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The IMF: A lender of the last resort

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  1. Environmental taxes: Definition, inventory
    1. Context
    2. Goals
    3. Existing environmental taxes
    4. Implementation
  2. Environmental taxes: An effective tool?
    1. An effective tool under certain conditions
    2. Barriers
    3. Recommendations for future action

'The Bretton Woods system is outdated': this was stated by Friedman, the winner of the Nobel Prize in Economics in 1976, he epitomizes the complex history of an institution constantly in search of legitimacy. Successive interventions of the IMF in assisting developing countries in difficulty and the 'containment' of financial crises, have been numerous diatribes of the international community, which equates to a Fund liberalization driven by the consensus of Washington.

Also, its role at the heart of the international monetary system generates constant interest in the world of economics, finance and development. The IMF was initially an agency that guided the centralization and redistribution of resources. It is a monetary institution whose original mandate is to guarantee the stability of the SMI for a harmonious development of the multilateral trading system.

Indeed, its arrival is part of a desire to promote international cooperation and monetary stability of the new global business and economic relations between countries. However, the disintegration of the fixed exchange rate regime in the 1970s as well as changes in the international environment quickly imposed a redefinition of the IMF mission that had lost some of its coherence.

Thus it became successively an issuing agency and a development agency and, more recently, an international lender of the last resort. Today, the Monetary Fund appears as a hybrid and complex institution at the crossroads of four distinct roles, whose responsibilities are not clearly defined.

Also, in a context of financial globalization marked by the international dimension of crises, their recurrence and speed, which require the intervention of an IRP, there is a lot of speculation around the potential role of the IMF in this regard.

For some authors, including M. Aglietta, C. Boissieu and A. J. Schwartz among others, the Fund does not have the vocation of IRDP, while for others, like A. or S. Meltzer Fischer, this institution, which has already proved its effectiveness according to its intervention in the management of financial crises, would find a role to its measurement. A key question arises, given all these debates: Can and should the IMF play the role of IRP?

The phenomenon of financial globalization, which began in the 1970s, called the intervention of an IRP that it is important to outline institutional. In this context, the IMF has increasingly assumed this function at the option of changing conditions not only by successive interventions in Mexico, Asia and Russia in the 1990s but also the development of new borrowing procedures.

But many limitations reflected and appear to compromise its ability to exercise that responsibility. In addition, the IMF, if not the means to intervene effectively as IRDP, still has a role to play in the international prevention and management of financial crises.

Thus, the development of this specification, in terms of industrialized countries and emerging countries in the post-World War II, organized around three parts.

The first will highlight the arguments in favor of implementing the necessary role of international lender of last resort and will show how the Fund has gradually evolved in this direction both in fact and in spirit.

The second part will explain the many limitations that make the IMF an institution to ensure that inappropriate function of IRDP which is essential to the viability of monetary and financial system.

The third part will define the appropriate role of the Fund in the international financial architecture, in the prevention and management of financial crises, as well as reforms of adequate funding.

Tags: IMF; world economy; centralization and redistribution of resources

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