IDEAS home Printed from https://ideas.repec.org/p/imf/imfwpa/2004-075.html
   My bibliography  Save this paper

The IMF and the force of History: Ten Events and Ten Ideas that Have Shaped the Institution

Author

Listed:
  • Mr. James M. Boughton

Abstract

The International Monetary Fund was designed during World War II by men whose worldview had been shaped by the Great War and the Great Depression. Their views on how the postwar international monetary system should function were also shaped by their economics training and their nationalities. After the IMF began functioning as an institution, its evolution was similarly driven by a combination of political events (Suez, African independence, the collapse of global communism), economic events (the rising economic power of Europe, the Middle East, and Asia), and trends and cycles in economic theory (the monetary approach to the balance of payments, new classical economics, the rise and fall of the Washington Consensus). As they happened, these forces had effects that were perceived as adaptations to current events and new ideas within a fixed institutional structure and mandate. The cumulative effect of history on the institution has been rather more profound and requires a longer and larger perspective.

Suggested Citation

  • Mr. James M. Boughton, 2004. "The IMF and the force of History: Ten Events and Ten Ideas that Have Shaped the Institution," IMF Working Papers 2004/075, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2004/075
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=17199
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mario I. Blejer & Alfredo M. Leone & Pau Rabanal & Gerd Schwartz, 2002. "Inflation Targeting in the Context of IMF-Supported Adjustment Programs," IMF Staff Papers, Palgrave Macmillan, vol. 49(3), pages 1-2.
    2. International Monetary Fund, 1987. "Theoretical Aspects of the Design of Fund-Supported Adjustment Programs," IMF Occasional Papers 1987/007, International Monetary Fund.
    3. Mr. Aasim M. Husain & Mr. Ashoka Mody & Nienke Oomes & Mr. Robin Brooks & Mr. Kenneth Rogoff, 2003. "Evolution and Performance of Exchange Rate Regimes," IMF Working Papers 2003/243, International Monetary Fund.
    4. Crucini, Mario J. & Kahn, James, 1996. "Tariffs and aggregate economic activity: Lessons from the Great Depression," Journal of Monetary Economics, Elsevier, vol. 38(3), pages 427-467, December.
    5. Anonymous, 1956. "International Monetary Fund," International Organization, Cambridge University Press, vol. 10(2), pages 318-319, May.
    6. David Laidler & Roger Sandilands, 2002. "An Early Harvard Memorandum on Anti-Depression Policies: An Introductory Note," History of Political Economy, Duke University Press, vol. 34(3), pages 515-532, Fall.
    7. International Monetary Fund, 1983. "World Economic Outlook," IMF Occasional Papers 1983/004, International Monetary Fund.
    8. Michael D. Bordo & Barry Eichengreen, 1998. "Implications of the Great Depression for the Development of the International Monetary System," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 403-454, National Bureau of Economic Research, Inc.
    9. Carare, Alina & Stone, Mark R., 2006. "Inflation targeting regimes," European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.
    10. Mr. Andrew Berg & Mr. Paolo Mauro & Mr. Michael Mussa & Mr. Alexander K. Swoboda & Mr. Esteban Jadresic & Mr. Paul R Masson, 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy," IMF Occasional Papers 2000/011, International Monetary Fund.
    11. Mr. Mark Zelmer & Ms. Andrea Schaechter, 2000. "Adopting Inflation Targeting: Practical Issues for Emerging Market Countries," IMF Occasional Papers 2000/017, International Monetary Fund.
    12. Jacques J. Polak, 1994. "Economic Theory And Financial Policy," Books, Edward Elgar Publishing, volume 0, number 361.
    13. Anonymous, 1965. "International Monetary Fund," International Organization, Cambridge University Press, vol. 19(4), pages 1052-1056, October.
    14. Anonymous, 1956. "International Monetary Fund," International Organization, Cambridge University Press, vol. 10(3), pages 483-483, August.
    15. Mr. James M. Boughton, 2002. "Why White, Not Keynes? Inventing the Post-War International Monetary System," IMF Working Papers 2002/052, International Monetary Fund.
    16. Boughton, James M, 2000. "From Suez to Tequila: The IMF as Crisis Manager," Economic Journal, Royal Economic Society, vol. 110(460), pages 273-291, January.
    17. Williamson, John, 2000. "What Should the World Bank Think about the Washington Consensus?," The World Bank Research Observer, World Bank, vol. 15(2), pages 251-264, August.
    18. Anonymous, 1956. "International Monetary Fund," International Organization, Cambridge University Press, vol. 10(1), pages 203-206, February.
    19. Stanley Fischer, 2003. "Globalization and Its Challenges," American Economic Review, American Economic Association, vol. 93(2), pages 1-30, May.
    20. Karl Brunner, 1968. "The role of money and monetary policy," Review, Federal Reserve Bank of St. Louis, vol. 50(Jul), pages 8-24.
    21. Michael D. Bordo & Claudia Goldin & Eugene N. White, 1998. "The Defining Moment: The Great Depression and the American Economy in the Twentieth Century," NBER Books, National Bureau of Economic Research, Inc, number bord98-1.
    22. Andrew D. Crockett & Owen J. Evans, 1980. "Demand for Money in Middle Eastern Countries (La demande de monnaie dans les pays du Moyen-Orient) (Demanda de dinero en países del Oriente Medio)," IMF Staff Papers, Palgrave Macmillan, vol. 27(3), pages 543-577, September.
    23. Dornbusch, Rudiger, 1976. "Exchange rate expectations and monetary policy," Journal of International Economics, Elsevier, vol. 6(3), pages 231-244, August.
    24. Michael Bruno & Jeffrey D. Sachs, 1985. "Economics of Worldwide Stagflation," NBER Books, National Bureau of Economic Research, Inc, number brun85-1.
    25. Anonymous, 1956. "International Monetary Fund," International Organization, Cambridge University Press, vol. 10(4), pages 636-639, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lauren Hackler & Frank Hefner & Mark D. Witte, 2020. "The Effects of IMF Loan Condition Compliance on GDP Growth," The American Economist, Sage Publications, vol. 65(1), pages 88-96, March.
    2. Graham Bird, 2007. "The Imf: A Bird'S Eye View Of Its Role And Operations," Journal of Economic Surveys, Wiley Blackwell, vol. 21(4), pages 683-745, September.
    3. Christoph Moser & Jan-Egbert Sturm, 2011. "Explaining IMF lending decisions after the Cold War," The Review of International Organizations, Springer, vol. 6(3), pages 307-340, September.
    4. Cedrini Mario, 2007. "Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes," CESMEP Working Papers 200708, University of Turin.
    5. Akram, Q. Farooq, 2011. "Policy analysis in real time using IMF's monetary model," Economic Modelling, Elsevier, vol. 28(4), pages 1696-1709, July.
    6. Janusz Sawicki, 2011. "Debt Reduction in the Eurozone," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 7-8, pages 1-20.
    7. Shim, Ilhyock & Sharma, Sunil & Chami, Ralph, 2008. "A Model of the IMF as a Coinsurance Arrangement," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 2, pages 1-41.
    8. Manuelito, Sandra & Sáinz, Pedro, 2006. "Relative prices in Latin America in periods of low inflation and structural change," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    9. Albertina Nania, 2022. "Redesigning the International Monetary System. Intellectual Influences and the Return of the Special Drawing Rights: An Open Issue," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2022(2), pages 123-129.
    10. Mr. Eugenio M Cerutti, 2007. "IMF Drawing Programs: Participation Determinants and Forecasting," IMF Working Papers 2007/152, International Monetary Fund.
    11. Mr. Jonathan David Ostry & Mr. Jeromin Zettelmeyer, 2005. "Strengthening IMF Crisis Prevention," IMF Working Papers 2005/206, International Monetary Fund.
    12. Ben Clift & Jim Tomlinson, 2012. "When rules started to rule: the IMF, neo-liberal economic ideas and economic policy change in Britain," Review of International Political Economy, Taylor & Francis Journals, vol. 19(3), pages 477-500, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mr. James M. Boughton, 2006. "American in the Shadows: Harry Dexter White and the Design of the International Monetary Fund," IMF Working Papers 2006/006, International Monetary Fund.
    2. Michael Michaely, 1971. "An Over-all View of Policy Patterns," NBER Chapters, in: The Responsiveness of Demand Policies to Balance of Payments: Postwar Patterns, pages 30-70, National Bureau of Economic Research, Inc.
    3. Kathryn M.E. Dominguez, 1993. "The Role of International Organizations in the Bretton Woods System," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 357-404, National Bureau of Economic Research, Inc.
    4. Ashoka Mody & Diego Saravia, 2009. "From Crisis to IMF-Supported Program: Does Democracy Impede the Speed Required by Financial Markets?," Working Papers Central Bank of Chile 513, Central Bank of Chile.
    5. Maurice Obstfeld, 2009. "International Finance and Growth in Developing Countries: What Have We Learned?," NBER Working Papers 14691, National Bureau of Economic Research, Inc.
    6. Kristin Forbes & Ida Hjortsoe & Tsvetelina Nenova, 2017. "Current Account Deficits During Heightened Risk: Menacing or Mitigating?," Economic Journal, Royal Economic Society, vol. 0(601), pages 571-623, May.
    7. Javier G. Gómez-Pineda, 2016. "La flotación de 1957 y la estabilidad macroeconómica," Borradores de Economia 938, Banco de la Republica de Colombia.
    8. Kwabena Asomanin Anaman & Irene Susana Egyir, 2019. "Economic Shocks and the Growth of the Construction Industry in Ghana Over the 50-Year Period From 1968 to 2017," Research in World Economy, Research in World Economy, Sciedu Press, vol. 10(1), pages 1-16, June.
    9. Eman Khorsheed, 2020. "The Impact of Women Parliamentarians on Economic Growth: Modelling & Statistical Analysis of Empirical Global Data," International Journal of Statistics and Probability, Canadian Center of Science and Education, vol. 9(3), pages 1-23, May.
    10. Alexandre Rands Barros, 2005. "The Impact Of State Owned Banks On Interest Rates Spread," Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33rd Brazilian Economics Meeting] 041, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    11. Mr. Philip R. Gerson, 1998. "The Impact of Fiscal Policy Variables on Output Growth," IMF Working Papers 1998/001, International Monetary Fund.
    12. Luis Vildosola, 2004. "Modelo para valorar la atribución de Sustentabilidad," GE, Growth, Math methods 0401001, University Library of Munich, Germany.
    13. Fitawek, Wegayehu, 2016. "The Effect Of Export Tax On The Competitiveness Of Ethiopia’S Leather Industry," Research Theses 265673, Collaborative Masters Program in Agricultural and Applied Economics.
    14. Ella Kavanagh, 2018. "Evolving Central Bank thinking: the Irish Central Bank, 1943-69," Working Papers 18022, Economic History Society.
    15. David James Gill, 2015. "Rating the UK: the British government's sovereign credit ratings, 1976–8," Economic History Review, Economic History Society, vol. 68(3), pages 1016-1037, August.
    16. Javier G. Gómez-Pineda, 2016. "Inflación de costos: las devaluaciones de los años cincuenta y el brote populista de 1963," Borradores de Economia 924, Banco de la Republica de Colombia.
    17. Mark Horridge & Elizabeth L. Roos, 2021. "Effect of Gas Subsidies In Indonesia," Centre of Policy Studies/IMPACT Centre Working Papers g-317, Victoria University, Centre of Policy Studies/IMPACT Centre.
    18. Elsadig Musa Ahmed, 2008. "Foreign Direct Investment Intensity Effects On Tfp Intensity Of Asean 5 Plus 2," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 33(2), pages 155-166, December.
    19. repec:aer:wpaper:193 is not listed on IDEAS
    20. Christopher Bajada, 2002. "Estimating The Uses Of Currency In Australia," Economic Papers, The Economic Society of Australia, vol. 21(3), pages 14-30, September.
    21. Ukpe, Udeme Henrietta & Djomo, Choumbou Raoul Fani & Filli, Fave Bulus & Osayi,Chinwe Prisca, 2020. "Will Public External Debt And Private Investment Sustain Agricultural Growth In Nigeria? A Monte Carlo Simulation Approach," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 5(2), pages 24-31, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:2004/075. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.