%0 Journal Article
%T WHY DO BRETTON WOODS¡¯ INSTITUTIONS EXIST AT ALL? THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK HAVE BEEN PART OF THE INTERNATIONAL FINANCIAL SYSTEM/ARCHITECTURE FOR THE PAST SEVEN DECADES
%A Verica Bo£¿i£¿
%J Zbornik Radova Ekonomskog Fakulteta u Isto£¿nom Sarajevu
%D 2012
%I Ekonomski fakultet u Isto?nom Sarajevu
%X Today, the institutions created inBretton Woods, the International Monetary Fund(IMF) and the World Bank, are global institutionsdue to membership that includes almost allcountries (187) in the world. Both institutions arepublic ¨C they are funded by public funds of all themember countries. They were founded and exist dueto a vision of global solidarity ¨C the mutualassistance of all countries in the world. Theprevailing opinion is that the rationale for theseinstitutions¡¯ mandates is generally related to thedeveloping countries. This is true for the WorldBank, provided it finances long-term developmentprojects. However, it is questionable whether thesame may be said for the IMF and its mandate.Since its foundation, the IMF has had a special rolein the international financial system, that ofproviding global public goods - the system stability.At the global level, the IMF is in the best position toperform regular annual surveillance for each of itsmembers. The results of these bilateralconsultations are the IMF¡¯s advice andrecommendations related to adequatemacroeconomic policies that member states shouldimplement domestically, which will at the sametime prevent ¡°beggar your neighbor¡± practices. Asa Stand¨Cby lender, the IMF is ready to provide (ina reasonable short period) financial assistance forall its member countries to address their temporarymacroeconomic imbalances.
%K IMF
%K international financial system/architecture
%K system stability
%K surveillance and structural reforms.
%U http://www.ekofis.org/images/dokumenti/Aktivnosti/zr2012/273-292%20-%20Verica%20Bozic.pdf