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Does the World Need a Universal Financial Institution?

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  • James M. Boughton

Abstract

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?

Suggested Citation

  • James M. Boughton, 2005. "Does the World Need a Universal Financial Institution?," IMF Working Papers 05/116, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:05/116
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    References listed on IDEAS

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    1. Quah, Danny, 1993. "Empirical cross-section dynamics in economic growth," European Economic Review, Elsevier, vol. 37(2-3), pages 426-434, April.
    2. Jeronimo Zettelmeyer & Beatrice Weder & Christoph A Klingen, 2004. "How Private Creditors Fared in Emerging Debt Markets, 1970-2000," IMF Working Papers 04/13, International Monetary Fund.
    3. Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001. "Why do countries float the way they float?," Journal of Development Economics, Elsevier, vol. 66(2), pages 387-414, December.
    4. repec:idb:wpaper:418 is not listed on IDEAS
    5. Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001. "Why do countries float the way they float?," Journal of Development Economics, Elsevier, vol. 66(2), pages 387-414, December.
    6. Anupam Basu & Krishna Srinivasan, 2002. "Foreign Direct Investment in Africa—Some Case Studies," IMF Working Papers 02/61, International Monetary Fund.
    7. 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.
    8. 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.
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    Cited by:

    1. Yilmaz AKYüZ, 2005. "Reforming The Imf: Back To The Drawing Board," G-24 Discussion Papers 38, United Nations Conference on Trade and Development.

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