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Does the World Need a Universal Financial Institution?

  • James M. Boughton
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    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?

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/116.

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    Length: 20
    Date of creation: 01 Jun 2005
    Date of revision:
    Handle: RePEc:imf:imfwpa:05/116
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    1. Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "Why Do Countries Float the Way They Float?," Research Department Publications 4205, Inter-American Development Bank, Research Department.
    2. Klingen, Christoph & Weder di Mauro, Beatrice & Zettelmeyer, Jeromin, 2004. "How Private Creditors Fared in Emerging Debt Markets, 1970-2000," CEPR Discussion Papers 4374, C.E.P.R. Discussion Papers.
    3. Anupam Basu & Krishna Srinivasan, 2002. "Foreign Direct Investment in Africa—Some Case Studies," IMF Working Papers 02/61, International Monetary Fund.
    4. World Bank & International Monetary Fund, 2004. "Global Monitoring Report 2004 : Policies and Actions for Achieving the Millennium Development Goals and Related Outcomes," World Bank Publications, The World Bank, number 14924.
    5. Kremer, Michael & Onatski, Alexei & Stock, James, 2001. "Searching for prosperity," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 55(1), pages 275-303, December.
    6. Danny Quah, 1992. "Empirical cross-section dynamics in economic growth," Discussion Paper / Institute for Empirical Macroeconomics 75, Federal Reserve Bank of Minneapolis.
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