[stop-imf] IMF: Does the World Need a Universal Financial Institution?

[robert weissman]

The IMF asks: Does the World Need a Universal Financial Institution?
(ie, the IMF)

The IMF answers: Yes.

Although note this final line: "If an  international agency imposes, or
is perceived as imposing, the will of the powerful upon the  weak, the
benefits of universalism will be sadly diminished."

This is actually from an IMF working paper, and, as the IMF notes,
should not be reported as representing the views of the IMF.

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http://www.imf.org/external/pubs/cat/longres.cfm?sk=18251.0

	Does the World Need a Universal Financial Institution?

Author/Editor: 	Boughton, James M. | International Monetary Fund. Policy
Development and Review Dept.
Authorized for Distribution: 	June 1, 2005
Electronic Access: 	Full Text in PDF format. (PDF file size is 368KB)
Use the free Adobe Acrobat Reader to view this PDF file.

Disclaimer: This Working Paper should not be reported as representing
the views of the IMF. The views expressed in this Working Paper are
those of the author(s) and do not necessarily represent those of the IMF
or IMF policy. Working Papers describe research in progress by the
author(s) and are published to elicit comments and to further debate.

Summary: All financial institutions specialize, in dimensions that may
include categories of assets and liabilities, types of services offered,
customer demographics, and geographic coverage. The International
Monetary Fund is the only international financial institution that is
universal in its geographic scope, prepared to lend on request to
virtually any country in the world. Why has this status come about? What
are its costs and benefits? Is it an appropriate model for a world where
macroeconomic imbalances, financial crises, and disparities in economic
development must compete for attention and resources?

Series: 	Working Paper No. 05/116