IMF and World Bank: Institutional Set-up, Criticisms and Challenges
- The two Bretton Woods Sisters – International Monetary Fund (IMF) and World Bank – have been key actors in the international political economy since their inception in 1944. While the IMF was established to support national economies during rather short-term, macroeconomic crises, the World Bank has had a more long-term focus on development and economic growth. In pursuit of their goals, both institutions’ instrumental repertoire includes the provision of information, surveillance, technical assistance and training, policy advice, and – arguably most importantly – lending to those countries that have limited or no access to private capital markets. In this paper, I critically analyse the Bretton Woods sisters’ institutional set-up, their objectives and instruments. Further, various criticisms and challenges of the multilateral system are discussed, including the economic policy conditions imposed on borrowing countries, the Western-dominated governance structure and the under-representation of major emerging economies such as China and India.
Verfasserangaben: | Rainer Hillebrand |
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URN: | urn:nbn:de:hebis:66-opus4-7031 |
Schriftenreihe (Bandnummer): | Discussion Papers in Business and Economics (21) |
Dokumentart: | Arbeitspapier |
Sprache: | Englisch |
Datum der Veröffentlichung (online): | 07.12.2017 |
Veröffentlichende Institution: | Hochschule Fulda |
Datum der Freischaltung: | 11.12.2017 |
GND-Schlagwort: | Bretton Woods; IMF; World Bank; global financial architecture; multilateralism |
Seitenzahl: | 28 |
Institute: | Wirtschaft |
Lizenz (Deutsch): | Einfaches Nutzungsrecht |