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Reforming IMF — from Fire Fighting to Fire Prevention

In: Destructive Creativity Of Wall Street And The East Asian Response

Author

Listed:
  • Michael Siam-Heng Heng

    (East Asian Institute, National University of Singapore, Singapore)

  • Tai Wei Lim

    (East Asian Institute, National University of Singapore, Singapore)

Abstract

The International Monetary Fund (IMF) was established as part of the Bretton Woods institutions designed at the end of the World War II to deal with global economic matters. The other two were the World Bank and General Agreement on Tariff and Trade (GATT). Between them, they aim to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty. More specifically, the explicit raison d'être of the IMF is to provide financial assistance to countries that suffer serious balance-of-payment difficulties. It is interesting to note that the Fund behaves like an onlooker in the current crisis (at least until mid-October 2008), unlike that overworked participant in the Asian financial crisis…

Suggested Citation

  • Michael Siam-Heng Heng & Tai Wei Lim, 2009. "Reforming IMF — from Fire Fighting to Fire Prevention," World Scientific Book Chapters, in: Destructive Creativity Of Wall Street And The East Asian Response, chapter 7, pages 51-55, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814273794_0007
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