its exact functions and operations remains and enigma to many. As such it is difficult to be either critical or truly appreciative of its recent efforts. This book provides a quick overview of the institution over half a greater emphasis on its more current role in Asia. Furthermore, with the relentless trend towards a more integrated and developed global economy, the IMF relevance in this respect will not doubt be accentuated. This institution's increasing visibility in world economic and social affairs will make knowledge about the organization and its activities an indispensable asset, notwithstanding the current regional crisis.

Table of Contents

Preface	v
PART 1. WHAT IS THE IMF?
A Brief History of the IMF	1	(6)
Structure of the IMF	7	(8)
IMF and the World Bank	15	(10)
PART 2. WORKINGS OF THE IMF
IMF Surveillance	25	(13)
Financial Assistance and Conditionality	38	(12)
Indentity Crisis: The IMF in the 1970s	50	(8)
The 1980s: The Debt Crisis	58	(8)
Recent Efforts: The HIPC Initiative	66	(3)
PART 3. IMF AND THE ASIAN FINANCIAL CRISIS
IMF and the Crisis	69	(7)
IMF Programs in the Asian Crisis	76	(13)
Criticisms of the IMF	89	(18)
APPENDIX: KEY ARTICLES OF AGREEMENT OF THE IMF
Article I: Purposes	102	(2)
Article IV: Obligations Regarding Exchange Arrangements	104	(3)
Article VIII: General Obligations of Members	107