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Crisis Prevention Through Global Surveillance: A Task Beyond the Imf (International Monetary Fund) (Essay)

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eBook details

  • Title: Crisis Prevention Through Global Surveillance: A Task Beyond the Imf (International Monetary Fund) (Essay)
  • Author : The Cato Journal
  • Release Date : January 22, 2010
  • Genre: Politics & Current Events,Books,
  • Pages : * pages
  • Size : 263 KB

Description

In early 2008, the future of the International Monetary Fund was in doubt. The world was awash with dollars since the United States ran an enormous current account deficit, the mirror image of which was trade surpluses in most other countries. Hence, few countries had balance of payments problems, and the IMF had few borrowers. IMF income was insufficient to meet its costs, and so it retrenched hundreds of economists, and both its relevance and legitimacy were questioned. (1) But that episode now looks like a temporary historical blip. After the collapse of Lehman Brothers--and the global financial system--in September 2008, the IMF was suddenly in more demand by governments than ever before to help finance stricken countries across continents. The G20 agreed to triple IMF resources to $750 billion, the four BRICs (Brazil, Russia, India, and China) agreed to subscribe to the IMF's first bond issue of $80 billion, and India has bought 200 tons of IMF gold. So an IMF role seems assured in future crises. Yet, in between crises, the role of the IMF may be more limited than ever before. Global capital movements--and even labor remittances from overseas--now dwarf the IMF's resources. For instance, India's biggest-ever loan from the IMF was $4 billion in 1991. But net capital inflows were $25.5 billion in 2005-06, $45.2 billion in 2006-07, and $107.9 billion in 2007-08. Labor remittances alone fetched India $46 billion in 2007-08 and $44 billion in 2008-09.


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