國際貨幣基金組織

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出自 MBA智库百科(https://wiki.mbalib.com/)

(重定向自IMF)
(International Monetary Fund,IMF)

國際貨幣基金組織(International Monetary Fund,IMF)

官方網站: http://www.imf.org/ 英文

目錄

國際貨幣基金組織簡介

  IMF即國際貨幣基金組織(International Monetary Fund)的縮寫。根據1944年7月44個國家在美國新罕布希爾州佈雷頓森林達成的《國際貨幣基金協定》,於1946年3月正式成立。1980年4月17 日,IMF正式決定恢復中國的合法席位。到2007年1月18日為止,基金組織成員國已達185個國家(黑山共和國(Montenegro)於2007年1月18日加入,成為第185位成員國)。其宗旨是促進成員國在國際貨幣問題上的磋商與協作;促進匯率的穩定和有秩序的匯率安排,從而避免競爭性的匯率貶值;為經常項目收支建立一個多邊支付和匯兌制度,消除外匯管制;提供資金融通,緩解國際收支不平衡;促進國際貿易的發展,實現就業和實際收入水平的提高及生產能力的擴大。其職能為匯率監督、資金融通、提供國際貨幣合作協商的場所。IMF的最高決策機構是理事會,日常行政工作由執行董事會負責。基金組織的份額由特別提款權(SDR)表示,份額的多少同時決定了在IMF的投票權。

國際貨幣基金的宗旨

  在於建立一永久性的國際金融合作機構,促進國際金融合作,以維持匯率的安定,擴展國際貿易,提高就業水平與實質國民所得,並以資金供給會員國,調節會員國國際收支的暫時性不平衡。

國際貨幣基金的權利

  國際貨幣基金為推行國際間貨幣合作的永久性機構,屬於聯合國的社會經濟委員會。基金會的最高權力機構為理事會,每個會員國均可派任理事一名,通常由各該國的財政部長或中央銀行總裁參加擔任。理事會每年在9月至10月間召開一次。至於經常處理基金會業務者,則為執行董事會,其名額現為20名。執行董事的產生方法,凡基金會員國中,攤額最大的5個國家各可指派一名,而其餘攤額較小的國家,必須聯合若幹國家選出一名。

  攤額與表決權:國際貨幣基金(IMF)規定每一會員國應根據其經濟的重要性(國民所得及貿易額),向基金繳納一定攤額(Quota)的資金,以供基金運用。此一攤額必須以黃金或可自由兌換貨幣(如美元)與本國貨幣繳納。以黃金或可自由兌換貨幣繳納部分,應等於一國攤額的25%,或該國當時國際準備持有額的10%,而以其中較少者為準。自1970年特別提款權實施後,各會員國的攤額,須經總投票權85%的同意,才能變更。

  至於各會員國的表決權,則以各會員國所認定的攤額為標準。每一會員國各具有250票基本表決權。此外,每10萬美元攤額可增一票表決權。

  1976年3月22日,國際貨幣基金第6次決定增資,於1978年4月1日正式實施。基金總額增資約33.6%,自292億特別提款單位增至 390億單位。同年9月24日,其臨時委員會又決定:①基金增資50%;②在1979年至1981年3年間,每年發行特別提款權40億單位。

  基金的增資,在於擴充基金所能運用的資金總額。在基金會員國家而言,增資的結果可使其基金融通的額度增大。因此,增資以後,國際上的流通性就趨擴充,至於新創造特別條款,也在增加國際流動性

國際貨幣基金組織的結構[1]

  iMF的組織結構由理事會、執行董事會、總裁和常設職能部門等組成。

  1.理事會(board of governors)

  理事會是IMF的最高決策機構,由各成員國各派一名理事、一名副理事組成,任期5年。理事通常由該成員國的財政部長或中央銀行行長擔任,有投票表決權。副理事在理事缺席時才有投票權。理事會的主要職權是:批准接納新的成員國;批准IMF的份額規模與特別提款權的分配,批准成員國貨幣平價的普遍調查;決定成員國退出IMF;討論有關國際貨幣制度的重大問題。理事會通常每年開一次年會,一般同世界銀行理事會年會聯合舉行。

  2.執行董事會(executive board)

  執行董事會是IMF負責處理日常業務工作的常設機構,由22名執行董事組成,任期2年。執行董事包括指定與選派兩種。指定董事由持有基金份額最多的5 個成員國即美、英、德、法、日各派一名,中國與沙烏地阿拉伯各派一名。選派董事由其他成員國按選區輪流選派。執行董事會的職權主要有:接受理事會委托定期處理各種政策和行政事務,向理事會提交年度報告,並隨時對成員國經濟方面的重大問題,特別是有關國際金融方面的問題進行全面研究。執,行董事會每星期至少召開三次正式會議,履行基金協定指定的和理事會賦予它的職權。當董事會需要就有關問題進行投票表決時,執行董事按其所代表的國家或選區的投票權進行投票。

  在執行董事會與理事會之間還有兩個機構,:一是國際貨幣基金組織理事會關於國際貨幣制度的臨時委員會,簡稱“臨時委員會”(interim committee);二是世界銀行和國際貨幣基金組織理事會關於實際資源向發展中國家轉移的聯合部長級委員會,簡稱“發展委員”(development committee)。兩個委員會每年開會2~4次,討論國際貨幣體系與開發援助等重大問題,其通過的決議最後往往就是理事會的決議。

  基金組織除理事會、執行董事會、臨時委員會和發展委員會外,其內部還有兩大利益集團,即“七國集團”(代表發達國家利益)和“廿四國集團”(代表發展中國家利益),以及其他常設職能部門。

  3.總裁(managing director)

  總裁是IMF的最高行政長官,其下設副總裁協助工作。總裁負責管理IMF的日常事務,由執行董事會推選,並兼任執行董事會主席,任期5年。總裁可以出席理事會和執行董事會,但平時沒有投票權,只有在執行董事會表決雙方票數相等時,才可以投決定性的一票。

  4.常設職能部門

  IMF設有16個職能部門,負責經營業務活動。此外,IMF還有2個永久性的海外業務機構,即歐洲辦事處(設在巴黎)和日內瓦辦事處。

國際貨幣基金組織的資金來源[2]

  IMF的資金主要來源於成員國繳納的份額、借款、捐款、出售黃金所得的信托基金以及有關項目的經營收入。

  1、份額(quota)

  份額,是指成員國參加IMF時所要認繳的一定數額的款項。股份公司,份額尤如股份,一旦認繳就成為IMF的財產。IMF以份額作為其資金的基本來源,並用於對成員國的資金融通。份額按規定每5年左右進行一次調整與擴大,迄今已達9次。1992年調整擴大後,份額總計為1420.203億特別提款權。

  份額是根據成員國的國民收入、黃金和外匯儲備、進出口貿易及其他經濟指標來決定的,具體是按一套較為複雜的方法計算出的。

  份額的作用是多方面的,它既是IMF的最大資金來源,也是決定成員國國投票權、借款權的最主要因素。IMF的一切活動都與成員國交納的份額相聯繫,重大問題要有80%以上的票數通過,甚至要求85%以上的票數。IMF規定,每一成員國有250份基本票,這部分代表國家的主權。然後按成員國所認繳份額的量,每10萬特別提款權摺合一票,成員國認繳的份額越多,所獲票數也就越多,表決權也就越大。目前,從總體上看,發達國家認繳的份額最多,截至1992年底,僅美、德、日、法、英5國,所認繳的份額就占總額的40.7%,其中美國就占了18.68%。因此,儘管包括美國在內的發達國家在IMF擴資後所認繳的份額有所下降,但其影響力並未削弱,可以說,IMF實際上為發達國家尤其美國所控制。發展中國家所認繳的份額占37.74%,其中我國僅占2.38%,因此,發展中國家在IMF中的發言權仍受到制約。

  2、借款

  借款是IMF的另一個主要的資金來源。這種借款是在IMF與成員國協議前提下實現的,主要形式有:(1)借款總安排,1962年與“七國集團”簽訂,總額60億美元,以應付成員國臨時性困難;(2)補充資金貸款借款安排,1979年與13個成員國簽訂;(3)擴大資金貸款借款安排,1981年5月與一些官方機構簽汀。此外,IMF還與成員國簽訂雙邊借款協議,以擴大資金來源。

  3、出售黃金

  1976年1月,IMF決定將其所持有的黃金的1/6即2 500萬盎司,分4年按市價出售,以所得的收益中的一部分,作為建立信托基金的一個資金來源,用以向最貧窮的成員國提供信貸。

國際貨幣基金組織的主要業務[3]

  1、匯率監督

  為了保證有秩序的匯兌安排和匯率體系的穩定,取消不利於國際貿易的外匯管制,防止成員國操縱匯率或採取歧視性的匯率政策以謀求競爭利益,IMF對成員國的匯率政策進行監督。這種監督有兩種形式:

  (1)在多邊基礎上的監督。IMF通過分析發達國家的國際收支和國內經濟狀況,評估這些國家的經濟政策和匯率政策對維持世界經濟穩定發展的總體影響。

  (2)在個別國家基礎上的監督。主要是檢查各成員國的匯率政策是否符合基金協定所規定的義務和指導原則。近年來,隨著成員國經濟往來中依賴性的增強、國際經濟一體化國際資本流動的加速以及國際金融市場的動蕩,第一種形式顯得越來越重要。

  根據基金組織協定第四條第三款,匯率監督有三個主要的指導原則:

  (1)成員國應避免為了調整本國的國際收支,或為了取得對其他成員國的不公平的競爭優勢操縱匯率或國際貨幣體系;

  (2)成員國在必要時應干預外匯市場,以應付混亂局面,尤其是本國貨幣匯率出現的破壞性的短期波動;

  (3)成員國在採取干預政策時,應考慮其他成員國的利益,包括其貨幣受到干預的國家的利益。

  近幾年,尤其是墨西哥發生貨幣危機以來,IMF擴大了監管活動範圍,關註成員國經濟數據的質量和這些數據的適時公佈情況,關註成員國金融制度的效率和能力以及私人資本的穩定性,並通過對可能出現的問題提出警告來防止金融和經濟危機的發生。

  2、磋商與協調

  為了能夠履行監督成員國匯率政策的責任,瞭解成員國的經濟發展狀況和政策措施,迅速處理成員國申請貸款的要求,IMF按基金協定規定,每年原則上應與成員國進行一次磋商,對成員國的經濟、金融形勢和政策作出評價。這種磋商在IMF專家小組與成員國政府官員之間進行。其過程是專家小組首先瞭解有關的統計資料,如貿易收支物價水平失業率利率貨幣供應量等,然後與政府高層官員討論經濟政策的效果及欲進行的調整措施,預測國內外經濟發展的前景。討論後,專家小組寫出報告,供執行董事會磋商、討論與分析成員國經濟時使用,併發表在一年兩期的《世界經濟展望》和年度報告《國際資本市場》刊物上。

  3、金融貸款

  金融貸款是IMF的一個主要業務活動,其形式多種多樣,條件很嚴格,特點十分明顯。現具體介紹如下:

  (1)IMF貸款的特點

  根據IMF協定的規定,當成員國發生國際收支不平衡時,1MF對成員國提供短期信貸。這些貸款具有下列特點:①貸款對象限為成員國政府,IMF只同成員國的財政部、中央銀行及類似的財政金融機構往來;②貸款用途只限於解決短期性的國際收支不平衡,用於貿易和非貿易的經常項目的支付;③貸款期限限於短期,屬短期貸款;④貸款額度是按各成員國的份額及規定的各類貸款的最高可貸比例,確定其最高貸款總額;⑤貸款方式是根據經磋商同意的計劃,由借款成員國使用本國貨幣向基金組織購買其他成員國的等值貨幣(或特別提款權),償還時,用特別提款權或IMF指定的貨幣買回過去借用時使用的本國貨幣(一般稱為購回)。

  (2)IMF貸款的分類

  IMF貸款的種類是有所發展的。早期的基金組織的貸款一般推行“一個視窗”的辦法,到1963年推出補償貸款,1969年間再打開第三個貸款視窗-- 緩衝庫存貸款,1974年再設立中期貸款,創辦石油貸款等第四個經常性視窗。80年代後,除了1979年設立補充貸款外,從1981年起,不但著手制定並推行擴張信貸政策,擴大補償貸款的範圍,而且改進貸款條件,新增“儲備份額”貸款(不必購回)優惠,將成員國借債限額擴大到該成員國份額的200%等。 IMF的貸款分為以下幾種:

  ①普通貸款(normal credit tranches)。亦稱普通提款權,是IMF最基本的貸款,期限不超過5年,主要用於成員國彌補國際收支逆差。貸款最高額度為成員國所繳份額的 125%。貸款分兩部分,即儲備部分貸款和信用部分貸款。前者占成員國份額的25%,成員國提取這部分貸款是無條件的,也不需支付利息,但須用外匯或特別提款權繳納的份額作保證;後者占成員國繳納份額的100%,共分四個檔次,每檔為份額的25%,成員國申請第一檔貸款比較容易獲得,一般只需制定出借款計劃便可得到批准,而二至四檔屬高檔信用貸款,貸款條件較嚴格,成員國要借取就必須提供全面、詳細的財政穩定計劃,而且在使用時還必須接受IMF的監督。

   ②中期貸款(亦稱擴展貸款)(extended credit)。這是1974年設立的,用於成員國因在生產、貿易等方面存在結構性問題而進行較長期調整的一項專用貸款。其最高貸款額度為借款成員國份額的140%,備用期3年,提款後第4年開始償還,10年內還清。

  ③出口波動補償貸款(compensatory financing facility或compensatory financing of export fluctuations)。設立於1963年2月,最初規定,當成員國因自然災害等無法控制的客觀原因造成初級產品出口收入下降,從而發生國際收支困難時,在原有的普通貸款以外,可另行申請此項專用貸款。1981年5月又規定,當成員國糧食進口價格超過前5年的平均價格而造成國際收支困難時,也可申請補償貸款。該貸款最高限額為成員國份額的100%,貸款期限3~5年。1988年8月IMF再次通過了一個修改方案,將應急機制結合進原來的補償貸款,並把貸款名稱更改為補償與應急貸款。成員國在執行IMF支持的經濟調整計劃中,如遇突發性、臨時性的經濟因素而造成經常項目收支偏離預期調整目標時,可申請該項貸款。這裡突發性的經濟因素主要是指出口收入、進口價格及國際金融市場利率等。該貸款最高限額為份額的95%,如果成員國僅具備申請補償性融資的條件,則最高限度為份額的65%,僅具備申請應急融資的條件,則最高貸款額為份額的30%。

  ④緩衝庫存貸款(buffer stock financing facility)。設立於1969年6月,是一種為幫助初級產品出口國家維持庫存從而穩定物價而發放的貸款。貸款的額度最高為成員國份額的50%,期限 3~5年。

  ⑤石油貸款(oil facility)。是1974年6月至1976年5月期間,專門為解決因中東戰爭後石油漲價而引起的國際收支困難的資金需要而設立的一種臨時性貸款。

  ⑥信托基金貸款(trust fund)。設立於1976年1月,用於援助低收入的發展中國家。低收入發展中國家的標準是:1973年人均國民收入不足300特別提款權單位。此項貸款現已結束。

   ⑦補充貸款(supplementary financing facility)。設立於1977年4月,目的是為了幫助成員國解決龐大的、持續的國際收支逆差。貸款期限3年半至7年,最高借款額為成員國份額的 140%。1981年4月,該貸款全部承諾完畢。1985年5月,IMF實施擴張借款政策,提供擴大貸款,其目的和內容與補充貸款相似。該政策規定,貸款額度最高為一年不超過份額的95%~115%,或3年不超過份額的280%一345%。

  ⑧結構調整貸款(structural adjustment facility)。該貸款於1986年3月設立,旨在幫助低收入發展中國家通過巨集觀經濟調整,解決國際收支長期失衡的問題。貸款條件優惠,年利率僅為 0.5%~1%,期限一般為10年,且有5年寬限期,貸款最高限額為份額的70%。成員國要獲取該貸款,必須有詳細的經濟調整計劃,並且由IMF或世界銀行工作人員參與計劃的制定,最後由IMF核定批准。為了增強對低收入成員國的資金援助,IMF於1987年12月增設了“擴大的結構調整貸款”,其目的和條件與上述結構調整貸款基本-致,但貸款額擴大了,最高貸款額可達份額的250%,在特殊情況下還可提高到份額的350%。但IMF對借款國經濟結構改革的計劃要求較高,對貸款效果的監督也較嚴格。低收入成員國最終能否獲得此項貸款及貸款數額大小,除取決於本國國際收支和收入水平外,還取決於該國本身與 IMF的合作程度以及對本國經濟作出的調整努力。

  ⑨制度轉型貸款(systemic transformation facility)。該貸款於1993年4月設立,主要目的是為了幫助前蘇聯和東歐國家剋服從計劃經濟向市場經濟轉變過程中出現的國際收支困難,包括:

  第一,由計劃價格向市場價格轉變引起的收支困難;

  第二,由雙邊貿易多邊貿易轉化引起的收支困難;

  第三,由游離於國際貨幣體系之外到融入該體系之內引起的收支困難。

  此項貸款最高額為份額的50%,期限4~10年。成員國要獲取該項貸款,必須制定一項經濟穩定與制度改革方案,內容包括財政貨幣制度改革和貨幣穩定計劃、控制資本外逃計劃、經濟結構改革計劃以及市場體系培育計劃等,而貸款能否全部得到,還須借款國與IMF充分合作,並作出切實有效的努力。

  上述各項貸款,成員國不能同時獲准借取,這是因為IMF對一個成員國在一定時間內的全部貸款設定限額。IMF在此問題上遵循著這樣一個原則:成員國每年借款額一般不超過份額的102%;3年累計借款凈額不超過份額的306%;全部累計借款上限為份額的600%。IMF在提供上述各項貸款時,要收取手續費或利息。儲備部分貸款、信托基金、結構調整貸款和擴大的結構調整貸款以及補充貸款和擴大貸款等,是以優惠利率或僅收取手續費形式提供的,其餘貸款的利率在4%~7%之間,具體依當時國際金融市場利率水平及成員國借款數額多少而定。

  (3)IMF貸款的條件及其評價

  IMF貸款與其他商業性貸款有很多區別,其中一個重要區別在於它的條件上。IMF通過發放各類貸款,對成員國剋服國際收支出現的困難及穩定匯率等方面,無疑有積極的一面。但其附加的條件及貸款所帶來的負面效果,至今仍招致不少議論與批評。

  IMF對成員國的貸款申請,始終是很慎重的,對那些已陷入危機而需巨額援助的成員國,更會附上嚴厲的貸款條件。一般來說,當一成員國向其申請貸款時,IMF首先會組織“專家小組”,直接赴借款國實地考察,分析該國的經濟形勢尤其國際收支存在的問題,並由“專家小組”制定一組綜合的經濟政策和經濟目標,即經濟調整計劃,借款國只有同意並接受該調整計劃,才能獲得貸款資格。而且IMF對貸款的發放也不是一步到位,而是以一定的時間間隔分期發放,如果借款國沒有履行貸款條件,IMF便停止發放新的貸款。這種經濟調整計劃一般都會包括以下幾項內容:減少財政赤字,削減各種開支,實行緊縮的貨幣政策,增加出口或減少進口及擴大金融市場開放度等。從IMF來講,它可能會認為所有這些措施,都是為了維護國際金融秩序,降低貸款風險,幫助成員國渡過難關。但對具體的受援國來講,這些條件和措施是良藥還是劣藥,可能還得作具體分析。這是因為:

  ①要求借款國緊縮貨幣政策以降低通脹率,可能會導致經濟的低速增長甚至是負增長,同樣會導致較高的短期成本

  ②要求借款國執行緊縮的財政政策,就意味著國家要減少各種政府開支,如減少農業補助、價格支持以及公共方面的計劃。但對於一個發展中國家來說,要削減本國的社會消費及重新安排原來優先考慮的項目,不僅意味著其生活水準的降低,還會增加潛在的政治風險緊縮的貨幣政策財政政策同時使用,往往還會引起經濟的衰退。

  ③要求借款國增加出口或減少進口,意味著該國貨幣要計劃性地貶值,這種貶值也可能會促進出口,但同時也使進口商品價格更加高昂,不利於國內消費者。此外,對依賴於大量進口先進技術和設備的成員國來講,進口的減少會嚴重打擊其國內工業和整體經濟的發展,因此,通過減少進口來達到貿易順差,其代價可能不菲。

  ④要求借款國實施自由化改革,進一步開放貿易和資本項目等,可能會給那些本來就是因為金融自由化步伐邁得過快而造成危機的國家,雪上加霜,甚至會導致社會動亂,成員國為此付出的代價可能將更加巨大。

  總之,IMF貸款要真正收到良好的效果,貸款條件的提出要達到良好的預期,IMF還得根據不同的對象、不同的時期和不同的實際情況,作出不同的安排。

基金的功能

  (1)外匯資金的融通:會員國家在國際收支困難時,可以向基金申請貸給外匯資金。但其用途限於短期性經常收支的不均衡,各會員國可利用基金的資金,其最高限額為該國攤額的2倍,而在此限額內1年僅能利用攤額的25%。後來,基金已慢慢放寬會員國對於資金利用的限制,以配合實際的需要。

  (2)規定各會員國匯率、資金移動和其他外匯管制措施:會員國的國際收支,除非發生基本不均衡,否則不得任意調整其本國貨幣的平價。所謂基本不均衡,乃指除了因季節性、投機性、經濟迴圈等短期因素外的原因,所產生的國際收支不均衡。對於資金移動,基金則規定:各會員國不得以基金的資金,用於巨額或持續的資本流出的支付。對於此種資本流出,會員國得加以管制,但不得因此而妨礙經濟交易的對外支付。

  (3)對會員國有提供資料和建議的作用:我國在基金的歷史較早,1944年的佈雷敦森林會議我國便是與會44國之一,並作為大國而攤額十分龐大,僅次於美國的275億美元及英國的130億美元,而為55億美元,與美、英、法、印度併列入攤額最大的國家。1959年基金增資時,由於種種原因,我國攤額並未增加,因此不能列入攤額最大的5國之內,1961年單獨任命執行董事的資格為西德取代。過去,我國在國際貨幣基金的資格由國民黨政府當局代表,自從我國恢復聯合國合法席位後,於1980年4月國際貨幣基金通過取消臺灣當局資格,恢復我國為會員國資格。

  (4)基金的平價:國際貨幣基金對於外匯匯率採取平價制度,規定各會員國均須設定本國貨幣的平價。基金第4條規定:會員國的貨幣的平價,概用黃金1盎司英兩)等於35美元表示。各國外匯買賣價格上下變動,不得超過平價的1%。1971年史密松寧協定成立後,此一現貨匯率的波動幅度,已擴大為平價上下2.25%的範圍,而決定"平價"的標準,也由黃金改為特別提款權。至於經基金公佈的平價,非經基金同意不得變更。但如果會員國的國際收支發生基本不均衡時,即可向基金提出調整平價的要求。若整幅度在平價的10%以內時,會員國得自行調整後,由基金予以追認。若超過10%以上時,則須先經基金同意才能調整。此種平價制度就是“可調整的盯住匯率”。雖然與金匯兌本位制頗接近,但基金的平價,是基金與會員國所決定,而金匯兌本位制則由黃金含量比率所決定。

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)

我國與國際貨幣基金組織[22]

  中國是IMF的創始國之一,但在1980以前,中國在IMF的席位一直被臺灣當局占據。1971年我國恢復了在聯合國的合法席位,在聯合國各專門機構的合法席位也相繼得到恢復。經積極交涉,1980年4月17日,IMF執行董事會通過決議,恢復了中國的合法席位,之後,我國在IMF的份額由原來的5.5億特別提款權增加到1983年23.9億特別提款權。1992年在第9次份額總檢中,我國的份額再增至33.852億特別提款權,占基金總份額的 2.35%,位列第11位。2001年2月5日,IMF理事會通過決議將我國的份額增加至63.692億特別提款權(約合83億美元),我國在IMF的份額也從11位上升到第8位。

  自1980年以來,我國與IMF建立了良好的合作關係,我國與IMF的各種業務往來也在不斷增加。雙方的合作主要有以下方面:

  (1)IMF通過提供貸款支持我國國際收支的改善。如1980年,我國巨集觀經濟失衡,通貨膨脹加劇,國際收支逆差擴大,為此,IMF向我國提供了 4.5億特別提款權的第一檔信貸和3.05億特別提款權的信托基金貸款。兩種貸款我國分別於1983年和1990年全部還清。又如1986年,我國再次向 IMF借入5.97725億特別提款權的第一檔信貸,促進了我國經濟的穩定增長,該借款亦於1991年還清。

  (2)IMF通過提供多次技術援助與人員培訓,幫助我國提高管理技術水平。在IMF的援助下,我國已在建立外債管理指標與統一監測制度,改進國際收支編製方法,加強中央銀行作用,推進稅制改革及完善稅收管理等方面,取得了明顯的進步。

  (3)我國也定期與IMF磋商與交流。例如:向IMF提供本國國民經濟統計數字,介紹我國的經濟發展狀況和政策意向,讓世界進一步瞭解中國;1980 年11月、1986年11月和1990年1月,我國先後與IMF舉辦大型學術研討會,1997年9月還在中國香港特別行政區召開了IMF和世界銀行的年會,這些會議就各國巨集觀經濟管理經濟增長,IMF的地位、作用及其改革,以及中國銀行業務、防範金融危機等重要問題進行了討論,產生了積極影響。

  (4)我國按IMF要求進一步改善投資環境,並參與IMF的實際救援工作。1994年我國推出了匯制改革與貨幣自由兌換的措施,並於1996年實現了貨幣在經常項目下可兌換。1997年東南亞發生貨幣危機後,我國從大局出發,堅持了人民幣匯率不貶值的政策,並積极參与了在IMF框架下對亞洲金融危機的資金援助計劃。這些舉措受到了IMF及其他成員國的普遍贊揚。

  展望未來,相信我國與包括1MF在內的國際金融機構的合作,將變得更加密切,我國也將發揮更重要的作用。

參考文獻

  1. 朱孟楠.廈門大學.國際金融學. 第九章 國際金融組織與國際金融體系 第一節 全球性國際金融組織
  2. 朱孟楠.廈門大學.國際金融學. 第九章 國際金融組織與國際金融體系 第一節 全球性國際金融組織
  3. 朱孟楠.廈門大學.國際金融學. 第九章 國際金融組織與國際金融體系 第一節 全球性國際金融組織
  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.廈門大學.國際金融學. 第九章 國際金融組織與國際金融體系 第三節 我國與國際金融組織的聯繫

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評論(共11條)

提示:評論內容為網友針對條目"國際貨幣基金組織"展開的討論,與本站觀點立場無關。
郑志一 (討論 | 貢獻) 在 2008年11月7日 11:24 發表

基金組織的成員國和會員國有什麼區別啊 一個說是184,一個又說是139 有點暈

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125.37.62.* 在 2009年1月2日 17:05 發表

成員國是一般的國家,沒有參與策劃權利。而會員國,就像VIP,能參與決策

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222.240.70.* 在 2014年5月3日 19:57 發表

現在有188個成員國.

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222.182.195.* 在 2016年3月4日 09:27 發表

⚖️,和平發展。

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222.182.195.* 在 2016年3月4日 09:56 發表

謝謝!

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佛系鸭 (討論 | 貢獻) 在 2019年1月12日 19:22 發表

IMF本質就是一種經濟入侵手段

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佛系鸭 (討論 | 貢獻) 在 2019年1月12日 19:25 發表

以美國為主,實行剪羊毛,通過對該國援助規劃,提出不平等條約而控制該國,搞垮被入侵國家經濟體

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佛系鸭 (討論 | 貢獻) 在 2019年1月12日 19:28 發表

一旦需要IMF援助,通常是金融風暴,這個國家貨幣信譽從此變得一文不值,從而喪失經濟主權——國家內部將以富人為中心重新支配改變經濟結構,做空市場,拉大貧富差距。。。

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佛系鸭 (討論 | 貢獻) 在 2019年1月12日 19:37 發表

之後就是典型歷史遺留問題,貧富差距到達極限時候,變成資本主義國家,從而政商一體——>再一次步入階級輪迴——>貴族與奴隸——>經濟危機以周期爆發——>政客將理由轉化為[過度消費/移民問題/窮人過多/稅收不夠/。。。轉移矛盾+洗腦=愚化民眾+商政一體控制資本市場——變相剝削民眾]——>過個幾百年——>階級壓迫與新一輪資產革命爆發。。。

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佛系鸭 (討論 | 貢獻) 在 2019年1月12日 20:01 發表

金融風暴,對於普通民眾來說,它是一場災難。但是對於控制國家經濟命脈的政客和財團來說,是個大豐收年

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佛系鸭 (討論 | 貢獻) 在 2019年1月12日 20:25 發表

災難=機會,結構破壞意味著等級從新劃分——富貴險中求

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