世界经济教学资料-6-international-institutions课件

InternationalinstitutionsIntroductionBreakwiththeeconomicnationalismandisolationismafterWWIIintheUS&BritainPositivepoliticalsideBritishdelegatesledbyKeynes&LordHalifax—USexpertsbyHarryDexterWhiteBrettonWoodsinNewHampshirein1944

BrettonWoodsagreementSetupIMF&IBRDorWorldBankTheobjectiveofBrettonWoodssth.lessthanthereconstructionofamultilateralsystemofworldtradeandpayment;butsthlessthanfreetrade(reducetariffstomoderatelevels&madenon-discriminatory)

BrettonWoodsagreementConferenceitself–UN-sponsoredmonetary&financialconferenceButtwohostilecampsdividedwithinUNby1947theUS&herEuropeanallies—theSovietblocBrettonWoodsagreementOnecountry,onevoteintheUNVotesweightedaccordingtothefinancialcontributionofthemembercountryintheIMF&WorldBankTheIMFThequotasystemeachmember’ssubscriptionbasedonitsnationalincome25%--intheformofwidelyacceptedforeigncurrencies(?);75%--inthecountry’sowncurrency;reviewedevery5years;IMF–alargeholderofgoldreservesObjectivesoftheIMFConvertibilityTheexchangerateregimeBalanceofpaymentsadjustmentReserveassets(firstSDRs–in1970)InternationalmanagementChangesintheroleoftheIMFBreakdownoftheBrettonWoodssysteminearly1970sFixedexchangeratesfloatingofallmajorcurrenciesby1973asystemofmanagedflexibilityby1978Centralbanks—responsibleforthe3objectivesReducedroleoftheIMFStillhadaroletoplayinrelationtoconvertibility,exchangerates&balanceofpaymentsadjustmentResponsibilityofensuringthat--notengageindestabilisingspeculationoverexchangerates;--notattempttoinfluenceartificiallythevalueofexchangeratesinordertogainatradingadvantageLendingreserveassetsLoansintheformofthecurrenciessuppliedbyfinanciallystrongcountries(euro,dollar,sterling&SDRs)andbyborrowingLoansprovidedunderan‘arrangement’--conditionality

Mainfacilitiesavailablein2001Povertyreductionandgrowthfacility(PRGF)forlow-incomecountries,5-10yearsat0.5%interestrateStand-byarrangement(SBA)short-termfinancetomeetbalanceofpaymentproblems,2-4yearsatamarket-relatedinterestrateMainfacilitiesavailablein2001Compensatoryfinancefacility(CFF)oneoftheoldestforms,assistingcountriessufferinganunexpectedfallinexportearningsSupplementalreservefacility(SRF)introducedin1997forlarge-scalefinancingforcountriessufferingfrommassivecapitaloutflow,1-1.5yearwithhighinterestrateMainfacilitiesavailablein2001Contingentcreditlines(CCL)introducedin1999tohelpacountryavoid‘financialcontagion’,byboostingconfidenceintheeconomyshort-termloansMeasuresforexportdiversificationIncreaseinterestrateImprovethequalityofeducationGovernment-guidedmanagementsystemCombinationofeconomicgrowth&reasonabledistributionofincomeInternationalmanagementtheIMFsupportsconsultationandcollaborationamongmembercountriesTwomajorgroupsG-7;G-20GroupofsevenCanada,France,Germany,Italy,Japan,UnitedKingdom,UnitedStatesGroupoftwentyArgentinaAustralia,BrazilCanadaChinaFranceGermanyIndiaIndonesiaItalyJapanKoreaMexicoRussiaSaudiArabiaSouthAfricaTurkeyUnitedKingdomUnitedStatesEuropeanUnioneuroareaReformoftheIMFFocusesofcriticismlendingpolicies;managementroleStiglitzonreformoftheIMFTodisclosethepovertyandunemploymentimpactofitsconditionalityrequirementTopaymoreattentiontoimprovingsafetynetsinvulnerablecountriesBailoutsreasonable?ResponsestofinancialcrisesinLDsandtransitioneconomiesneedtobeplacedwithinthesocialandpoliticalcontextTheWashingtonconsensusTheemphasisison‘market-friendly’economicreform.FortheIMFthemostimportantaspectsofreformarestillgearedtostabilization,i.e.Fiscalandmonetaryausterity;Exchangerateliberalisation;Relaxationofcontrolsontrade;RelaxationofcontrolsoncapitalmovementsTheWorldBankThreeorganizationstheInternationalFinanceCorporation;theInternationalDevelopmentAgency(IDA);theInvestmentGuaranteeAgencyObjectivesoftheWorldBankChangedsubstantiallysinceitsfoundingtofinancepost-warreconstructionincontinentalEuropegrantingloanstoLDsItborrowsonworldmarketsandlendstoneedycountriesfordevelopmentpurposes.ObjectivesoftheWorldBankTheoreticaldifferenceoftheIMF&WBWB--theinstitutionwhichprovideslong-termdevelopmentfinancefordevelopingandtransitioneconomiesatrelativelylowratesofinterest;IMF–theinstitutionwhichprovidesdevelopingandtransitionalcountrieswithshort-termfinancetotideoverbalanceofpaymentsproblems.ObjectivesoftheWorldBankInpractice,veryblurreddistinctionmoveawayfromprovidingfinanceforspecificprojectsandtowardsstructuraladjustmentlendinginLDsandtransitioneconomiesconditionaloncertainpoliciesObjectivesoftheWorldBankProblemswiththeconditionsfailedtocomply;anegativeeffectonlong-termgrowth;postponemakingdifficultdecisions;ratesofreturn,performedworseThedebtproblem

FormsfordebtreliefinitiativesDebtreductionDebtreliefDebtforgivenessTheWB’scomprehensivedevelopmentframeworkRequirepartnershipLocalizationUrbanizationDevelopmentchallenges,principallypoverty,hunger,ill-health,lackofhousing&illiteracyTheUNandhumandevelopmentUNDP(theUnitedNationDevelopmentProgramme)annualHumanDevelopmentReportsTheUNandhumandevelopmentDevelopmentashumandevelopmentgoods-oriented----people-oriented

TheUNandhumandevelopmentAchangeinthephilosophyofdevelopmentpolicytoreflecthumandimensionfreetoexercisechoiceandtoparticipateindecision-making;aneedtofocusoncapability;seepeopleasbeneficiariesofdevelopment;policy-makersshouldbeculturallysensitive;highlighttheroleofwomenTheUNandhumandevelopmentNewchallengestohumandevelopmentHIV/AIDS;cr