国际货币基金组织

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出自 MBA智库百科(https://wiki.mbalib.com/)

(International Monetary Fund,IMF)

国际货币基金组织(International Monetary Fund,IMF)

官方网站: http://www.imf.org/ 英文

目录

国际货币基金组织简介

  IMF即国际货币基金组织(International Monetary Fund)的缩写。根据1944年7月44个国家在美国新罕布什尔州布雷顿森林达成的《国际货币基金协定》,于1946年3月正式成立。1980年4月17 日,IMF正式决定恢复中国的合法席位。到2007年1月18日为止,基金组织成员国已达185个国家(黑山共和国(Montenegro)于2007年1月18日加入,成为第185位成员国)。其宗旨是促进成员国在国际货币问题上的磋商与协作;促进汇率的稳定和有秩序的汇率安排,从而避免竞争性的汇率贬值;为经常项目收支建立一个多边支付和汇兑制度,消除外汇管制;提供资金融通,缓解国际收支不平衡;促进国际贸易的发展,实现就业和实际收入水平的提高及生产能力的扩大。其职能为汇率监督、资金融通、提供国际货币合作协商的场所。IMF的最高决策机构是理事会,日常行政工作由执行董事会负责。基金组织的份额由特别提款权(SDR)表示,份额的多少同时决定了在IMF的投票权。

国际货币基金的宗旨

  在于建立一永久性的国际金融合作机构,促进国际金融合作,以维持汇率的安定,扩展国际贸易,提高就业水平与实质国民所得,并以资金供给会员国,调节会员国国际收支的暂时性不平衡。

国际货币基金的权利

  国际货币基金为推行国际间货币合作的永久性机构,属于联合国的社会经济委员会。基金会的最高权力机构为理事会,每个会员国均可派任理事一名,通常由各该国的财政部长或中央银行总裁参加担任。理事会每年在9月至10月间召开一次。至于经常处理基金会业务者,则为执行董事会,其名额现为20名。执行董事的产生方法,凡基金会员国中,摊额最大的5个国家各可指派一名,而其余摊额较小的国家,必须联合若干国家选出一名。

  摊额与表决权:国际货币基金(IMF)规定每一会员国应根据其经济的重要性(国民所得及贸易额),向基金缴纳一定摊额(Quota)的资金,以供基金运用。此一摊额必须以黄金或可自由兑换货币(如美元)与本国货币缴纳。以黄金或可自由兑换货币缴纳部分,应等于一国摊额的25%,或该国当时国际准备持有额的10%,而以其中较少者为准。自1970年特别提款权实施后,各会员国的摊额,须经总投票权85%的同意,才能变更。

  至于各会员国的表决权,则以各会员国所认定的摊额为标准。每一会员国各具有250票基本表决权。此外,每10万美元摊额可增一票表决权。

  1976年3月22日,国际货币基金第6次决定增资,于1978年4月1日正式实施。基金总额增资约33.6%,自292亿特别提款单位增至 390亿单位。同年9月24日,其临时委员会又决定:①基金增资50%;②在1979年至1981年3年间,每年发行特别提款权40亿单位。

  基金的增资,在于扩充基金所能运用的资金总额。在基金会员国家而言,增资的结果可使其基金融通的额度增大。因此,增资以后,国际上的流通性就趋扩充,至于新创造特别条款,也在增加国际流动性

国际货币基金组织的结构[1]

  iMF的组织结构由理事会、执行董事会、总裁和常设职能部门等组成。

  1.理事会(board of governors)

  理事会是IMF的最高决策机构,由各成员国各派一名理事、一名副理事组成,任期5年。理事通常由该成员国的财政部长或中央银行行长担任,有投票表决权。副理事在理事缺席时才有投票权。理事会的主要职权是:批准接纳新的成员国;批准IMF的份额规模与特别提款权的分配,批准成员国货币平价的普遍调查;决定成员国退出IMF;讨论有关国际货币制度的重大问题。理事会通常每年开一次年会,一般同世界银行理事会年会联合举行。

  2.执行董事会(executive board)

  执行董事会是IMF负责处理日常业务工作的常设机构,由22名执行董事组成,任期2年。执行董事包括指定与选派两种。指定董事由持有基金份额最多的5 个成员国即美、英、德、法、日各派一名,中国与沙特阿拉伯各派一名。选派董事由其他成员国按选区轮流选派。执行董事会的职权主要有:接受理事会委托定期处理各种政策和行政事务,向理事会提交年度报告,并随时对成员国经济方面的重大问题,特别是有关国际金融方面的问题进行全面研究。执,行董事会每星期至少召开三次正式会议,履行基金协定指定的和理事会赋予它的职权。当董事会需要就有关问题进行投票表决时,执行董事按其所代表的国家或选区的投票权进行投票。

  在执行董事会与理事会之间还有两个机构,:一是国际货币基金组织理事会关于国际货币制度的临时委员会,简称“临时委员会”(interim committee);二是世界银行和国际货币基金组织理事会关于实际资源向发展中国家转移的联合部长级委员会,简称“发展委员”(development committee)。两个委员会每年开会2~4次,讨论国际货币体系与开发援助等重大问题,其通过的决议最后往往就是理事会的决议。

  基金组织除理事会、执行董事会、临时委员会和发展委员会外,其内部还有两大利益集团,即“七国集团”(代表发达国家利益)和“廿四国集团”(代表发展中国家利益),以及其他常设职能部门。

  3.总裁(managing director)

  总裁是IMF的最高行政长官,其下设副总裁协助工作。总裁负责管理IMF的日常事务,由执行董事会推选,并兼任执行董事会主席,任期5年。总裁可以出席理事会和执行董事会,但平时没有投票权,只有在执行董事会表决双方票数相等时,才可以投决定性的一票。

  4.常设职能部门

  IMF设有16个职能部门,负责经营业务活动。此外,IMF还有2个永久性的海外业务机构,即欧洲办事处(设在巴黎)和日内瓦办事处。

国际货币基金组织的资金来源[2]

  IMF的资金主要来源于成员国缴纳的份额、借款、捐款、出售黄金所得的信托基金以及有关项目的经营收入。

  1、份额(quota)

  份额,是指成员国参加IMF时所要认缴的一定数额的款项。股份公司,份额尤如股份,一旦认缴就成为IMF的财产。IMF以份额作为其资金的基本来源,并用于对成员国的资金融通。份额按规定每5年左右进行一次调整与扩大,迄今已达9次。1992年调整扩大后,份额总计为1420.203亿特别提款权。

  份额是根据成员国的国民收入、黄金和外汇储备、进出口贸易及其他经济指标来决定的,具体是按一套较为复杂的方法计算出的。

  份额的作用是多方面的,它既是IMF的最大资金来源,也是决定成员国国投票权、借款权的最主要因素。IMF的一切活动都与成员国交纳的份额相联系,重大问题要有80%以上的票数通过,甚至要求85%以上的票数。IMF规定,每一成员国有250份基本票,这部分代表国家的主权。然后按成员国所认缴份额的量,每10万特别提款权折合一票,成员国认缴的份额越多,所获票数也就越多,表决权也就越大。目前,从总体上看,发达国家认缴的份额最多,截至1992年底,仅美、德、日、法、英5国,所认缴的份额就占总额的40.7%,其中美国就占了18.68%。因此,尽管包括美国在内的发达国家在IMF扩资后所认缴的份额有所下降,但其影响力并未削弱,可以说,IMF实际上为发达国家尤其美国所控制。发展中国家所认缴的份额占37.74%,其中我国仅占2.38%,因此,发展中国家在IMF中的发言权仍受到制约。

  2、借款

  借款是IMF的另一个主要的资金来源。这种借款是在IMF与成员国协议前提下实现的,主要形式有:(1)借款总安排,1962年与“七国集团”签订,总额60亿美元,以应付成员国临时性困难;(2)补充资金贷款借款安排,1979年与13个成员国签订;(3)扩大资金贷款借款安排,1981年5月与一些官方机构签汀。此外,IMF还与成员国签订双边借款协议,以扩大资金来源。

  3、出售黄金

  1976年1月,IMF决定将其所持有的黄金的1/6即2 500万盎司,分4年按市价出售,以所得的收益中的一部分,作为建立信托基金的一个资金来源,用以向最贫穷的成员国提供信贷。

国际货币基金组织的主要业务[3]

  1、汇率监督

  为了保证有秩序的汇兑安排和汇率体系的稳定,取消不利于国际贸易的外汇管制,防止成员国操纵汇率或采取歧视性的汇率政策以谋求竞争利益,IMF对成员国的汇率政策进行监督。这种监督有两种形式:

  (1)在多边基础上的监督。IMF通过分析发达国家的国际收支和国内经济状况,评估这些国家的经济政策和汇率政策对维持世界经济稳定发展的总体影响。

  (2)在个别国家基础上的监督。主要是检查各成员国的汇率政策是否符合基金协定所规定的义务和指导原则。近年来,随着成员国经济往来中依赖性的增强、国际经济一体化国际资本流动的加速以及国际金融市场的动荡,第一种形式显得越来越重要。

  根据基金组织协定第四条第三款,汇率监督有三个主要的指导原则:

  (1)成员国应避免为了调整本国的国际收支,或为了取得对其他成员国的不公平的竞争优势操纵汇率或国际货币体系;

  (2)成员国在必要时应干预外汇市场,以应付混乱局面,尤其是本国货币汇率出现的破坏性的短期波动;

  (3)成员国在采取干预政策时,应考虑其他成员国的利益,包括其货币受到干预的国家的利益。

  近几年,尤其是墨西哥发生货币危机以来,IMF扩大了监管活动范围,关注成员国经济数据的质量和这些数据的适时公布情况,关注成员国金融制度的效率和能力以及私人资本的稳定性,并通过对可能出现的问题提出警告来防止金融和经济危机的发生。

  2、磋商与协调

  为了能够履行监督成员国汇率政策的责任,了解成员国的经济发展状况和政策措施,迅速处理成员国申请贷款的要求,IMF按基金协定规定,每年原则上应与成员国进行一次磋商,对成员国的经济、金融形势和政策作出评价。这种磋商在IMF专家小组与成员国政府官员之间进行。其过程是专家小组首先了解有关的统计资料,如贸易收支物价水平失业率利率货币供应量等,然后与政府高层官员讨论经济政策的效果及欲进行的调整措施,预测国内外经济发展的前景。讨论后,专家小组写出报告,供执行董事会磋商、讨论与分析成员国经济时使用,并发表在一年两期的《世界经济展望》和年度报告《国际资本市场》刊物上。

  3、金融贷款

  金融贷款是IMF的一个主要业务活动,其形式多种多样,条件很严格,特点十分明显。现具体介绍如下:

  (1)IMF贷款的特点

  根据IMF协定的规定,当成员国发生国际收支不平衡时,1MF对成员国提供短期信贷。这些贷款具有下列特点:①贷款对象限为成员国政府,IMF只同成员国的财政部、中央银行及类似的财政金融机构往来;②贷款用途只限于解决短期性的国际收支不平衡,用于贸易和非贸易的经常项目的支付;③贷款期限限于短期,属短期贷款;④贷款额度是按各成员国的份额及规定的各类贷款的最高可贷比例,确定其最高贷款总额;⑤贷款方式是根据经磋商同意的计划,由借款成员国使用本国货币向基金组织购买其他成员国的等值货币(或特别提款权),偿还时,用特别提款权或IMF指定的货币买回过去借用时使用的本国货币(一般称为购回)。

  (2)IMF贷款的分类

  IMF贷款的种类是有所发展的。早期的基金组织的贷款一般推行“一个窗口”的办法,到1963年推出补偿贷款,1969年间再打开第三个贷款窗口-- 缓冲库存贷款,1974年再设立中期贷款,创办石油贷款等第四个经常性窗口。80年代后,除了1979年设立补充贷款外,从1981年起,不但着手制定并推行扩张信贷政策,扩大补偿贷款的范围,而且改进贷款条件,新增“储备份额”贷款(不必购回)优惠,将成员国借债限额扩大到该成员国份额的200%等。 IMF的贷款分为以下几种:

  ①普通贷款(normal credit tranches)。亦称普通提款权,是IMF最基本的贷款,期限不超过5年,主要用于成员国弥补国际收支逆差。贷款最高额度为成员国所缴份额的 125%。贷款分两部分,即储备部分贷款和信用部分贷款。前者占成员国份额的25%,成员国提取这部分贷款是无条件的,也不需支付利息,但须用外汇或特别提款权缴纳的份额作保证;后者占成员国缴纳份额的100%,共分四个档次,每档为份额的25%,成员国申请第一档贷款比较容易获得,一般只需制定出借款计划便可得到批准,而二至四档属高档信用贷款,贷款条件较严格,成员国要借取就必须提供全面、详细的财政稳定计划,而且在使用时还必须接受IMF的监督。

   ②中期贷款(亦称扩展贷款)(extended credit)。这是1974年设立的,用于成员国因在生产、贸易等方面存在结构性问题而进行较长期调整的一项专用贷款。其最高贷款额度为借款成员国份额的140%,备用期3年,提款后第4年开始偿还,10年内还清。

  ③出口波动补偿贷款(compensatory financing facility或compensatory financing of export fluctuations)。设立于1963年2月,最初规定,当成员国因自然灾害等无法控制的客观原因造成初级产品出口收入下降,从而发生国际收支困难时,在原有的普通贷款以外,可另行申请此项专用贷款。1981年5月又规定,当成员国粮食进口价格超过前5年的平均价格而造成国际收支困难时,也可申请补偿贷款。该贷款最高限额为成员国份额的100%,贷款期限3~5年。1988年8月IMF再次通过了一个修改方案,将应急机制结合进原来的补偿贷款,并把贷款名称更改为补偿与应急贷款。成员国在执行IMF支持的经济调整计划中,如遇突发性、临时性的经济因素而造成经常项目收支偏离预期调整目标时,可申请该项贷款。这里突发性的经济因素主要是指出口收入、进口价格及国际金融市场利率等。该贷款最高限额为份额的95%,如果成员国仅具备申请补偿性融资的条件,则最高限度为份额的65%,仅具备申请应急融资的条件,则最高贷款额为份额的30%。

  ④缓冲库存贷款(buffer stock financing facility)。设立于1969年6月,是一种为帮助初级产品出口国家维持库存从而稳定物价而发放的贷款。贷款的额度最高为成员国份额的50%,期限 3~5年。

  ⑤石油贷款(oil facility)。是1974年6月至1976年5月期间,专门为解决因中东战争后石油涨价而引起的国际收支困难的资金需要而设立的一种临时性贷款。

  ⑥信托基金贷款(trust fund)。设立于1976年1月,用于援助低收入的发展中国家。低收入发展中国家的标准是:1973年人均国民收入不足300特别提款权单位。此项贷款现已结束。

   ⑦补充贷款(supplementary financing facility)。设立于1977年4月,目的是为了帮助成员国解决庞大的、持续的国际收支逆差。贷款期限3年半至7年,最高借款额为成员国份额的 140%。1981年4月,该贷款全部承诺完毕。1985年5月,IMF实施扩张借款政策,提供扩大贷款,其目的和内容与补充贷款相似。该政策规定,贷款额度最高为一年不超过份额的95%~115%,或3年不超过份额的280%一345%。

  ⑧结构调整贷款(structural adjustment facility)。该贷款于1986年3月设立,旨在帮助低收入发展中国家通过宏观经济调整,解决国际收支长期失衡的问题。贷款条件优惠,年利率仅为 0.5%~1%,期限一般为10年,且有5年宽限期,贷款最高限额为份额的70%。成员国要获取该贷款,必须有详细的经济调整计划,并且由IMF或世界银行工作人员参与计划的制定,最后由IMF核定批准。为了增强对低收入成员国的资金援助,IMF于1987年12月增设了“扩大的结构调整贷款”,其目的和条件与上述结构调整贷款基本-致,但贷款额扩大了,最高贷款额可达份额的250%,在特殊情况下还可提高到份额的350%。但IMF对借款国经济结构改革的计划要求较高,对贷款效果的监督也较严格。低收入成员国最终能否获得此项贷款及贷款数额大小,除取决于本国国际收支和收入水平外,还取决于该国本身与 IMF的合作程度以及对本国经济作出的调整努力。

  ⑨制度转型贷款(systemic transformation facility)。该贷款于1993年4月设立,主要目的是为了帮助前苏联和东欧国家克服从计划经济向市场经济转变过程中出现的国际收支困难,包括:

  第一,由计划价格向市场价格转变引起的收支困难;

  第二,由双边贸易多边贸易转化引起的收支困难;

  第三,由游离于国际货币体系之外到融入该体系之内引起的收支困难。

  此项贷款最高额为份额的50%,期限4~10年。成员国要获取该项贷款,必须制定一项经济稳定与制度改革方案,内容包括财政货币制度改革和货币稳定计划、控制资本外逃计划、经济结构改革计划以及市场体系培育计划等,而贷款能否全部得到,还须借款国与IMF充分合作,并作出切实有效的努力。

  上述各项贷款,成员国不能同时获准借取,这是因为IMF对一个成员国在一定时间内的全部贷款设定限额。IMF在此问题上遵循着这样一个原则:成员国每年借款额一般不超过份额的102%;3年累计借款净额不超过份额的306%;全部累计借款上限为份额的600%。IMF在提供上述各项贷款时,要收取手续费或利息。储备部分贷款、信托基金、结构调整贷款和扩大的结构调整贷款以及补充贷款和扩大贷款等,是以优惠利率或仅收取手续费形式提供的,其余贷款的利率在4%~7%之间,具体依当时国际金融市场利率水平及成员国借款数额多少而定。

  (3)IMF贷款的条件及其评价

  IMF贷款与其他商业性贷款有很多区别,其中一个重要区别在于它的条件上。IMF通过发放各类贷款,对成员国克服国际收支出现的困难及稳定汇率等方面,无疑有积极的一面。但其附加的条件及贷款所带来的负面效果,至今仍招致不少议论与批评。

  IMF对成员国的贷款申请,始终是很慎重的,对那些已陷入危机而需巨额援助的成员国,更会附上严厉的贷款条件。一般来说,当一成员国向其申请贷款时,IMF首先会组织“专家小组”,直接赴借款国实地考察,分析该国的经济形势尤其国际收支存在的问题,并由“专家小组”制定一组综合的经济政策和经济目标,即经济调整计划,借款国只有同意并接受该调整计划,才能获得贷款资格。而且IMF对贷款的发放也不是一步到位,而是以一定的时间间隔分期发放,如果借款国没有履行贷款条件,IMF便停止发放新的贷款。这种经济调整计划一般都会包括以下几项内容:减少财政赤字,削减各种开支,实行紧缩的货币政策,增加出口或减少进口及扩大金融市场开放度等。从IMF来讲,它可能会认为所有这些措施,都是为了维护国际金融秩序,降低贷款风险,帮助成员国渡过难关。但对具体的受援国来讲,这些条件和措施是良药还是劣药,可能还得作具体分析。这是因为:

  ①要求借款国紧缩货币政策以降低通胀率,可能会导致经济的低速增长甚至是负增长,同样会导致较高的短期成本

  ②要求借款国执行紧缩的财政政策,就意味着国家要减少各种政府开支,如减少农业补助、价格支持以及公共方面的计划。但对于一个发展中国家来说,要削减本国的社会消费及重新安排原来优先考虑的项目,不仅意味着其生活水准的降低,还会增加潜在的政治风险紧缩的货币政策财政政策同时使用,往往还会引起经济的衰退。

  ③要求借款国增加出口或减少进口,意味着该国货币要计划性地贬值,这种贬值也可能会促进出口,但同时也使进口商品价格更加高昂,不利于国内消费者。此外,对依赖于大量进口先进技术和设备的成员国来讲,进口的减少会严重打击其国内工业和整体经济的发展,因此,通过减少进口来达到贸易顺差,其代价可能不菲。

  ④要求借款国实施自由化改革,进一步开放贸易和资本项目等,可能会给那些本来就是因为金融自由化步伐迈得过快而造成危机的国家,雪上加霜,甚至会导致社会动乱,成员国为此付出的代价可能将更加巨大。

  总之,IMF贷款要真正收到良好的效果,贷款条件的提出要达到良好的预期,IMF还得根据不同的对象、不同的时期和不同的实际情况,作出不同的安排。

基金的功能

  (1)外汇资金的融通:会员国家在国际收支困难时,可以向基金申请贷给外汇资金。但其用途限于短期性经常收支的不均衡,各会员国可利用基金的资金,其最高限额为该国摊额的2倍,而在此限额内1年仅能利用摊额的25%。后来,基金已慢慢放宽会员国对于资金利用的限制,以配合实际的需要。

  (2)规定各会员国汇率、资金移动和其他外汇管制措施:会员国的国际收支,除非发生基本不均衡,否则不得任意调整其本国货币的平价。所谓基本不均衡,乃指除了因季节性、投机性、经济循环等短期因素外的原因,所产生的国际收支不均衡。对于资金移动,基金则规定:各会员国不得以基金的资金,用于巨额或持续的资本流出的支付。对于此种资本流出,会员国得加以管制,但不得因此而妨碍经济交易的对外支付。

  (3)对会员国有提供资料和建议的作用:我国在基金的历史较早,1944年的布雷敦森林会议我国便是与会44国之一,并作为大国而摊额十分庞大,仅次于美国的275亿美元及英国的130亿美元,而为55亿美元,与美、英、法、印度并列入摊额最大的国家。1959年基金增资时,由于种种原因,我国摊额并未增加,因此不能列入摊额最大的5国之内,1961年单独任命执行董事的资格为西德取代。过去,我国在国际货币基金的资格由国民党政府当局代表,自从我国恢复联合国合法席位后,于1980年4月国际货币基金通过取消台湾当局资格,恢复我国为会员国资格。

  (4)基金的平价:国际货币基金对于外汇汇率采取平价制度,规定各会员国均须设定本国货币的平价。基金第4条规定:会员国的货币的平价,概用黄金1盎司英两)等于35美元表示。各国外汇买卖价格上下变动,不得超过平价的1%。1971年史密松宁协定成立后,此一现货汇率的波动幅度,已扩大为平价上下2.25%的范围,而决定"平价"的标准,也由黄金改为特别提款权。至于经基金公布的平价,非经基金同意不得变更。但如果会员国的国际收支发生基本不均衡时,即可向基金提出调整平价的要求。若整幅度在平价的10%以内时,会员国得自行调整后,由基金予以追认。若超过10%以上时,则须先经基金同意才能调整。此种平价制度就是“可调整的盯住汇率”。虽然与金汇兑本位制颇接近,但基金的平价,是基金与会员国所决定,而金汇兑本位制则由黄金含量比率所决定。

Data Dissemination Systems

In 1995, the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and the Special Data Dissemination Standard (SDDS).

The International Monetary Fund executive board approved the SDDS and GDDS in 1996 and 1997 respectively and subsequent amendments were published in a revised “Guide to the General Data Dissemination System”. The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals and Poverty Reduction Strategic Papers.

The IMF established a system and standard to guide members in the dissemination to the public of their economic and financial data. Currently there are two such systems: General Data Dissemination System (GDDS) and its superset Special Data Dissemination System(SDDS), for those member countries having or seeking access to international capital markets.

The primary objective of the GDDS is to encourage IMF member countries to build a framework to improve data quality and increase statistical capacity building. This will involve the preparation of metadata describing current statistical collection practices and setting improvement plans. Upon building a framework, a country can evaluate statistical needs, set priorities in improving the timeliness, transparency, reliability and accessibility of financial and economic data.

Some countries initially used the GDDS, but lately upgraded to SDDS.

Some entities that are not themselves IMF members also contribute statistical data to the systems:

  • Palestinian Authority – GDDS
  • Hong Kong – SDDS
  • European Union institutions:
    • the European Central Bank for the Eurozone – SDDS
    • Eurostat for the whole EU – SDDS, thus providing data from Cyprus (not using any DDSystem on its own) and Malta (using only GDDS on its own)

Membership qualifications

Any country may apply for membership to the IMF. The application will be considered first by the IMF's Executive Board. After its consideration, the Executive Board will submit a report to the Board of Governors of the IMF with recommendations in the form of a "Membership Resolution." These recommendations cover the amount of quota in the IMF, the form of payment of the subscription, and other customary terms and conditions of membership. After the Board of Governors has adopted the "Membership Resolution," the applicant state needs to take the legal steps required under its own law to enable it to sign the IMF's Articles of Agreement and to fulfil the obligations of IMF membership. Similarly, any member country can withdraw from the Fund, although that is rare. For example, in April 2007, the president of Ecuador, Rafael Correa announced the expulsion of the World Bank representative in the country. A few days later, at the end of April, Venezuelan president Hugo Chavez announced that the country would withdraw from the IMF and the World Bank. Chavez dubbed both organizations as “the tools of the empire” that “serve the interests of the North”. [4] As of April 2008, both countries remain as members of both organizations. Venezuela was forced to back down because a withdrawal would have triggered default clauses in the country's sovereign bonds.[5]

A member's quota in the IMF determines the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of Special Drawing Rights (SDRs). A member state cannot unilaterally increase its quota — increases must be approved by the Executive Board and are linked to formulas that include many variables such as the size of a country in the world economy. For example, in 2001, China was prevented from increasing its quota as high as it wished, ensuring it remained at the level of the smallest G7 economy (Canada).[5] In September 2005, the IMF's member countries agreed to the first round of ad hoc quota increases for four countries, including China. On March 28, 2008, the IMF's Executive Board ended a period of extensive discussion and negotiation over a major package of reforms to enhance the institution's governance that would shift quota and voting shares from advanced to emerging markets and developing countries. The Fund's Board of Governors must vote on these reforms by April 28, 2008. See "Reform of IMF Quotas and Voice: Responding to Changes in the Global Economy" at www.imf.org.

Examples of press coverage of the discussions regarding changes to the voting formula to increase equity:IMF Seeks Role in Shifting Global Economy

Members' quotas and voting power, and Board of Governors

Table showing the top 21 member countries in terms of voting power:[6]

IMF Member CountryQuota: Millions of SDRsQuota: Percentage of TotalGovernorAlternate GovernorVotes: NumberVotes: Percentage of Total
Australia3236.41.49Wayne SwanKen Henry326141.47
Belgium4605.22.12Guy QuadenJean-Pierre Arnoldi463022.09
Brazil3036.11.4Guido MantegaHenrique de Campos Meirelles306111.38
Canada6369.22.93Jim FlahertyMark Carney639422.89
China8090.13.72ZHOU XiaochuanHU Xiaolian811513.66
France10738.54.94Christine LagardeChristian Noyer1076354.86
Germany13008.25.99Peer Steinbrück 1303325.88
India4158.22.44P. ChidambaramD. Subbarao418321.89
Italy7055.53.25Giulio TremontiMario Draghi708053.2
Japan13312.86.13Koji OmiToshihiko Fukui1333786.02
Korea, South2927.31.35Okyu KwonSeong Tae Lee295231.33
Mexico3152.81.45Agustín CarstensGuillermo Ortiz317781.43
Netherlands5162.42.38A.H.E.M. WellinkL.B.J. van Geest518742.34
Russian Federation5945.42.74Aleksei KudrinSergey Ignatiev597042.7
Saudi Arabia6985.53.21Ibrahim A. Al-AssafHamad Al-Sayari701053.17
Spain3048.91.4Pedro SolbesMiguel Fernández Ordó?ez307391.39
Sweden2395.51.1Stefan IngvesPer Jansson242051.09
Switzerland3458.51.59Jean-Pierre RothHans-Rudolf Merz348351.57
United Kingdom10738.54.94Alistair DarlingMervyn King1076354.86
United States37149.317.09Henry PaulsonBen Bernanke37174316.79
Venezuela2659.11.22Gastón Parra LuzardoRodrigo Cabeza Morales268411.21
remaining 165 countries60081.429.14respectiverespective63706728.78

Assistance and reforms

The primary mission of the IMF is to provide financial assistance to countries that experience serious financial and economic difficulties using funds deposited with the IMF from the institution's 185 member countries. Member states with balance of payments problems, which often arise from these difficulties, may request loans to help fill gaps between what countries earn and/or are able to borrow from other official lenders and what countries must spend to operate, including to cover the cost of importing basic goods and services. In return, countries are usually required to launch certain reforms, which have often been dubbed the "Washington Consensus". These reforms are generally required because countries with fixed exchange rate policies can engage in fiscal, monetary, and political practices which may lead to the crisis itself. For example, nations with severe budget deficits, rampant inflation, strict price controls, or significantly over-valued or under-valued currencies run the risk of facing balance of payment crises. Thus, the structural adjustment programs are at least ostensibly intended to ensure that the IMF is actually helping to prevent financial crises rather than merely funding financial recklessness.

[edit] IMF/World Bank support of military dictatorships

The role of the Bretton Woods institutions has been controversial since the late Cold War period, as the IMF policy makers supported military dictatorships friendly to American and European corporations. Critics also claim that the IMF is generally apathetic or hostile to their views of democracy, human rights, and labor rights. The controversy has helped spark the anti-globalization movement. Arguments in favor of the IMF say that economic stability is a precursor to democracy, however critics highlight various examples in which democratized countries fell after receiving IMF loans.[7]

In the 60’s, the IMF and the World Bank supported the government of Brazil’s military dictator Castello Branco with tens of millions of dollars of loans and credit that were denied to previous democratically-elected governments.[8]

Countries that were or are under a Military dictatorship whilst being members of the IMF/World Bank (support from various sources in $ Billion):[9]

Country indebted to IMF/World BankDictatorIn power fromIn power todebts at start of Dictatorship(1)Debts at end of Dictatorship(2)Country Debts in 1996Dictator debts generated $ billionDictator generated debt % of total debt
ArgentinaMilitary dictatorship197619839.348.993.839.642.00%
BoliviaMilitary dictatorship1962198002.75.22.752.00%
BrazilMilitary dictatorship196419845.1105.117910056.00%
ChileAugusto Pinochet197319895.21827.412.847.00%
El SalvadorMilitary dictatorship197919940.92.22.21.359.00%
EthiopiaMengistu Haile Mariam197719910.54.2103.737.00%
HaitiJean-Claude Duvalier1971198600.70.90.778.00%
IndonesiaSuharto19671998312912912698.00%
KenyaMoi197920022.76.96.94.261.00%
LiberiaDoe197919900.61.92.11.362.00%
MalawiBanda196419940.122.31.983.00%
NigeriaBuhari/Abacha1984199817.831.431.413.643.00%
PakistanZia-ul Haq197719887.617
ParaguayStroessner195419890.12.42.12.396.00%
PhilippinesMarcos196519861.528.341.226.865.00%
SomaliaSiad Barre1969199102.42.62.492.00%
South Africaapartheid 1992 18.723.618.779.00%
SudanNimeiry/al-Mahdi1969present0.3171716.798.00%
SyriaAssad1970present0.221.421.421.299.00%
ThailandMilitary dictatorship19501983013.990.813.915.00%
Zaire/CongoMobutu196519970.312.812.812.598.00%

Notes: Debt at takeover by dictatorship; earliest data published by the World Bank is for 1970. Debt at end of dictatorship (or 1996, most recent date for World Bank data).

Criticism

Two criticisms from economists have been that financial aid is always bound to so-called "Conditionalities", including Structural Adjustment Programs. Conditionalities, which are the economic performance targets established as a precondition for IMF loans, it is claimed, retard social stability and hence inhibit the stated goals of the IMF, while Structural Adjustment Programs lead to an increase in poverty in recipient countries.[10]

Typically the IMF and its supporters advocate a Keynesian approach. As such, adherents of supply-side economics generally find themselves in open disagreement with the IMF. The IMF frequently advocates currency devaluation, criticized by proponents of supply-side economics as inflationary. Secondly they link higher taxes under "austerity programmes" with economic contraction.

Currency devaluation is recommended by the IMF to the governments of poor nations with struggling economies. Supply-side economists claim these Keynesian IMF policies are destructive to economic prosperity.

That said, the IMF sometimes advocates "austerity programmes," increasing taxes even when the economy is weak, in order to generate government revenue and balance budget deficits, which is the opposite of Keynesian policy. These policies were criticised by Joseph E. Stiglitz, former chief economist and Senior Vice President at the World Bank, in his book Globalization and Its Discontents.[11] He argued that by converting to a more Monetarist approach, the fund no longer had a valid purpose, as it was designed to provide funds for countries to carry out Keynesian reflations, and that the IMF "was not participating in a conspiracy, but it was reflecting the interests and ideology of the Western financial community."[12]

Complaints are also directed toward International Monetary Fund gold reserve being undervalued. At its inception in 1945, the IMF pegged gold at US$35 per Troy ounce of gold. In 1973 the Nixon administration lifted the fixed asset value of gold in favor of a world market price. Hence the fixed exchange rates of currencies tied to gold were switched to a floating rate, also based on market price and exchange. This largely came about because Petrodollars outside the United States were more than could be backed by the gold at Fort Knox under the fixed exchange rate system. The fixed rate system only served to limit the amount of assistance the organization could use to help debt-ridden countries. Current IMF rules prohibit members from linking their currencies to gold.[citation needed]

Argentina, which had been considered by the IMF to be a model country in its compliance to policy proposals by the Bretton Woods institutions, experienced a catastrophic economic crisis in 2001 , which some believe to have been caused by IMF-induced budget restrictions — which undercut the government's ability to sustain national infrastructure even in crucial areas such as health, education, and security — and privatization of strategically vital national resources.[13] Others attribute the crisis to Argentina's maldesigned fiscal federalism, which caused subnational spending to increase rapidly.[14] The crisis added to widespread hatred of this institution in Argentina and other South American countries, with many blaming the IMF for the region's economic problems.[15] The current — as of early 2006 — trend towards moderate left-wing governments in the region and a growing concern with the development of a regional economic policy largely independent of big business pressures has been ascribed to this crisis.

Another example of where IMF Structural Adjustment Programmes aggravated the problem was in Kenya. Before the IMF got involved in the country, the Kenyan central bank oversaw all currency movements in and out of the country. The IMF mandated that the Kenyan central bank had to allow easier currency movement. However, the adjustment resulted in very little foreign investment, but allowed Kamlesh Manusuklal Damji Pattni, with the help of corrupt government officials, to siphon off billions of Kenyan shillings in what came to be known as the Goldenberg scandal, leaving the country worse off than it was before the IMF reforms were implemented.[citation needed] In a recent interview, the Prime Minister of Romania stated that "Since 2005, IMF is constantly making mistakes when it appreciates the country's economic performances".[16]

Overall the IMF success record is perceived as limited.[citation needed] While it was created to help stabilize the global economy, since 1980 critics claim over 100 countries (or reputedly most of the Fund's membership) have experienced a banking collapse that they claim have reduced GDP by four percent or more, far more than at any time in Post-Depression history.[citation needed] The considerable delay in the IMF's response to any crisis, and the fact that it tends to only respond to them or even create them[17] rather than prevent them, has led many economists to argue for reform. In 2006, an IMF reform agenda called the Medium Term Strategy was widely endorsed by the institution's member countries. The agenda includes changes in IMF governance to enhance the role of developing countries in the institution's decision-making process and steps to deepen the effectiveness of its core mandate, which is known as economic surveillance or helping member countries adopt macroeconomic policies that will sustain global growth and reduce poverty. On June 15, 2007, the Executive Board of the IMF adopted the 2007 Decision on Bilateral Surveillance, a landmark measure that replaced a 30-year-old decision of the Fund's member countries on how the IMF should analyse economic outcomes at the country level.

Whatever the feelings people in the Western world have for the IMF, research by the Pew Research Center shows that more than 60 percent of Asians and 70 percent of Africans feel that the IMF and the World Bank have a positive effect on their country.[18] However it is pertinent to note that the survey aggregated international organizations including the World Trade Organization. Also, a similar percentage of people in the Western world believed that these international organizations had a positive effect on their countries. In 2005, the IMF was the first multilateral financial institution to implement a sweeping debt-relief program for the world's poorest countries known as the Multilateral Debt Relief Initiative. By year-end 2006, 23 countries mostly in sub-Saharan Africa and Central America had received total relief of debts owed the IMF.

In 2008, a study by analysts from Cambridge and Yale universities published on the open-access Public Library of Science concluded that strict conditions on the international loans by the IMF resulted in thousands of deaths in Eastern Europe by tuberculosis as public health care had to be weakened. In the 21 countries which the IMF had given loans, tuberculosis deaths rose by 16.6 %.[19]

Past managing directors

Historically the IMF's managing director has been European and the president of the World Bank has been from the United States. However, this standard is increasingly being questioned and competition for these two posts may soon open up to include other qualified candidates from any part of the world. Executive Directors, who confirm the managing director, are voted in by Finance Ministers from countries they represent. The First Deputy Managing Director of the IMF, the second-in-command, has traditionally been (and is today) an American.

The IMF is for the most part controlled by the major Western Powers, with voting rights on the Executive board based on a quota derived from the relative size of a country in the global economy. Critics claim that the board rarely votes and passes issues contradicting the will of the US or Europeans, which combined represent the largest bloc of shareholders in the Fund. On the other hand, Executive Directors that represent emerging and developing countries have many times strongly defended the group of nations in their constituency. Alexandre Kafka, who represented several Latin American countries for 32 years as Executive Director (including 21 as the dean of the Board), is a prime example. Mohamed Finaish from Libya, the Executive Director representing the majority of the Arab World and Pakistan, was a tireless defender[citation needed] of the developing nations' rights at the IMF until the 1992 elections.

Rodrigo Rato became the ninth Managing Director of the IMF on June 7, 2004 and resigned his post at the end of October 2007.

EU ministers agreed on the candidacy of Dominique Strauss-Kahn as managing director of the IMF at the Economic and Financial Affairs Council meeting in Brussels on July 10, 2007. On September 28, 2007, the International Monetary Fund's 24 executive directors elected Mr. Strauss-Kahn as new managing director, with broad support including from the United States and the 27-nation European Union. Strauss-Kahn succeeded Spain's Rodrigo de Rato, who retired on October 31, 2007.[20]The only other nominee was Josef Tosovsky, a late candidate proposed by Russia. Strauss-Kahn said: "I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment."[21]

DatesNameCountry
May 6, 1946 – May 5, 1951Camille GuttBelgium
August 3, 1951 – October 3, 1956Ivar RoothSweden
November 21, 1956 – May 5, 1963Per JacobssonSweden
September 1, 1963 – August 31, 1973Pierre-Paul SchweitzerFrance
September 1, 1973 – June 16, 1978Johannes WitteveenNetherlands
June 17, 1978 – January 15, 1987Jacques de LarosièreFrance
January 16, 1987 – February 14, 2000Michel CamdessusFrance
May 1, 2000 – March 4, 2004Horst K?hlerGermany
June 7, 2004 – October 31, 2007Rodrigo RatoSpain
November 1, 2007 – presentDominique Strauss-KahnFrance

Media representation of the IMF

Life and Debt a documentary film, deals with the IMF's policies' influence on Jamaica and its economy from a critical point of view. In 1978, one year after Jamaica first entered a borrowing relationship with the IMF, the Jamaican dollar was still worth more on the open exchange than the US dollar; by 1995, when Jamaica terminated that relationship, the Jamaican dollar had eroded to less than 2 cents US. Such observations lead to skepticism that IMF involvement is necessarily helpful to a third world economy.

The Debt of Dictators explores the lending of billions of dollars by the IMF, World Bank multinational banks and other international financial institutions to brutal dictators throughout the world. (see IMF/World Bank support of military dictatorships)

我国与国际货币基金组织[22]

  中国是IMF的创始国之一,但在1980以前,中国在IMF的席位一直被台湾当局占据。1971年我国恢复了在联合国的合法席位,在联合国各专门机构的合法席位也相继得到恢复。经积极交涉,1980年4月17日,IMF执行董事会通过决议,恢复了中国的合法席位,之后,我国在IMF的份额由原来的5.5亿特别提款权增加到1983年23.9亿特别提款权。1992年在第9次份额总检中,我国的份额再增至33.852亿特别提款权,占基金总份额的 2.35%,位列第11位。2001年2月5日,IMF理事会通过决议将我国的份额增加至63.692亿特别提款权(约合83亿美元),我国在IMF的份额也从11位上升到第8位。

  自1980年以来,我国与IMF建立了良好的合作关系,我国与IMF的各种业务往来也在不断增加。双方的合作主要有以下方面:

  (1)IMF通过提供贷款支持我国国际收支的改善。如1980年,我国宏观经济失衡,通货膨胀加剧,国际收支逆差扩大,为此,IMF向我国提供了 4.5亿特别提款权的第一档信贷和3.05亿特别提款权的信托基金贷款。两种贷款我国分别于1983年和1990年全部还清。又如1986年,我国再次向 IMF借入5.97725亿特别提款权的第一档信贷,促进了我国经济的稳定增长,该借款亦于1991年还清。

  (2)IMF通过提供多次技术援助与人员培训,帮助我国提高管理技术水平。在IMF的援助下,我国已在建立外债管理指标与统一监测制度,改进国际收支编制方法,加强中央银行作用,推进税制改革及完善税收管理等方面,取得了明显的进步。

  (3)我国也定期与IMF磋商与交流。例如:向IMF提供本国国民经济统计数字,介绍我国的经济发展状况和政策意向,让世界进一步了解中国;1980 年11月、1986年11月和1990年1月,我国先后与IMF举办大型学术研讨会,1997年9月还在中国香港特别行政区召开了IMF和世界银行的年会,这些会议就各国宏观经济管理经济增长,IMF的地位、作用及其改革,以及中国银行业务、防范金融危机等重要问题进行了讨论,产生了积极影响。

  (4)我国按IMF要求进一步改善投资环境,并参与IMF的实际救援工作。1994年我国推出了汇制改革与货币自由兑换的措施,并于1996年实现了货币在经常项目下可兑换。1997年东南亚发生货币危机后,我国从大局出发,坚持了人民币汇率不贬值的政策,并积极参与了在IMF框架下对亚洲金融危机的资金援助计划。这些举措受到了IMF及其他成员国的普遍赞扬。

  展望未来,相信我国与包括1MF在内的国际金融机构的合作,将变得更加密切,我国也将发挥更重要的作用。

参考文献

  1. 朱孟楠.厦门大学.国际金融学. 第九章 国际金融组织与国际金融体系 第一节 全球性国际金融组织
  2. 朱孟楠.厦门大学.国际金融学. 第九章 国际金融组织与国际金融体系 第一节 全球性国际金融组织
  3. 朱孟楠.厦门大学.国际金融学. 第九章 国际金融组织与国际金融体系 第一节 全球性国际金融组织
  4. Just say no Vocal rejection of Bank, Fund increasing
  5. 5.0 5.1 Venezuela and South America
  6. IMF. Retrieved on 2007-09-24.
  7. "World Bank - IMF support to dictatorships", cadtm. Retrieved on 2007-09-21.
  8. BRAZIL Toward Stability, TIME Magazine, December 31, 1965
  9. "Dictators and debt", Jubilee 2000. Retrieved on 2007-09-21.
  10. Hertz, Noreena. The Debt Threat. New York: Harper Collins Publishers, 2004.
  11. Stiglitz, Joseph. Globalization and its Discontents. New York: WW Norton & Company, 2002.
  12. Globalization: Stiglitz's Case
  13. Economic debacle in Argentina: The IMF strikes again
  14. Stephen Webb, "Argentina: Hardening the Provincial Budget Constraint," in Rodden, Eskeland, and Litvack (eds.), Fiscal Decentralization and the Challenge of Hard Budget Constraints (Cambridge, Mass.: MIT Press, 2003).
  15. How the IMF Props Up the Bankrupt Dollar System, by F. William Engdahl, US/Germany
  16. T?riceanu: FMI a f?cut constant gre?eli de apreciere a economiei romane?ti - Mediafax
  17. [Budhoo, Davidson. Enough is Enough: Dear Mr. Camdessus... Open Letter to the Managing Director of the International Monetary Fund. New York: New Horizons Press, 1990.]
  18. GLOBAL ATTITUDES : 44-NATION MAJOR SURVEY (2002), The Pew Research Center for the People & the Press
  19. International Monetary Fund Programs and Tuberculosis Outcomes in Post-Communist Countries PLoS Medicine. The study has not been independently verified, nor have the authors published parts of their supporting data. Retrieved 29-7-2008.
  20. Yahoo.com, IMF to choose new director
  21. BBC NEWS, Frenchman is named new IMF chief
  22. 朱孟楠.厦门大学.国际金融学. 第九章 国际金融组织与国际金融体系 第三节 我国与国际金融组织的联系

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评论(共11条)

提示:评论内容为网友针对条目"国际货币基金组织"展开的讨论,与本站观点立场无关。
郑志一 (Talk | 贡献) 在 2008年11月7日 11:24 发表

基金组织的成员国和会员国有什么区别啊 一个说是184,一个又说是139 有点晕

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125.37.62.* 在 2009年1月2日 17:05 发表

成员国是一般的国家,没有参与策划权利。而会员国,就像VIP,能参与决策

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222.240.70.* 在 2014年5月3日 19:57 发表

现在有188个成员国.

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222.182.195.* 在 2016年3月4日 09:27 发表

⚖️,和平发展。

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222.182.195.* 在 2016年3月4日 09:56 发表

谢谢!

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佛系鸭 (Talk | 贡献) 在 2019年1月12日 19:22 发表

IMF本质就是一种经济入侵手段

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佛系鸭 (Talk | 贡献) 在 2019年1月12日 19:25 发表

以美国为主,实行剪羊毛,通过对该国援助规划,提出不平等条约而控制该国,搞垮被入侵国家经济体

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佛系鸭 (Talk | 贡献) 在 2019年1月12日 19:28 发表

一旦需要IMF援助,通常是金融风暴,这个国家货币信誉从此变得一文不值,从而丧失经济主权——国家内部将以富人为中心重新支配改变经济结构,做空市场,拉大贫富差距。。。

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佛系鸭 (Talk | 贡献) 在 2019年1月12日 19:37 发表

之后就是典型历史遗留问题,贫富差距到达极限时候,变成资本主义国家,从而政商一体——>再一次步入阶级轮回——>贵族与奴隶——>经济危机以周期爆发——>政客将理由转化为[过度消费/移民问题/穷人过多/税收不够/。。。转移矛盾+洗脑=愚化民众+商政一体控制资本市场——变相剥削民众]——>过个几百年——>阶级压迫与新一轮资产革命爆发。。。

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佛系鸭 (Talk | 贡献) 在 2019年1月12日 20:01 发表

金融风暴,对于普通民众来说,它是一场灾难。但是对于控制国家经济命脉的政客和财团来说,是个大丰收年

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佛系鸭 (Talk | 贡献) 在 2019年1月12日 20:25 发表

灾难=机会,结构破坏意味着等级从新划分——富贵险中求

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