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GEOG 216 (241)

International Financial Institutions

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McGill University
GEOG 216
Geraldine Akman

International Financial Institutions International Monetary Fund and the World Bank - IMF: IFI attempts to promo monetary cooperation + stability globally - Refl style of wealthy nats, goal is to make world capitalist - Facilitates internat trade - Helps nats adjust to temp internat payment probs - Ex: offers shorter-term loans + tech assistance for monetary management - WB: IFI est to provide longer-term loans for partic projects @commercial rate Stabilization Policies and Structural Adjustment Programs Main Objectives, Stabilization and Adjustment Measures - IMF + WB rescue package  stabilization policies + SAPs - Increase economic efficiency + restore growth - Slows debtor nats to rewrite/reschedule debts if they:  Invoke austerity programs  Decrease size of civil service + public spending  Reduce gov intervention in economy  Privatize commercial sector, deregulate + liberalize economy  Expand exports + reduce imports to have more foreign revenue to make payments on interest + principal of their debt  Devalue domestic currencies, reduce tariffs + protectionist policies - Intended long-term effect: - Increase influ of market forces relative to state - Open currencies to unrestricted spatial competition globally - Negative impacts: - Decreased essential imports (ex: food) - Decreased essential subsidies for firms - Maj public/private sector job loss - Increased vulnerability of populations - Econ + poli turmoil Position of Countries in the World Economy - Power of sovereign states - To
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