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The International Monetary Fund 50 years after Bretton Woods


  • Norman S. Fieleke


In July 1944 at Bretton Woods, New Hampshire, delegates from 44 nations agreed upon an international monetary system to be established following World War II. At the heart of the system was the International Monetary Fund, which was to foster economic prosperity by promoting international monetary cooperation, orderly exchange-rate arrangements, restriction-free multilateral payments, and efficient balance-ofpayments adjustment. ; This article surveys the functioning of the IMF, focusing on recent experience. The article discusses the means and methods the IMF has employed to achieve its goals and the degree of success it has attained. One conclusion is that the IMF's goals should be expanded to include the abolition of restrictions on payments for international capital, as well as current transactions. In addition, the organization should issue fairly detailed evaluations of its lending activities--which seem to have had very limited success--and of its technical assistance programs.

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  • Norman S. Fieleke, 1994. "The International Monetary Fund 50 years after Bretton Woods," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 17-30.
  • Handle: RePEc:fip:fedbne:y:1994:i:sep:p:17-30

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    References listed on IDEAS

    1. Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
    2. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
    3. Laurence Ball, 1994. "What Determines the Sacrifice Ratio?," NBER Chapters,in: Monetary Policy, pages 155-193 National Bureau of Economic Research, Inc.
    4. Steven J. Davis & John Haltiwanger, 1990. "Gross Job Creation and Destruction: Microeconomic Evidence and Macroeconomic Implications," NBER Chapters,in: NBER Macroeconomics Annual 1990, Volume 5, pages 123-186 National Bureau of Economic Research, Inc.
    5. Caballero, Ricardo J & Hammour, Mohamad L, 1994. "The Cleansing Effect of Recessions," American Economic Review, American Economic Association, vol. 84(5), pages 1350-1368, December.
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